埃特莫斯能源 (ATO) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Atmos Energy Corporation Fiscal 2025 Third Quarter Earnings Conference Call. (Operator Instructions)

感謝您的支持。我叫格雷格，今天我將擔任您的會議主持人。現在，我歡迎大家參加今天的 Atmos Energy Corporation 2025 財年第三季財報電話會議。（操作員指示）

I would now like to turn the call over to Dan Meziere, Vice President of Investor Relations and Treasurer. Dan?

現在我想將電話轉給投資者關係副總裁兼財務主管 Dan Meziere。擔？

Thank you, Greg. Good morning, everyone, and thank you for joining our fiscal 2025 third quarter earnings call. With me today are Kevin Akers, President and Chief Executive Officer; and Chris Forsythe, Senior Vice President and Chief Financial Officer. Our earnings release and conference call slide presentation, which we will reference in our prepared remarks, are available at atmosenergy.com under the Investor Relations tab. As we review these financial results and discuss future expectations, please keep in mind that some of our discussion might contain forward-looking statements within the meaning of the Securities Act and the Securities Exchange Act. Our forward-looking statements and projections could differ materially from actual results. The factors that could cause such material differences are outlined on slide 32 and are more fully described in our SEC filings.

謝謝你，格雷格。大家早安，感謝您參加我們的 2025 財年第三季財報電話會議。今天與我一起的有總裁兼執行長 Kevin Akers 和高級副總裁兼財務長 Chris Forsythe。我們的收益報告和電話會議幻燈片簡報（我們將在準備好的發言中引用）可在 atmosenergy.com 的「投資者關係」標籤下找到。當我們審查這些財務結果並討論未來預期時，請記住我們的一些討論可能包含《證券法》和《證券交易法》所定義的前瞻性陳述。我們的前瞻性陳述和預測可能與實際結果有重大差異。可能導致此類重大差異的因素已在第 32 張幻燈片中概述，並在我們提交給美國證券交易委員會的文件中進行了更詳細的描述。

With that, I will turn the call over to Kevin Akers, our President and CEO. Kevin?

說完這些，我將把電話轉給我們的總裁兼執行長凱文·埃克斯 (Kevin Akers)。凱文？

Thank you, Dan. Good morning, everyone. Thank you for joining us today. Yesterday, we reported year-to-date fiscal '25 net income of $1 billion or $6.40 per diluted share. And we updated our fiscal '25 earnings per share guidance to a range of $7.35 to $7.45. This performance continues to reflect the commitment, dedication, focus and effort of all Atmos Energy employees to successfully modernize our natural gas distribution, transmission and storage systems, while safely providing reliable natural gas service to 3.4 million customers from 1,400 communities across 8 states.

謝謝你，丹。大家早安。感謝您今天加入我們。昨天，我們報告了 25 財年迄今的淨收入為 10 億美元，即每股收益 6.40 美元。我們將2025財年每股收益預期上調至7.35美元至7.45美元。這項業績持續體現了全體Atmos Energy員工的承諾、奉獻、專注和努力，他們成功實現了天然氣配送、輸送和儲存系統的現代化，同時為8個州1400個社區的340萬客戶提供安全可靠的天然氣服務。

The Texas Workforce Commission reported in July that the seasonally adjusted number of employees reached 14.3 million. Texas again added jobs at a faster rate than the nation over the last 12 months ending June, adding over 198,000 jobs, representing a 1.4% annual growth rate. We also continue to see the value and vital role that natural gas plays in economic development across our service territories.

德州勞動力委員會7月報告稱，經季節性調整後的就業人數達到1,430萬人。截至 6 月的過去 12 個月中，德州就業崗位增加速度再次超過全國平均水平，增加了超過 198,000 個就業崗位，年增長率為 1.4%。我們也繼續看到天然氣在我們服務區域的經濟發展中發揮的價值和重要作用。

For the 12 months ended June 30, 2025, we added nearly 58,000 new residential customers with almost 45,000 of those new customers located here in Texas. Commercial customer growth remained solid as well with approximately 575 new customers connecting to the system during the second quarter and over 2,500 new customers connecting to the system fiscal year-to-date.

