Good day, and thank you for standing by. Welcome to the H2O America Third-Quarter Financial Results C all. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ann Kelly, Chief Financial Officer and Treasurer. Please go ahead. Thank you, Operator. Welcome to the third quarter 2025 financial results conference call for H2O America. I will be presenting today with Andrew Walters, Chief Executive Officer, and Bruce Hauk, President and Chief Operating Officer. For those who would like to follow along, slides accompanying our remarks are available on our website at h2o-america.com. Before we begin today, I would like to remind you that this presentation and related materials posted on our website may contain forward-looking statements. These statements are based on estimates and assumptions made by the company in light of its experience, historical trends, current conditions, and expected future results, as well as other factors that the company believes are appropriate under the circumstances. Many factors could cause the company's actual results and performance to differ materially from those expressed or implied by the forward-looking statements. For a description of some of the factors that could cause actual results to be different from statements in this presentation, we refer you to the financial results press release and to our most recent Forms 10-K, 10-Q, and 8-K, filed with the Securities and Exchange Commission, copies of which may be obtained on our website. All forward-looking statements are made as of today, and H2O America disclaims any duty to update or revise such statements. You will have an opportunity to ask questions at the end of the presentation. This webcast is being recorded, and an archive of the webcast will be available until January 19, 2026. You can access the press release and the webcast at H2O America's website. In addition, some of the information discussed today includes the non-GAAP financial measures of adjusted net income and adjusted diluted earnings per share that have not been calculated in accordance with the generally accepted accounting principles in the United States or GAAP. These non-GAAP financial measures should be considered as a supplement to the financial information prepared on a GAAP basis rather than an alternative to the respective GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the table in the appendix of our presentation. I will now turn the call over to Andrew. Thank you, Ann. Welcome, everyone, and thank you for joining us. Before we discuss our third quarter 2025 progress to date, I would like to share that earlier this month, we welcomed another highly accomplished leader to H2O America. Jonathan Reeder is our new Senior Director of Treasury and Investor Relations. Many of you know Jonathan from his time as an equity research analyst at Wells Fargo Securities, where he covered the utility sector, including leading the team's water utility coverage. Jonathan has a deep understanding of the industry from his more than two decades of experience covering utility stocks, making him an outstanding addition to our team. He shares our commitment to culture, service, and investor outreach, and we look forward to introducing him to many of you in the future. I am pleased to share that in the third quarter of 2025, we delivered strong financial results, including net income of $1.27 per share on an adjusted or non-GAAP basis, an 8% increase over the third quarter of 2024. Our performance reflects our continued execution of our proven growth strategy, which focuses on making the much-needed water infrastructure investments across our national footprint of systems while constructively engaging our key local stakeholders in a consensus-building process to provide timely regulatory recovery while maintaining customer affordability. Some highlights from the third quarter: starting with the infrastructure surcharges, the application for Connecticut Water's Infrastructure and Conservation Adjustment was approved as filed, while Texas Water filed its third System improvement Charge just after the quarter ended. I am also happy to share that we are trending ahead of the CapEx plan we guided to earlier in 2025. We have invested $358 million in water and wastewater utility infrastructure across all four states through September 30. This is 74% of our upwardly revised $486 million budget. Finally, on the M&A front, we announced two Texas deals. First was the transformational Quadvest deal at the start of the third quarter, followed by the tuck-in acquisition of Cibolo Valley Wastewater Treatment Plant and Related Collection System in Comal County, Texas, which was announced in late August. Bruce will provide updates on the Quadvest deal approval process and year-to-date connection growth, as well as share more on the Cibolo Valley Wastewater Treatment Plant acquisition later in the call. Overall, it's been a strong year thus far, both strategically and financially, with more to come. With that, I will turn it over to Ann to walk through our financial results. Thanks, Andrew. Yesterday, after the market closed, we released our third-quarter operating results. As Andrew mentioned, we were pleased to report diluted EPS and adjusted diluted EPS of $1.27 for the quarter. On a year-to-date basis, we earned adjusted EPS of $2.53 per share, a 14% increase over the nine months ended September 2024. With these strong results, we are narrowing our 2025 guidance range of adjusted diluted earnings per share to $2.95-$3. This represents the upper half of our original $2.90-$3 range and demonstrates our team's commitment to delivering on our financial targets. We are also reaffirming H2O America's 5%-7% EPS CAGR through 2029, with the continued expectation that we will deliver on the top half of the range. This excludes any impact from the pending Quadvest acquisition, which we expect to be