CWT - Earnings call transcript Q3 2021 | California Water Service Group

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Operator

Good day and thank you for standing by. Welcome to the California Water Service Group Q3 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. to Healey, conference Vice like speaker to now Dave today, President, would hand over the your I Corporate Controller. ahead. go Please

Dave Healey

Thank Kropelnicki, our President, our release, Chief this the to and our and CEO, XX, of for Regulatory Group. Welcome Officer; our Officer. quarter President me available Laurie. Vice results Smegal, With for Martin Corporate call third information in Service found Development California and XXXX be are today Chief Financial Thomas results was Water you, today. third call President XXXX. everyone Paul earlier be Vice dial-in can will issued The which quarter Replay Townsley, replay December until

call begin, company deck deck before slide a company's X-K reminder, was furnished we a with www.calwatergroup.com. at As the morning available the at quarter. also this and an website is The the has earnings this slide to accompany

webcast the earnings also this call access can at the presentation You of website. same

we take the third Before cover moments like statements. a would quarter looking forward-looking to few at results, to

reports over releases other and to pass on as going in well and results to the of Because as and to course interested this various forward-looking statements from differ our the the these strongly XX-Q, Because parties Exchange events, the with all certain and Tom begin. and company the understand from uncertainties Securities expectations. shareholders may future statements. uncertainties found actual risks press I'm are XX-K, to company's and disclosures time-to-time current carefully materially deal subject advises call, risks company's it the they to current make Commission. the read could Form with Form filed During company of

Thomas Smegal

good and everyone. Dave, morning, Thanks,

technology Water little So are here trying new a we at today. of bit Cal

us unusual the this that website. talking. that And is rate of you get a with year of but see aspect this presenting in because an opportunity our hear can replay our results are our We One I to you traditional addition helpful. last find some also we that, webcasting different call, which a quarter in at order. with slides of we're by on, are that case; And happened to conference you'll other of later And know along hopefully on. have slightly the you what

mainly I'm of earnings in little the So that And over bit financial the the see we a deck, to unusual. year-to-date the be because press sent slide that XXXX release going as were talking morning, year-to-date about the you'll this as quarter results quarter and our emphasizing third well results.

which is So leading with off Slide year-to-date. X, our results financial

that's rose a we little will highlight that's to that our bit the are that per Here here per for about $XXX.X also and year-to-date we'll on income XX talk million in see in our XXXX. share XXXX basis. -- $X.XX investments later from slightly million, and capital net down a I $XX.X here share million $XXX.X

decision. California XXXX very proposed XXXX of regulatory and posted the rates third the assets results, quickly that third Rate Remember that reflected is XXXX, X, we quarter been the results. We to mechanisms in that had interim Case regulatory that decision have QX effect General the QX the reflected financial in quarter rendered for quarter earnings incorporated in been and would timely. for Looking which Slide of of

down Slide here fact financial clearer bar XXXX. It'll in of highlights. we're that third X, not in mainly year-to-date Flipping had get slides. quarter chart, the are which couple it almost that fact for be we QX, that on see in just QX and to to I'll And the a results now the extra recording exclusively that the reflects reflects so that you'll XXXX

this are increased mentioned, I of had income. The net As increases. big drivers we rate

various added and California So $XX.X revenue. it's to our million filings that increase the step in offset annual

Our company are we'll balances several this some operating our debt at pay is to in a different in state detail their that California reflects And due past bad And third reduced promoting. call. higher aid more later be did programs. was talk lower increased we're to that bad the here $X.X bit due debt in going the for to sales to the and that expense that conservation drought the our And our quarter. expense little due in and customers expectations able about year-to-date We only reduced million. period because balance see that decoupling of

to of bridge, that's revenue year-to-date, Flipping and an right the side, the earnings. in a As little rate than the again XXXX track impacting the accrual EPS And unbilled XXXX, offset on that's big it's a so $X.X OpEx it adder million the I And as bit dealing see range by is year-to-date. meet Slide and of quarter spending you can year. above $XXX but what the on the to talked for of hand period, with target finally, on our depreciation for about year-to-date tax changes. on unbilled the revenue the the call, added slightly $X.XX $XXX the over second lower mentioned, we adding million is relief X, first, portion element our year-to-date the impact The is capital to local million for results. that