截至 2025 年 6 月 30 日的 12 個月內，我們增加了近 58,000 名新住宅客戶，其中近 45,000 名新客戶位於德克薩斯州。商業客戶成長也保持穩健，第二季約有 575 名新客戶連接到該系統，本財年迄今已有超過 2,500 名新客戶連接到該系統。

Industrial demand for natural gas in our service territories also remained strong. During the third quarter, we added three new industrial customers. In fiscal year-to-date, we've added 22 new industrial customers with an anticipated annual load of approximately 3.4 Bcf once they are fully operational. On a volumetric basis, this load is comparable to adding approximately 67,000 residential customers.

我們服務區域內的工業對天然氣的需求也依然強勁。第三季度，我們增加了三個新的工業客戶。本財年迄今為止，我們增加了 22 個新的工業客戶，預計這些客戶全面投入營運後，年負荷將達到約 34 億立方英尺。從體積上看，這一負荷相當於增加約 67,000 名住宅客戶。

During the third quarter, APT entered into a contract to transport natural gas to a customer that will generate on-site power to serve a data center in the Abilene area. The data center is expected to be fully operational by end of the calendar year. And at that time, we anticipate APT will provide approximately 30 Bcf of gas annually to support this data center. As a reminder, revenues earned from this contract are included in APT's Rider REV mechanism. Therefore, 75% of this revenue will benefit APT's LDC customers.

第三季度，APT 簽訂了一份合同，將天然氣輸送給一位客戶，該客戶將在現場發電，為阿比林地區的資料中心提供服務。該資料中心預計將於今年底全面投入營運。屆時，我們預計 APT 每年將提供約 300 億立方英尺的天然氣來支援該資料中心。提醒一下，本合約所獲得的收入包含在 APT 的 Rider REV 機制中。因此，該收入的 75% 將惠及 APT 的 LDC 客戶。

Our consistent performance reflects the vital role we play in every community that is safely delivering reliable and efficient natural gas to homes, businesses and industries to fuel our energy needs now and in the future. During the third quarter, our customer support associates and service technicians received a 97% satisfaction rating from our customers, reflecting once again the exceptional customer service they provide each and every day.

我們始終如一的表現反映了我們在每個社區中發揮的重要作用，我們安全地向家庭、企業和工業輸送可靠、高效的天然氣，滿足我們現在和未來的能源需求。在第三季度，我們的客戶支援人員和服務技術人員獲得了 97% 的客戶滿意度評級，這再次反映了他們每天提供的卓越客戶服務。

Our customer advocacy team and customer support agents continue their outreach efforts to energy assistance agencies and customers during the first 9 months of the fiscal year. Through those efforts, the team helped over 48,000 customers received nearly $17.5 million in funding assistance. Additionally, Atmos Energy has been named 2025 most Trusted Brands by data analytics and advisory firm, Eskent. Eskent surveyed residential natural gas customers, electric and combination customers of the 148 largest U.S. utility company. Atmos Energy placed first among all 40 utilities in the South region, and received the highest score by any utility in any region nationwide.

在財政年度的前 9 個月，我們的客戶宣傳團隊和客戶支援代理商繼續向能源援助機構和客戶進行宣傳工作。透過這些努力，該團隊幫助超過 48,000 名客戶獲得了近 1,750 萬美元的資金援助。此外，Atmos Energy 被數據分析和顧問公司 Eskent 評為 2025 年最值得信賴的品牌。Eskent 對美國 148 家最大公用事業公司的住宅天然氣客戶、電力客戶和綜合客戶進行了調查。Atmos Energy 在南部地區所有 40 家公用事業公司中排名第一，並且獲得了全國各地區公用事業公司中的最高分。

Before turning the call over to Chris, I want to briefly comment on recent Texas legislation House Bill 4384 that became effective on June 20, 2025. At a high level, this legislation authorizes a gas utility to defer for future recovery as a regulatory asset post in-service carrying costs, depreciation and ad valorem taxes associated with the unrecovered gas gross plan. For non-eligible [8.209] capital investments such as new customer growth and system expansion. This legislation also instructs the Railroad Commission to adopt rules to implement Section 104.302 of the utilities code as added by this act, no later than 270th day after the effective date of this act.