accretive in 2028, and to our long-term growth rate. We are very pleased with our strong performance in 2025. As we look ahead, we remain focused on disciplined execution to meet our annual and long-term growth targets. The factors contributing to the 8% increase in third-quarter earnings per share are shown on Slide 9. At a high level, increased revenue from rates and usage drove a $0.42 increase, while other income, which primarily reflects higher AFUDC equity and pension non-service credit, added $0.13. These were partially offset by higher water production expense of $0.07, other operating expense of $0.18, $0.10 due to an increase in the number of shares outstanding, and an $0.11 delta due to the absence of the benefit from the third quarter 2024 tax accounting method change. Turning to the next slide, I will provide more detail on each of these areas. Our revenues increased 7% in the third quarter. Rate increases from the general rate case in California, along with increases from our infrastructure mechanisms in Connecticut, Maine, and Texas, contributed $14.6 million to the revenue increase. $6.6 million is attributable to higher pass-through water costs from our wholesale suppliers, as these costs continue to increase each year. Higher customer usage added another $700,000, as increased usage in Connecticut and Texas, more than offset a reduction in California, and these revenue increases were partially offset by a reduction in regulatory mechanisms and other factors. Water production expenses increased 3% in the quarter and was primarily driven by an increase in the average per-unit cost for purchased water and groundwater extraction of $5.1 million that are largely offset in revenue, and a $1.1 million increase in cost due to mix, as there was a decrease in the availability of the lower-cost surface water. These increases were partially offset by lower production volume of $2.7 million, as well as a $900,000 impact from regulatory adjustments. Turning to Slide 12. For the quarter, we reported an increase of 9% in other operating expenses. General and administrative expenses increased $5.6 million, primarily driven by pension costs, salaries and wages, as well as other inflationary increases. Depreciation and amortization for new utility plant placed in service increased $1.3 million, and we experienced a small increase in property taxes and other non-income taxes. These increases were partially offset by lower maintenance costs in the quarter. The factors impacting the $0.32 earnings per share increase for the year-to-date period are shown on Slide 13. At a high level, increased revenue from general rate cases and infrastructure recovery mechanisms drove a revenue increase of $1.48. This includes the increase for pass-through water supply costs. The revenue increase was partially offset by higher water production expenses of $0.54. Operating expenses increased $0.46, primarily driven by higher A&G expenses, as well as increased customer credit losses. As a reminder, during the second quarter of 2024, we received a one-time benefit from California's Arrearage Payment Plan. The remaining drivers related to the share increase, taxes, and other are consistent with those in the quarterly variance discussed earlier. Breakdowns of revenue, water production expense, and other operating expense for the first nine months of 2025 are available in the appendix of our slide presentation. On the financing side, through the first nine months, we took advantage of investor interest and raised approximately $108 million of equity through our ATM program. At the end of the quarter, we had $126 million drawn on our $370 million bank lines of credit, leaving $244 million available for short-term financing of utility plant additions and operating activities. For the first nine months of 2025, the average borrowing rate for our line of credit advances has been approximately 5.42%, compared to 6.53% in the prior year. As for long-term debt, Texas Water issued a 30-year promissory note in September for a principal amount of $40 million at a fixed interest rate of 6.68%, and earlier today, Connecticut Water issued $60 million of 30-year debt at a fixed rate of 6.08%. With respect to taxes, our consolidated income tax rate was 14% on a year-to-date basis, compared to 10% in the same period of 2024. This difference in rate was primarily due to higher pre-tax income in 2025 and the tax accounting method change in 2024. With that, I will turn the call over to Bruce to provide updates on key state regulatory developments and the Quadvest and Cibolo Valley acquisitions. Thank you, Ann. I am pleased to share that our constructive engagement with regulators continues to create value for our customers and the company. At Connecticut Water, our request for a $3.1 million revenue increase and the WICA surcharge for capital invested in pipeline replacement was approved as submitted and on time, with new rates effective October 1. Progress is being made in Maine Water's rate unification proceeding. In September, we filed a rate design proposal that would bring our 10 different districts into a single tariff. The rate design proposal is revenue-neutral, but if approved, it would feature our first affordability tariff in Maine. We expect a decision on rate unification in the first quarter of 2026. After the quarter closed, Texas Water filed for a $5.1 million increase in the System Improvement Charge for completed water and wastewater projects. We expect a decision on the application in the first half of 2026. As alluded to earlier, we have increased our planned 2025 capital spend to $486 million from $473 million. The increase primarily reflects the momentum of our successful advanced metering infrastructure deployment in California and our plans to accelerate the pace of implementation of the project. We will provide a holistic refresh of our 2026 