the to to large booked the was just This QX, to regulatory for flip $X.XX amount QX EPS there related been and company which can the And bridge is XXXX. Slide see in XXXX you quarter that If QX the you had for X. assets. XXXX

is the other for bars idea change an quarter. And that's you so get what it the can our driving from

to mechanisms that on a result talk in see and a how about of lower think the estimate Slide earnings uncollectibles And of relief of moment OpEx about take to as wanted to again, due the chart. our the earnings the XX reduced middle that of customer will for to is a You I rest year.

items these to number on of a I prior about them. talked calls, each we've just wanted of and so And reiterate

where of understanding good we're going. a are where and there's we that So

basis. The adding revenue to the on it side over and accrual. accrual to is that slide the left-hand with compares end comes the on earnings where million weather of revenue at of basis this unbilled bill we're $XX.X the first is year-to-year last the year a payment big The we because revenue item of currently was a that end And calculation not adding the a that unbilled The find that not that many what quarter upon have And customers how based bill on it have annual smaller received many bill to days under how this yet what time. on represents, at at bills. and average the our a we year, do revenue is expected generally back is is. cooler down that $XX.X and result million we of impact expect the of dealing an

So that when year-end. that you way down you're come $XX.X number most see to likely to added see million a that being year that going this means long

please mind. So that keep in

of second The the of A or authorized item that take I'll to good this earnings is base, the our core the is on way mentioned slide we've base before. side address rate to earnings right-hand that the calculate gives the capital structure, that equity multiply the the return And that annual a portion and on earnings. rate you guide rate capital base. the structure general authorized portion the of base of to that authorized by equity kind

this equity return other the outside just at the we have to a this more but This year, last of bit recognized which year is to number million like on year rate to-date. And it that that's come remind you think earnings from time, unbilled that additive may the last revenue, In earnings down items to I power. was $X are core base recognition addition million nevertheless, authorized year AFUDC. $X.X to impact

values the we And far XXXX. end This estimates mentioned, moment debt million gain at the of $X.X the has aid a is The retirement gain conditions of reduced that so those million And from other reflecting with item any earlier, to at a programs. cash $X.X the non-qualified the last of have changes $X.X bad loss to at XXXX the market value second having course assets been market-driven of will be our couple in on reserve in the state recovery, points on of I the do year-end. or and based these of is assets. year-end year, million

you'll year uncollectable And actually that have now. a is for what right negative we XXXX so notice the

that's started the we So better than for currently And would at certainly with what XXXX. be year in rates uncollectable. X.X X.X uncollectable we're

to So over with all turn of give that said, update. I'm Paul Townsley going a regulatory us to it to

Paul Townsley

very Tom. you Thank much,

Commission proceedings the before Cal to Utilities Public now. California Slide Turning right has Water two XX,

The course is A this first along of filed case, with on three Xst which we of May year. cost Class our other utilities capital of

year this quarter testimony intervener case second of Our filed schedule cost year. case of in later has be on expect in a established which probably been the capital that next in the commission decision will on we and the

expect memorandum any account be made XXXX. in the We Xst retroactive a of January that of changes that be so will cost capital established, to will

discovery rate Office. July on are front is Xst Utilities going second and triennial matter The application California in of the We the Advocates our California Commission. case Public with filed our Public currently general through

will Washington year, in our late it of of in Commission. system. that rate our case January be early a XXXX. We with legacy, or Utilities account of acquired early any And a that, from any probably so Xst will rate either finally, And as be back expect decision case Again, quarter of January newly well expect February commission I commission either expect that water, in includes Rainier next early year. and that the in as we next XXXX. will their that the we front That testimony View we to Washington the retroactive testimony and of systems, over Water made or rate are other interveners Washington turn and also along And have with Marty. Transportation in both a underway XXXX changes late decision memorandum fourth to established,