在將電話轉給克里斯之前，我想簡要評論一下最近的德克薩斯州眾議院法案 4384，該法案於 2025 年 6 月 20 日生效。從高層次上講，這項立法授權天然氣公用事業公司將未回收天然氣總計劃相關的營運後持有成本、折舊和從價稅作為監管資產推遲到未來回收。對於不符合資格的[8.209]資本投資，例如新客戶成長和系統擴展。該法案還指示鐵路委員會在本法案生效之日起 270 天內制定規則，並實施本法案增加的公用事業法規第 104.302 節。

Before the passage of this legislation, approximately 45% of our total capital spending qualified for Rule 8.209 treatment. Applying the language of this legislation means that approximately 80% of our capital spending is eligible for Texas deferral treatment. We believe most of the new capital covered by this legislation is associated with APT. We are currently in the process of updating our fiscal '26 capital budget in a five-year plan, and we will provide a full update to the five-year plan during our fourth quarter earnings call in November.

在法案通過之前，我們總資本支出的約 45% 符合第 8.209 條規則的待遇。根據該法案的措辭，意味著我們大約 80% 的資本支出有資格享受德州的延期待遇。我們相信，該法案涵蓋的大部分新資本都與 APT 有關。我們目前正在更新五年計畫中的 26 財年資本預算，並將在 11 月的第四季財報電話會議上提供五年計畫的全面更新。

As I turn the call over to Chris, I want to share that our hearts and prayers continue to be with our teammates, families and neighbors in the San Angelo, Kerrville, Ingram, Barnett and other communities that were tragically impacted by the floods. No words can fully comfort you and the community for your loss. But please know that we as your teammates, friends and neighbors, stand alongside you in support and are here to lend a helping hand. Chris, over to you.

當我把電話轉給克里斯時，我想告訴大家，我們的心和祈禱將繼續與聖安吉洛、克爾維爾、英格拉姆、巴內特和其他遭受洪水災難的社區的隊友、家人和鄰居同在。任何言語都無法完全撫慰您和社區的損失。但請知道，作為您的隊友、朋友和鄰居，我們與您站在一起支持您，並隨時向您伸出援手。克里斯，交給你了。

Thank you, Kevin, and good morning, everyone. Yesterday, we announced fiscal year-to-date diluted earnings per share of $6.40 compared to $6 per diluted share in the prior year period. Our third quarter and fiscal year-to-date financial results continue to be driven by regulatory outcomes reflecting increased safety and reliability spending, customer growth and strong through system revenues at APT. Regulatory outcomes in both of our segments increased operating income by $322 million.

謝謝你，凱文，大家早安。昨天，我們宣布本財年迄今的每股攤薄收益為 6.40 美元，而去年同期的每股攤薄收益為 6 美元。我們的第三季和財政年度迄今的財務表現繼續受到監管結果的推動，反映了 APT 的安全性和可靠性支出增加、客戶成長以及系統收入強勁。我們兩個部門的監管成果使營業收入增加了 3.22 億美元。

Residential customer growth and rising industrial load in our distribution segment increased operating income by an additional $22 million. Revenues in our pipeline and storage segment increased $12.5 million primarily due to increased throughput.

我們分銷部門的住宅客戶成長和工業負荷上升使營業收入額外增加了 2,200 萬美元。我們的管道和儲存部門的收入增加了 1250 萬美元，主要原因是吞吐量增加。

Approximately $11 million of this increase was recognized during the first 6 months of the fiscal year. As we discussed during our second quarter call, we expected the contribution from APT's through-system business in fiscal '25 to be comparable to what we experienced in fiscal '24, with most of this contribution realized during the first half of the fiscal year. APT's third quarter was in line with our expectations, and we continue to believe the contribution of APT's through-systems business in fiscal '25 will be in line with fiscal '24. APT also experienced a $12.5 million increase due to higher capacity contracted by tariff-based customers due to their increased peak day demand.