and beyond CapEx budget in our year-end 2025 update in February when we roll forward our five-year plan. We'll now turn to an update on our planned Texas acquisitions. The Quadvest deal approval process remains in the early stages. We expect to receive the fair market valuation determination, which will be the average of the three PUCT appointed appraiser valuations in December. Shortly after receipt, we will file the formal deal approval, known as the sale transfer merger application, with the PUCT. We expect to close the deal by mid-2026. While the FMV reports are not publicly disclosed, in the interest of transparency and to help the investment community more accurately model the deal's impact, we plan to disclose the determined FMV early next year. Meanwhile, we continue to see robust connection growth in the Quadvest system, which now has more than 52,400 active connections as of September 30, 2025. This represents an 11.5% increase since the end of 2024. As Quadvest converts its under-contract and pending development pipeline into active connections, it is worth noting that the pool of future connections continues to be replenished and then some. Of course, future connection growth will vary based on a number of conditions, so this is no guarantee of future growth rates. However, these results are in line with our range of expectations, and we believe solid growth will continue in the greater Houston area, which is the second fastest-growing metropolitan area in the United States. Our other pending Texas deal, which we announced in late August, is the acquisition of the Cibolo Valley Wastewater Treatment Plant. The acquisition would bring approximately 1,500 active connections and the opportunity for more than 250 additional ones that are under contract and pending construction. The acquisition is in the heart of our existing service territory, and we already provide water service, wastewater billing, and customer service to these customers on a contract basis. We have filed with the PUCT to use fair market value for the Cibolo deal, and we expect this transaction to close in the fourth quarter of 2026. Between Quadvest and Cibolo Valley, we're excited about our long-term growth potential in Texas. With that, I will turn it back over to Andrew. Thank you, Bruce. Just a couple of weeks ago, Newsweek notified us that H2O America has been selected for the second consecutive year as one of America's Greenest Companies. We are one of only two water utilities selected for this prestigious recognition. Only companies that meet the European Union's stringent sustainability criteria, considered to be the most advanced globally, were eligible. This recognition reflects the passion and dedication of our people who take our responsibility to our customers and the environment very seriously. This passion is also reflected in our 2024 sustainability report, which has been posted to our website. Among the highlights, we achieved a 43% reduction in Scope 1 and 2 emissions from the 2019 baseline, which is strong progress toward our 2030 goal of 50%. We increased solar generation by 73%, with eight new solar projects, including the first in Texas. Owning solar generation lowers our operating costs for customers and provides a return for investors. Finally, we also achieved a world-class customer satisfaction rate of 85.2% and expanded our flexible payment plans and rate assistance programs. Last, but certainly not least, Governor Lamont appointed four new commissioners to the Connecticut Public Utilities Regulatory Authority. We extend a warm welcome to Thomas Wiehl, Janice Beecher, Holly Cheeseman, and Everett Smith on their appointments. We look forward to working with the new commissioners to address the challenges facing water utilities, including the need to balance affordability with Connecticut's extensive investment requirements to replace aging infrastructure and treat emerging contaminants, all while providing high-quality water and reliable service. In closing, the third quarter was a strong quarter for H2O America, and we have even more to look forward to in the homestretch of 2025. We remain focused on driving shareholder and customer value through a disciplined approach to infrastructure investment and executing on our financial goals, advancing the Quadvest and Cibolo Valley acquisitions, deepening our strong partnerships with local stakeholders, and our unrelenting pursuit of operational excellence in identifying creative and sustainable solutions to serve generations to come while maintaining a focus on affordability, and now, I will turn the call back over to the operator for questions. Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster, and our first question comes from Angie Storozynski of Seaport. Your line is open. Thank you. And, Jonathan, congratulations. I can't wait to work with you on the other side. That's quite a change. Anyway, so let's start with Texas. So first, the Quadvest deal. I mean, the fact that you guys are going to provide disclosures on the FMV only in January, you said, or early first quarter, I mean, just one, why such a long wait? So that's number one. Number two is on the back of the American Water Essential merger yesterday, you are gaining a big player in the Texas water market. I'm just wondering if it has any bearing on how you see the growth in that market. And then three, we're waiting for a PURA decision in Connecticut on the acquisition of Aquarion. I'm just wondering if you still have any appetite for this asset if it were to, if the commission were to reject the current sale process? Thank you. All right, so Bruce wanted to take us through the Quadvest and FMV, and then we'll go from there with Aquarion. Sure. Yeah. Thanks, Angie, for your question. And as it relates to the FMV process, I think we're still on the same timeline that we disclosed when we first announced