Martin Kropelnicki

Starting operational everyone. A on the off update XXXX want on. XX, Thanks, Paul. Good about Drought. things to talking Page everyone California I couple morning,

Governor statewide. counties. on declaration was of XX seen expanded the it Gavin California have Prior this be to drought the the XXth, may you As declaration, in State XX Newsom of October to

majority the the was under of state mandate. drought So a

posed to our we is in are drought if our implement to we And reviewing district-by-district the on where weeks, we budgets on we're the team supply more myself. all focus X to and water level, XXXX, if as mailers that in mandate. that, in resiliency officer et team continue programs, enhanced a with voluntary going cetera. of to moved to our which advertising, company XXth, entire really is a the continuation posed drought state we of out six targets, October Now The drought conservation reduction customers under promoting information Water and Cal Stage restrictions, it is that do districts, have prepared. track is on couple continues, water districts, every well has an

As is all atmospheric statewide, known the takes the at and in have Governor California seen storm California after five was and you the drought river, moisture declared particular, the towards may as a when on California. what jet a which stream in the that's was days had right or declaration of pivots we target target. That Northern it the accumulating State Sunday points monster Pacific

had any California inches. our of bring this in our to Sunday. SFO fairly receive in happy experienced river experienced to I Northern of a we to they're type X year. and very online getting very back atmospheric was of monster we any and right that a of rain lot hours facilities I inches them large rain California X-X, very ground to systems number you, in inches, a in one can I had we main Bay. from power little XX in of overall ranged of with move live in Francisco water a XX tell had our a bit. main over a for, if X.X rain of we the XX-hour that breaks to due in very period low a this Northern report given around San from town short of about some on the As storm, saturated that received a about XX% which had of of about I'm where rain really or starting main XX inches about in almost Rainfall totals Northern California, heavy worked covers result We high system in of north outages. received in, of time. bottled but few live well outage, a North just We that break now. X.X period The customers, inches a water

a very -- ground Also Northern and within to not California, all. that. it really runoff. was There is that there of So dry of just there flooding because was did a due lot storm areas absorb although started was and it flooding worth certainly monster was was very lot noting of to a flood, the

about hopefully in stages speak of as the the snow so Sierras, Additionally, very X storm. heavy and which to in sign good with the heavy Well, rainfall a will the certainly we early is is drop of a very got we feet in here into get that winter a terms continue. big a in It the is so this drought. bucket, that dense,

end we on in so the what be really winter and February. call we at that will fall as the update happens into farther to into need conditions And to see year-end our at what and the our like see we'll conference along of everyone go XXXX drought

our everyone with an response on where with Page to are give update XX. in efforts on to conjunction we I pandemic want Moving COVID-XX.

company the various checks, being for office. every to day, vigilant programs. remain cetera, our We et screening of returned are employees employees testing All temperature

far quite so gone And have well. things

Washington Mexico, restart Hawaii through collection New restrictions. XXXX the California to to with allowed and billing collection expected for have some is continue all moratorium And efforts efforts. us

billion estimates mentioned, Water and accounts allowance $X applied doubtful on Tom sooner. who behalf payment for for $XX.X change as of the we of for or during California our collections, have early that customers behind Cal from the million as expect As water Program. to state on on their February the for And pandemic. has fallen Arrearage of bills see potentially Management the allocated

that has outstanding Our XX that increased we days coming wait over the about million state been It yet. just and for and distributed will $XX.X have money reserved anxiously from bills been allocated. hasn't

have our applications. applications approved. we been So submitted The

incremental was for So to-date, filing the that in about incremental cetera. line XXXX. was remains of $X.X said, had very, pandemic additional as the $XXX change of waiting was conditions. in QX, the amount of capacity COVID-XX, the increased The And the of PPE, million $XXX.X a At cost Liquidity of incremental the overall, company. end cost like strong. quarter, cash the we of And QX associated to testing, our various million credit, purchases of strong incurred in cumulative we're and allocations of costs in for borrowing very liquidity we pertains et hence recovery $XXX,XXX. for borrowing with remained estimate. that subject these end anticipate about really to million I on The

to previous company. we talked As development about business I in the Paul, our you quick And we quarters remains the want strong efforts. development where update us for business a think give on with are