其中約 1,100 萬美元的成長是在本財政年度的前 6 個月實現的。正如我們在第二季電話會議上所討論的那樣，我們預計 APT 25 財年的全系統業務貢獻將與 24 財年的貢獻相當，其中大部分貢獻將在本財年的上半年實現。APT 第三季的業績符合我們的預期，我們仍然相信 APT 25 財年的全系統業務貢獻將與 24 財年持平。由於高峰日需求增加，基於關稅的客戶簽訂了更高的容量合同，APT 也經歷了 1250 萬美元的增長。

Consolidated O&M increased $85 million. This increase is primarily due to higher employee-related costs, increases in line locate pipeline inspection and system monitoring activities and higher bad debt expense. As a reminder, we recognized a $14 million nonrecurring reduction in bad debt expense in the first quarter of fiscal '24, resulting from a regulatory change and how we recover our bad debt expense in Mississippi.

合併營運與維護費用增加了 8500 萬美元。這一增長主要是由於員工相關成本增加、管道定位檢查和系統監控活動增加以及壞帳費用增加。提醒一下，由於監管變化以及我們如何收回密西西比州的壞帳費用，我們在 24 財年第一季確認了 1,400 萬美元的非經常性壞帳費用減少。

As expected, O&M in the third fiscal quarter trended higher than the prior year quarter, but we still expect fiscal '25 O&M, excluding bad debt expense to be in the range of $860 million to $880 million. Assuming the midpoint of this range, we anticipate O&M in our fourth fiscal quarter will trend approximately $10 million lower than the prior year's fourth quarter.

正如預期的那樣，第三財季的 O&M 趨勢高於去年同期，但我們仍然預計 25 財年的 O&M（不包括壞帳費用）將在 8.6 億美元至 8.8 億美元之間。假設該範圍的中點，我們預計第四財季的 O&M 將比去年同期低約 1,000 萬美元。

Consolidated capital spending increased 22% to $2.6 billion with 86% dedicated to improving the safety and reliability of our system. This increase reflects higher safety and reliability spending and higher spending to support customer growth in both of our segments. We remain on track to spend approximately $3.7 billion this fiscal year.

綜合資本支出成長 22%，達到 26 億美元，其中 86% 用於提高系統的安全性和可靠性。這一增長反映了我們兩個部門在安全性和可靠性方面的支出增加，以及支持客戶成長的支出增加。本財年我們仍將支出約 37 億美元。

During our third fiscal quarter, we implemented approximately $170 million in annualized regulatory outcomes, including the West Texas general rate case, APT's annual GRIP filings, annual filings for the City of Dallas and Tennessee and the Kentucky general rate case. Fiscal year-to-date, we have implemented $351 million of annualized regulatory outcomes, and currently, we have million $229 million in annualized outcomes in progress. Of this amount, approximately $205 million is associated with our annual RRM filing in Mid-tex and a general rate case in Mississippi. We anticipate implementing new rates from these filings in the first quarter of fiscal '26.

在第三財季，我們實施了約 1.7 億美元的年度監管成果，包括西德克薩斯州一般稅率案、APT 的年度 GRIP 備案、達拉斯市和田納西州的年度備案以及肯塔基州一般稅率案。本財年迄今為止，我們已經實施了 3.51 億美元的年度化監管成果，目前，我們正在實施 2.29 億美元的年度化成果。其中約 2.05 億美元與我們在 Mid-tex 提交的年度 RRM 申請以及在密西西比州提交的一般稅率案件有關。我們預計將在 26 財年第一季根據這些文件實施新的稅率。

Our financial position continues to remain strong. We finished our third fiscal quarter with an equity capitalization of 60% and approximately $5.5 billion of liquidity. This amount includes $1.7 billion of net proceeds available under existing forward sale agreements that fully satisfy our anticipated fiscal '25 and fiscal '26 equity needs and a portion of our fiscal 2027 equity needs. In June, we issued $500 million in 10-year notes with a coupon of 5.2%. As a result, our overall weighted-average cost of debt as of June 30 stands at 4.17% and our debt profile remains very manageable with a weighted-average maturity of approximately 17 years.