the deal. So the timeline for those appraisals to come in is in December, and then shortly thereafter, we'll file the STM. So that's right on schedule as expected. So it's the soonest that we'll have the information and can disclose it. Okay. And for now, you have absolutely no sense, right? Because the appraisers are still working, right? So they haven't basically submitted anything. Correct. In order for the appraisers to complete their work, they need the resident engineering firm to perform the RCNLD, which is the most extensive process in creating the cost approach. So the net income and the market approach are pretty easy in terms of the process, but the most extensive process is the cost approach, which requires a full addressing of the assets by the engineer. And that's the process that we're in that's not yet been completed. Okay. And then American Water acquiring a Texas utility? Well, certainly, there's a lot of interest in Texas by a lot of our peers and competitors. But the beautiful thing about Texas is it's a big state, and there's a lot of opportunity in Texas. And our biggest opportunity is something that we're very focused on and keenly addressing, which is the Quadvest acquisition. We're excited about that, and that's our focus. Competition has always been in our industry, and we've shown that we can be a formidable competitor, and we'll continue to do deals that make sense for us that come our way as long as they meet our investment criteria and the settings that we've put in place for us to move forward with in terms of tuck-ins or other opportunities that come along. Yeah. And I think, Angie, I'm just going to add to that. If you think about acquisitions in general, our company will meet its growth forecast without a single acquisition. And so as you think about that, that is on purpose, right? So we don't have to worry about this idea of using growth as a lever in order to meet our growth forecast. And I think that puts us in a really strong position, quite frankly. The other thing too, Essential is a very strong competitor all by themselves. And combined with American, are they more formidable? Absolutely. That being said, there's only a certain amount of financial formidability that goes into any acquisition to start with. And if somebody can afford to pay more, then that's who that business belongs to be with. And we will not stretch beyond what we've already stated, which is we want to have our accretion goals, and we will not do so at the expense of our balance sheet. So I think those are the things that we will continue. And it's a very fair question, but I don't see our growth rate changing because of those two coming together. And quite frankly, I'm looking forward to having that strength actually benefit the industry. So I think it's good for the industry. I think it's good for both companies. And it also addresses affordability for the customers of those companies because as they continue to invest in their systems, they can do so where the customers are not paying the full cost. And I think that is a formula that works for every water company. Any other questions on those two, or I'll address Aquarion? No, just Aquarion. Actually, Aquarion and both, how you see acquisitions and the financing of them vis-à-vis your stock's performance? It seems like your stock is not really reacting to strong results you're printing. Some of it could be the Aquarion overhang, but just if you could talk to us about, given the stock price and how you see accretion from both the Quadvest deal and any capacity you would have for additional transactions? Yeah. It's a great question. So first of all, I'll start with Aquarion. Would that make strategic sense for us, for our customers? The answer is yes. But we also are occupied fully with the Quadvest acquisition. We do not have additional capacity in the straight equity market. So if we were to do a deal and I'm not, first of all, it's very early, so to speak, to say that the deal is not going to happen. Nobody that I'm around has said that the deal is not going to happen. But if it didn't happen, then it would have to meet Eversource would have to decide whether they want to sell it. They would have to decide whether they have alternative ways of raising the equity or whatever else they wanted to do with those proceeds. And that's obviously all for them. But for us, that leaves us with how would we do something like this? And I think that the way we've always talked about this is there would be three areas that we would go for equity. One is straight equity. The second place is hybrid/debt markets. And the third place is partner equity. If I take the straight equity off, that leaves us with hybrid debt as well as partner equity. But it doesn't change our accretion goals. It doesn't change our goals that we have from a balance sheet protection perspective. So for me, nothing changes. And quite frankly, what this allows us to do is to do the same thing that Essential and American are doing, which is in order to take cost out of the system, which allows us to invest in those systems where the customers do not have to pay the full cost of the bills. So it is a very good model to use as long as people don't get aggressive on the other sides. Okay. Understood. Thank you. And then one last question, maybe for Ann. And maybe you have addressed it, and I wasn't paying full attention. What's the, I mean, when I look at your narrow guidance and year-to-date results, that would imply really low earnings in the fourth quarter. Could you remind me what it is that weighs on those fourth-quarter expectations to get to the midpoint of the narrowed guidance? Sure, Angie. Good question. There are a number of factors that are driving the $0.27-$0.32 reduction in EPS quarter- over- quarter for Q4. First, we have some timing of gross margin and the regulatory adjustments. I