Paul Townsley

you much, I Marty. Thank do. very

Turning to XX. Slide

California as far very been acquisitions As has go, busy. Water

the can acquisitions. here X,XXX in to California. now announced units approvals at over four which commission Mexico utility is in Central you New in eight -- right We Hawaii have acquisitions through Millerton, slides, going with up and Valley Preserve on equivalent the have public dwelling The see, those included of we And

Mexico X,XXX. We Water, is which in system New Northern a with Valley have water Animas

the system the on wastewater with is HOH X,XXX, have Hawaii with Resort Keahou the Hawaii island island again big We on the of a X,XXX. of which Utilities, and wastewater system

We that hope to working to partnership announcements. And have continues acquisitions we're and other in with make BVRT Texas, grow. on our

commitments As of connections and over this have we place. month, in X,XXX

turn So it Tom. with to will I back that,

Thomas Smegal

XX Slides over will I go and Paul. briefly Thanks, XX.

we that. the everyone capital recording You've on I I did many the more at the the in update times about little mentioned We I capital. to a is just detail track. of seen year-to-date don't XX, the And here we before. only want think call, beginning these slides bit of and Slide keep On realized talk the

So explanations last slightly just briefly, two I is for capital there's very why bigger slower this the year think than very, year.

winter lot The the has particularly chain we you've have a significant first of supply used to been that that our in the country. year do general storm the in issues PVC with the construction and a hearing we're materials about had just pipe delays the early with with that in through having logistics other issues the part the year Texas materials of later as

our suppliers result our see some try of delays with going with well worked of and those things. still companies we've construction But some a to of to a to mitigate think you're those. lot I as

other don't prosecution those of requests and implementing these The addressed And with data to general on middle that do just data I XXX but requests projects capital staff. designing capital the the a it's the we're have And know think from I lot be in of that the by if rate number the same that the projects. they're XXXX and thing is commission would Paul, engineers working of have case. about you head, your in been

often we we little we delay of are in that of rate a bit case. a the see a general summer year as So file the

case that's And that to a any go turn XX, of rate I'm a why no just of up. additional is mentioned, we to is the capital where wrap So estimates point. here. have going Paul it year to explanation on this at the on bit based are Marty, you information that as don't last lagging might filing. that some And change XX Slide compared upon Slide as over this our These for there's really year.

Martin Kropelnicki

in we our of Great. QX XXXX, are expectations. reflect back Thank Well, Tom. results line you, on as with

comparing the As Tom year-over-year, said, it's a little quarter-over-quarter. bit bumpy

laid in So maybe you look to at the can slides time take the Tom's that out. information

a normalize results happy you looks we're quarter. and look But our it with quarter and overall, So it normal at out what can figure like. the for

the company that's filings, we are then have for Group. the open CPUC our which data a of two requests. California. And Paul as State is lot PUC we of answering in of the Tom that part a in biggest Paul of all business of here visits We've our the the with mentioned, As we mentioned, and we're state middle And California. completed call -- site

And hearings public that'll starting start of XXXX. expect we're so we And that will also sometime continue. prepare our in for first quarter to participation the

As the acquisitions team regulatory for platforms. multiple for anytime continue about, efforts Water across is and working BD Paul see expansion our of remains and mentioned, don't team here integration California we'll busy, we're approvals our busy that And the looking down soon, opportunities the Group. on slowing Service excited we which

winter the sense here call, we'll a the But Our state for conditions, potentially snow better the better season. better of the is would much quarterly pack just we guidance ago a to XXXX, much really this through we and in where we once end will year-end will with went which be West few of through have up look winter obviously, go earnings, and sense a few able we have days of about so data, next the have drought February, what first storm in we wrap when better year and of the be we'll like conditions drought are the our give on Coast. months