我們的財務狀況持續保持強勁。我們在第三財季結束時，股本資本化率為 60%，流動資金約 55 億美元。該金額包括根據現有遠期銷售協議可用的 17 億美元淨收益，可完全滿足我們預期的 25 財年和 26 財年的股權需求以及 2027 財年的部分股權需求。6 月份，我們發行了 5 億美元的 10 年期債券，票面利率為 5.2%。因此，截至 6 月 30 日，我們的整體加權平均債務成本為 4.17%，且我們的債務狀況仍然非常可控，加權平均期限約為 17 年。

Turning now to our guidance. We anticipate the impact of adopting the new Texas legislation will increase our expected earnings per share in the fourth quarter of fiscal '25 by approximately $0.10. Additionally, our updated guidance range includes our expectations for APT's through-system business during the fourth quarter and an improvement in our pass-through collections experience. Therefore, as we reported last night, we have updated our fiscal '25 earnings per share guidance to a new range of $7.35 to $7.45 from the prior range of $7.20 to $7.30. Looking forward to '26.

現在轉向我們的指導。我們預計，德州新立法的實施將使2025財年第四季的預期每股收益增加約0.10美元。此外，我們更新後的業績指引範圍涵蓋了對APT第四季全系統業務的預期，以及全系統收款體驗的提升。因此，正如我們昨晚報告的那樣，我們已將2025財年每股收益預期從先前的7.20美元至7.30美元上調至7.35美元至7.45美元。展望2026年。

As Kevin mentioned, we are still working through our 5-year plan. As of today, we believe earnings per share will continue to grow in a range of 6% to 8% annually. We will continue to -- we will provide a full update to our fiscal 2026 earnings per share guidance and a full update to our 5-year plan during our fiscal fourth quarter earnings call in November.

正如凱文所說，我們仍在執行我們的五年計劃。截至今天，我們相信每股收益將繼續以每年 6% 至 8% 的速度成長。我們將繼續—我們將在 11 月的第四季財報電話會議上全面更新我們的 2026 財年每股收益指引和五年計畫。

We appreciate your time this morning, and we will now open up the call to questions.

感謝您今天上午抽出時間，我們現在開始回答您的問題。

(Operator Instructions)

（操作員指示）

Richard Sunderland with JPMorgan

摩根大通的理查桑德蘭

Hi, good morning. I just want to start with that $0.10 increase from the Texas legislation that you called out. Is that essentially a half year's impact of the legislation that you're booking all in 4Q? Or how do we think about that $0.10 relative to the total uplift potential from the legislation?

嗨，早安。我只是想從您所提到的德克薩斯州立法中的 0.10 美元增加開始。這是否意味著您在第四季度就預計的該立法的半年影響？或者我們如何看待這 0.10 美元相對於立法帶來的總提升潛力？

Yes, this is Chris. So the $0.10 reflects the impact of legislation beginning June 20 when the legislation became effective the end of fiscal 2025. So effectively one quarter.

是的，這是克里斯。因此，0.10 美元反映了該立法從 6 月 20 日開始的影響，該法案於 2025 財年末生效。因此實際上是四分之一。

Okay. Okay. Understood. That's helpful. And then I wanted to parse the through system commentary a little bit more. I know you said flat to '24 levels. Could you remind us what you'd originally expected in '25 on that front? I guess I'm just trying to think of the puts and takes of the Texas benefit relative to the through-system activities and how that might impact growth of '26?

好的。好的。明白了。這很有幫助。然後我想進一步分析整個系統的評論。我知道您說的是持平至‘24 級。您能否提醒我們一下您對 25 年這方面最初的期望是什麼？我想我只是想思考一下德州福利相對於整個系統活動的利弊，以及這將如何影響 26 年的成長？

Thank you.

謝謝。

As we think about -- on the through-system business, we really didn't -- as we talked about a year ago, we had anticipated spreads that were probably more in line with historical norms. -- obviously, in the first quarter, 1.5 quarters of this fiscal year with some of the takeaway capacity that had been delayed into late last year into early this year, that drove spreads. We also saw some volumes. As we think about fiscal 2026, as you sit here today, we're anticipating probably a more normal operating environment, both from a throughput and a spread perspective, then we'll adjust as we move through the fiscal year based upon what happens with the market.