should also ask you to keep in mind that the Connecticut Water rate case went into effect in July of 2024, so we experienced that additional favorability year- over- year in the first half of this year, but we're not experiencing that currently because it was already in rates last year. Second, we expect continuation of higher expense items that we've been reporting on, as well as some additional operating expenses to advance our strategic priorities. And lastly, we expect to see the continued trend of higher year-over-year depreciation, interest, taxes, and also some dilution from issuing additional shares. Okay. And what is this $0.20 of year-to-date other income? And again, I should have listened. Yeah. It's about $0.20, I think. No? Hold on. Let me just take a look. Oh, I'm sorry. It's $0.12. Sorry. $0.13, and that is primarily one of the biggest contributors there is, AFUDC, given some of our substantial investments primarily in Texas, where we have longer-term construction cycles, and so those investments are earning AFUDC for a longer period of time. Awesome. Thank you so much. Thank you. Sorry for so many questions. Thank you. No. We appreciate it, Angie. Thank you. Thank you. And as a reminder, if you have a question, please press star 11. And our next question comes from Ian Rapp of Bank of America. Your line is open. Hey, guys. Thanks for taking my question and echo Angie's comments on adding Jonathan. Obviously, a really good pickup for the team. Looking forward to working with him again. So congrats there. And then I think Angie hit on most of them, but I think maybe just to clarify, you refreshed or rolled forward the EPS guidance through 2029, kind of at the high end of 5%-7%. But I think if I heard you correctly, you're also going to refresh the full sort of CapEx schedule on 4Q. Would you say at this point that the EPS guidance fully bakes expectations for that CapEx refresh, or are you planning to sort of refresh that EPS guidance view on fourth quarter as well? You're talking about, just to make sure I'm asking the right question or answering the right question, Ian, you're talking about the long-term guidance, right? And when we refresh the CapEx, whether that long-term guidance would be refreshed at that point as well. Correct. Yeah. I see it in the slides that you have the 5%-7% anchored to the high end through 2029 in the slides. I just wanted to check if that was fully baked for expectations for the CapEx refresh. Look, I think our refresh on the long-term growth is going to be impacted by two factors. One will be our CapEx, but it'll also be the view on where we'll come out from a Quadvest acquisition, right? So we will look at those areas as to what our future long-term growth rate is. And until we come out with that, then that's when everything will be refreshed all in one fell swoop. It's not going to be done incrementally. Got it. Thank you. That makes sense. And then just maybe two quick ones on the fair market value process. So it sounds like that's kind of the primary gate for determining financing needs to finance this acquisition. A, is that correct? And then B, does the fair market value process, the way that it's kind of structured, allow you to fully capture these customer connection growth rates that you're highlighting, or would that be something that would maybe be more reflected in a future rate case? Yeah. So let me take the first one first. We've agreed to the $540 million, so that is not going to determine the financing cost of the transaction. The only thing that we will address or adjust is depending on the markets, right? It has nothing to do with FMV. We will adjust how much debt or how much equity we will do in the transaction. So that's the only thing that's going to be kind of adjusted, which is going to be market-dependent. As it relates to the FMV, I'm going to have Bruce address the idea of kind of these new customers that are coming on, what the cutoff date are for those customers, and how that will be reflected in FMV today versus FMV in the future. Yeah. Thank you, Andrew. As it relates to the FMV, we've got all three appraisers signed up to the same timeline in terms of the valuation of the assets. And so that's a terminus date of effective July 1, 2026, I believe. So that's that cutoff date in terms of the valuation of assets. So it's not really connections that make that number. It's really the actual assets that have been invested in and are available for valuation. So that's really the determining value or determining point of the fair market value. So it will be all those assets, including construction work in progress to that point. Yeah. And And if I can just follow up on what Andrew said. I mean, he's absolutely correct. I mean, the amount of equity that we will issue in connection with the transaction is not dependent on the fair market value. What we alluded to is that we did feel that it was important for investors to understand the fair market value so that they could adequately model the transaction going forward. And we think that will be helpful for us in the equity raise going forward. And so when we think about timing, we're getting the FMV at the end of this year. We'll then be in blackout for year-end. We'll have to work to pull together the necessary offering documentation. In that same timeframe, as Bruce mentioned, we'll be filing the STM or the Sale, Transfer, Merger. So once that's deemed administratively complete, that's when the clock starts ticking on that approval process. So once we have a better eye towards closing the transaction, that's when we'll look to that equity raise. Got it. Thanks, guys. Thank you. Thank you. I'm showing no further questions at this time. I'd like to turn it back to Andrew Walters for closing remarks. Thank you, Operator. This concludes today's conference call. Thank you for participating, and you may now.