Laurie, So we're to please. open Q&A, with going it for that up

Operator

Instructions]. [Operator

Martin Kropelnicki

Laurie, a you might rather webcast dealing just upper I of we're a press ask on corner than there in an this on add, question. telephone are button technology, up because to opportunity screen; the to right-hand up it's believe I the the with the new if And is if in the --

that do may see you you need If refresher, you have browser, don't a you that if your button. to refresh tab on button, your but see

question we that and to in type well. get as a question can can You

So Laurie. go ahead,

Operator

Yes.

of Kallo Baird. first is from question Our Ben

open. is line Your

Ben Kallo

good So guys? how with there, big step-ups that, do projections you like -- Slides I going there, on comfortable doing maybe guys. doing going know I with Tom, you there's and that XX but or do California the that And know because get guys those how much That's get do how, comfortable have how XX, PUC people in the regulatory weren't What's -- on stuff work you just work? I so are outstanding? Thanks, that guys recognize been does with then all.

Thomas Smegal

Ben. Thanks,

well. I'll Paul it first can Marty take in up as rope maybe part And me Let on this. the of back and lean

bars the on commission. the on they XX yellow we've with So Slides XX, what the filed represent and projections

approve the of made the through kind done to address process And requests. working in is so And that dramatically. the think We've ramped past two that get is last can investments? commission we've execute execution could the capital those capital on our One you those up to what well them? six, can here. that you I in over the requests It's things really Paul on commission. we've is the has we're And particularly. seven shown pretty of second years

when $XXX over XXXX, to in operation contracting CapEx allow re-engineering we both last engineering on with If invest almost year obviously the just side to on lot putting you look we've our back side, $XXX process and only us done of the a XXXX, side on a million, the were million.

moving of And $XXX I years, number million, that very is so couple think in from doable. $XXX to million a

think know Paul, do need is to if know what numbers. those the real add to to I don't I question And The we get that. regulatory anything to we on authorization. have you

Paul Townsley

IT significantly thing that for would and non-controversial. the approval like. improved The treatment are approval capital butter are decade. past we programs, the utility chemicals, projects seeking has that kinds for be say, commission that Tom, projects from bread and are should I the system the of part, only is capital types -- our of our over to really The most upgrades commission ability projects replacement really main and for the at justify These that approval

the And case, we've in give in successful be I the opportunity the will so everything for expect very it the I while rate majority we of included. asked us that vast that do included commission don't that to expect have getting will

Martin Kropelnicki

our planning, One you sit bar three-legged we customers And ourselves, on and add, affordability. And a affairs. our to always we our looking preparation, forecast rate this, have lot would just people, our tell case governmental and internally spent and we leg, know improve Ben, community trying stool. time improve a in of I we

we've have then the growth And think And growth. last leg, growth, have to decade, other at what affordable over the while and able needs, where and keep The balanced, to rate to have the book company. book dividends think consider leg that dividend value we and able fairly growing program the we've the to regulators I base we meet and reasonableness. been we value still rate-based third stockholders needs really look have the we capital and been growing of keeping of rates

the approach. same kept we've So

XXXX, going of move how a which basically exciting we into have initiatives we on, lot capital we As again. is re-examining at look

you going look long If new we doing a of delivery our processes, it some and engineering blood into We're and wasn't into thing capital help process. and looking the recruiting little too kind us our re-engineered XXXX same remember better. fresh ago, we're of planning looking to to at how we capital make at things differently some

three try discussions probably ever with that staying continuous the get commission into those rate I aid case us and that the would settlement it's argue And bar think successful far. done. improvement of best So stool a us I think to XXXX focused rate that's made we on we've the final I prepared case and think when is And legs so that'll show up go number. I to certainly the

Operator

Reeder our Fargo. of question is from And next Wells Jonathan

open. Your is line

Jonathan Reeder

Hey, good gentlemen. morning,

of earlier in curious the the been of haven't capital intervener had do Just thought kind the seen happened what and testimony it posted? it I month, cost much to

Paul Townsley

can I start. Paul,

that want suspect and October conference the administrative say the agreement I was, verbal I we a there think or because do, was what that it to we schedule on, Friday law the had whatever that schedule. verbal actually with And Xth on judge or pre-hearing had agreement was because think Friday, wasn't the some intervener a it expected; published. like was I testimony