當我們思考——在直通系統業務方面，我們確實沒有——正如我們一年前談到的那樣，我們預計利差可能更符合歷史常態。 ——顯然，在第一季度，即本財年的 1.5 個季度中，部分外賣能力被推遲到去年年底到今年年初，這推動了利差的擴大。我們還看了一些書。當我們思考 2026 財年時，當您今天坐在這裡時，我們預計可能會有一個更正常的營運環境，無論是從吞吐量還是價差的角度來看，然後我們會根據市場情況在整個財年中進行調整。

Yes, I'd just add to that. Again, I think it's a little early to start trying to see out there a crystal ball that '26 is going to be, I think if you look right now. We got to get through the rest of the summer cooling load, see where production continues to be at that point. We'll know more as we get closer to our updated 5-year plan on what that may look like.

是的，我只是想補充一點。再說一次，我認為現在開始嘗試用水晶球預測 26 年將會是什麼樣子還為時過早，我想如果你現在看的話。我們必須度過剩餘的夏季冷卻負荷，看看屆時產量會持續到哪裡。隨著我們越來越接近更新後的五年計劃，我們將對這項計劃有更多了解。

Christopher Jeffrey with Mizuho Securities

瑞穗證券的克里斯多福·傑弗裡

Hi, good morning, everyone. Just wanted to follow up on the project discussed in the Abilene area with the data center. Just curious if you could kind of size up how big of a capital outlay that would be, whether you're seeing other potential projects like that in -- throughout the system?

大家好，早安。只是想跟進阿比林地區與資料中心討論的專案。我只是好奇，您是否可以估算一下這將是一筆多大的資本支出，您是否在整個系統中看到了其他類似的潛在項目？

Dan, as we said on our previous calls, we continue to get inquiries in almost every state that we have right now, and they continue to go back and forth. Some of them are stand-alone, some of them are grouped together. But again, we'll continue to report on those once we have signed contracts and agreements to deliver natural gas service. But inquiry continues to be strong across the service territory. It's a matter of when those projects actually are signed and ready to break ground on those. As we move into the rest of the calendar year and into next year, we'll see how the load continues to develop on those, that particular project there in Abilene, again, we may have a little bit more additional clarity on growth of that load as we finish up a five-year plan.

丹，正如我們在之前的電話中所說的那樣，我們現在幾乎在每個州都繼續收到詢問，而且他們還在繼續來回溝通。其中一些是獨立的，一些是組合在一起的。但是，一旦我們簽署了提供天然氣服務的合約和協議，我們將繼續報告這些情況。但整個服務區域的詢問仍然很強烈。問題在於這些項目何時真正簽署並準備破土動工。隨著我們進入今年剩餘時間和明年，我們將看到阿比林的那個特定項目的負荷如何繼續發展，同樣，當我們完成五年計劃時，我們可能會對負荷的增長有更清晰的了解。

Great. And then maybe just a point of clarification. You mentioned, I think, 45% total spending previously qualified for 209 and that moves up to 80%. Is that just in Texas? Or are you talking about Atmos a whole entity?

偉大的。然後也許只是澄清一點。我認為，您提到的總支出的 45% 之前符合 209 的條件，現在上升到 80%。這只是在德克薩斯州嗎？還是您說的是 Atmos 整個實體？

Yes, the 80% was Atmos as a whole entity, if you will. And again, as I said in my comments, we believe the majority of that increase is reflected through APT's investment. Again, going back to the growth that we mentioned in the call, I continue to mention quarter-over-quarter, that's showing up and requires system investment inspect -- expansion as well as new supply points, expansion of storage, all those sort of investments on APT side to support the LDCs behind the system.