Advocate occurs. their until So scoping never the was that would published. time accompany Raiser delay as such that to adopted memo testimony The an shows schedule

of mode. hit I -- like their holding for it sounds I And be they're ready sent But with testimony. that it's schedule ready assume actual bit they so we're to go are adopted. in a print and to out. waiting a that assume to

Jonathan Reeder

No might to memo be Okay. that the gets as clarity the published. when scoping published,

Paul Townsley

unfortunately No, not.

are made out. of lots schedule front right commission that judge. And on has waiting it waiting inquiries, to very Judges us the of are the We've all in see come we but things are We now. busy. of simply

Jonathan Reeder

Okay.

with testimony. perspective, we necessity anything of from discussions I preempt do maybe it where could guess So to the our settlement it has going even intervener assume on shouldn't

Paul Townsley

We parties not no, that. No, you and knew testimony were. would should saw start the their until not where presume settlement we all

Thomas Smegal

-- the sometime capital slides put by And too, the -- be wrapped to of expect we in think Paul, cost quarter. in second I the the it's as up we

So it is definitely delayed.

Paul Townsley

It is as compared delayed last definitely the cycle. to

Jonathan Reeder

Right.

Okay. who any Governor Newsom thoughts updated with retirement? CPUC And the to imminent appoint lead then Batjer's President on might

Paul Townsley

Nothing but official bit, unofficial. a little those rumors all are fly obviously to starting yet, are

I anxiously So opinions those we waiting ultimately we it. Governor's make And are Obviously, he the office. are shared to actively and that we with appointment. see. have have our and know will they thoughts But on working

Jonathan Reeder

been some this rumors even directly side water a Okay. of experience, gets I know on -- still the Maybe the slightly with somebody you good that maybe differently on are the possibility have or that some guys is advocating of commission the names out being they put tossed policy juncture?

Paul Townsley

my good would will last needed on honing really I but discussion to Governor, any someone in with fact utility say the on policy in questions. Jonathan, you always decent can't ask background. of say get I was maybe the the with a with rumors, good he he experience I speculate who

Jonathan Reeder

congrats appreciate I great. that on Okay, a good quarter. color and

Paul Townsley

experience. utility regulation clarify just Jonathan that's that And to

Jonathan Reeder

Yes.

Okay.

Paul Townsley

Jonathan. Thanks,

Operator

question [Operator of Instructions]. we Seaport. have from And a Storozynski Angie

line is open. Your

Angie Storozynski

you. Thank

couple a of just numbers questions. So

rates? I be in roughly interested in in where So the this so but provision And rates? tracking are I the would for year-over-year, the you reflected appreciate what's is disclosure, debt the between falling what reflected delta bad now versus

Thomas Smegal

sorry; there, look the up bad debt. of And up, this -- rate we the case $X.X the in California did other it million didn't So I -- look states. has I I'm

it's on million annual probably of $X basis would on rates. the be order covered an in So that

Angie Storozynski

earnings unregulated then And Okay. year-to-date?

Thomas Smegal

there's the about see as that prior not XX-Q year, the unregulated earnings you'll I'm same. the the any for think big sure movements in -- it's The today. I later year compared to

Martin Kropelnicki

no about been It's -- there's Yes. change.

Angie Storozynski

was million last see I year yes, it -- for about right. $X.X year, About the

ahead. go sorry, I'm -- then And Okay.

Thomas Smegal

just non-service purposes. costs regulated clarify we Angie line way the book in some for costs that one just to pension our mind cost that the sorry, the Angie, of accounting keep that below thing. Yes. is pension that pension The now portion

you it account element -- big pension that So a the balancing difference in of account. amounts but covered lot are in a see that a that's may non in that reported balancing non-operating of in part California. And that the even cost is covered is there,

represent that of that, a not confusing change of the So the that profitability a bit into gets in but company. accounting, little does

Angie Storozynski

Okay. Thank you.

it benefits, added And so, then you tax about How benefit about repair of at $X just year-to-date? looking just in the million. the I'm a have XXXX, last recorded one, big it

Thomas Smegal

So year-to-date, million benefit is gross. the $XX

So that also gross rates side. included would And in deduction. our in the regulatory be the it's

So benefit this year our than the -- rates. be slightly value in the will lower actual the that's repairs

Angie Storozynski

Okay.

there's basically -- from trying for the solve those of income the rate base. to to I'm basically addition all So net derived

So not driver a year. that this is

Thomas Smegal

year, the That's correct. not prior That year in this additive -- it will be was.

Angie Storozynski

changes before given then, versus I is the say And that ROE without the year, or and numbers any the for assume it should it's reset debt, year up accounting costs allowed the Awesome. there Okay. that the again, fair last next of just XXXX that, through for that some are of that cycle, is rate I'm catching I'm it's ROE, given detriment current in but of sorry like revenues. that for cost to going the

Thomas Smegal

year of bit history, test year look the first been if the ROEs I the a GRC. the the you are of California pattern think that that in highest in in that's back

other of lot growth things think going company items. types with the I on, a there's in states and other and obviously other of

past would of are case. the it this be they're but the the in that year where in to that has they from very, -- first know don't been necessarily step the earnings I pattern then fair on there true highest time, approach certainly this out. And very flat So rate earnings

Paul Townsley

It's cetera. of people Yes, to bit, telling probably expect we tend little start the of just in a the we blurred because year now, lot, case see on thought. the to add I don't normal a environment, items, in expense be corporate that's regulatory third when COVID the operating et If in would weren't right were a we whole because I environment; rate kick we think some of COVID. the lag a

Our and training, travel a lot sending normally that people of been haven't have and about to conferences we zero out been doing budgets do. we stuff

harder little the see rate year year that, case three-year always difficult the is cycle. to for certainly a the it's most So but the of us third of

Angie Storozynski

of And of one then, lastly, point outside rate how right. is much consolidated California? disclosure of this much the on How it's that the X.XX -- X.XX, base,

Paul Townsley

a XXX -- it's that for rate between that a million in you and number, in million it's to think asked what states. that the we've the $XXX -- about I if other and $XXX California base, compare other

Angie Storozynski

Between a million It $XXX and was last okay. $XXX million, year. million $XXX

that closer probably So that it's I'm million. $XXX to assuming

Paul Townsley

systems Angie, we have purchasing We rate are we've in and earlier Hawaii to adding in been investments -- have well. the example, had Texas Those for in base year. as

Angie Storozynski

what the California mean some capital is the know hear But you like if again, I I of case. to some not can Okay. debt. mostly filed. the that proceeding that's if don't that waiting And too still lastly, It there's those There that official I ROEs, of filings rumblings the their the be. that be to waiting does we cost the be -- about is -- allowed water all that utilities going of still position given hoped hoped positions for anything interveners. say about for conviction seem to are we're true-up the of interveners understand cost I high. we're that starting in all we're think had to And then those the going of

Paul Townsley

seen really at point, Chairman next decisions the Commission. have we about want this to just our like interveners, and writing of that. heard we positions see the heard have on But and testimony We and rumors make be then the wait who based rumors we we've can the may in not from

Operator

time. [Operator to no call Kropelnicki. questions further turn are now Instructions]. There will this the I over Marty back at

Martin Kropelnicki

of get he'll hard and It's our the be questions. us has the year-end all to Again end call. asking conference our today we're everyone happy around Great. quarter. holidays We'll and be Thanks, Laurie. good with Tom label next any Well, reach to together. conference us free that's February third hanging feel out that to thanks will for follow-up, if anyone to it saying for for

safe. interest and to to Have everyone everyone. you Water continuing Service meantime, we everyone day. And Thank Thanks, really a forward in look talking be your the so Group for in Laurie. soon. California Thanks, good

Operator

conference you this concludes Thank Thank you. call. today's And for participating.

You may now disconnect.

California Water Service (CWT) 28 Oct 212021 Q3 Earnings call transcript