是的，如果你願意的話，這 80% 是 Atmos 作為一個整體。正如我在評論中所說，我們相信大部分成長都體現在 APT 的投資中。再次回到我們在電話會議中提到的增長，我繼續提到季度環比增長，這正在顯現並需要係統投資檢查 - 擴展以及新的供應點，存儲擴展，所有這些在 APT 方面的投資都是為了支持系統背後的 LDC。

Got it. I guess just a follow-up on that point. It seems like looking at the change in guidance on slide 13. Most of the increase is coming from the distribution segment. So is the -- should we think of the increase from the tax benefit at APT or distribution?

知道了。我想這只是對這一點的後續跟進。這看起來像是查看幻燈片 13 上的指導變化。大部分成長來自分銷領域。那麼——我們是否應該考慮 APT 或分配的稅收優惠的增加？

When you say the tax benefit, Chris, which benefit are you referring to?

克里斯，當您說稅收優惠時，您指的是哪種優惠？

Oh, sorry, the legislation benefit, HB4384.

哦，抱歉，立法福利，HB4384。

Yes. I think right now, it's roughly the way the -- we're forecasting our fourth quarter assets placed in the service. It's probably two-third distribution, one-third APT for the fourth quarter.

是的。我認為現在，這大致就是我們對第四季資產投入服務的預測。第四季的分佈大概是三分之二，APT 佔三分之一。

Nick Campanella with Barclays.

巴克萊銀行的 Nick Campanella。

This is Fei for today. I just had a quick clarification on the $0.10. So it sounds like we should annualize that. Just Wondering how should we think about that lumping that into the 6% to 8% annual CAGR going to long term?

今天我是 Fei。我剛才簡單澄清了一下0.10美元。聽起來我們應該把它年化。只是想知道我們應該如何考慮將其納入長期 6% 至 8% 的年複合年增長率？

Yes. It may be a little bit too simple to just take 10 multiple by 4 because what's predicated on how the -- when the deferral start is when assets are placed into service. So we have to think about what for each 1 of our projects, both in distribution and APT or the time or closings, if you will, placing those assets into service vis-a-vis when they will be all be reflected in the rates. So as we talked about, we're still modeling impact going forward, which is why we are -- we have a full update on FY '26 as well for one year plan and the five year plan when we roll that update that in November.

是的。僅僅將 10 乘以 4 可能有點太簡單了，因為延期開始的時間取決於資產投入使用的時間。因此，我們必須考慮我們的每一個項目，無論是在分銷和 APT 方面，還是在時間或收盤方面，將這些資產投入使用時，它們都會反映在費率中。因此，正如我們所討論的，我們仍在模擬未來的影響，這就是為什麼我們在 11 月推出更新時，對 26 財年的一年計劃和五年計劃進行了全面更新。

Understood. That's helpful. And maybe just a follow-up based off a stronger or more robust operating cash flow. I guess how does that affect your thoughts on financing the future growth, and do you see any possibility to moderate external equity needs? I mean understood you're mostly secured for '25, '26. But just wondering how should we think about that?

明白了。這很有幫助。也許只是基於更強勁或更穩健的經營現金流的後續行動。我想這會如何影響您對未來成長融資的想法，您是否認為有任何可能緩解外部股權需求？我的意思是，你基本上已經為 25、26 年做好了準備。但我只是想知道我們應該如何看待這個問題？

Yes, Fei, we'll continue to finance the corporation or operating cash flow needs in a balanced fashion using blended mix of equity and long-term debt. And again, what you see the increase in the operating cash flow, that was something we had anticipated in developing the 5-year plan. And when we established the financing targets in that five year plan a year ago, that was contemplated.

是的，費，我們將繼續以平衡的方式利用股權和長期債務的混合方式為公司或營運現金流需求提供資金。再說一次，您看到的經營現金流的增加，正是我們在製定五年計畫時所預料到的。當我們一年前製定五年計畫的融資目標時，就已經考慮到了這一點。

There are no further questions. So I will now turn the call back over to Dan Meziere for closing remarks. Dan?

沒有其他問題了。現在我將把電話轉回給 Dan Meziere 做結束語。擔？

We appreciate your interest in Atmos Energy, and thank you again for joining us this morning. A recording of this call is available for replay on our website. Have a good day.

感謝您對 Atmos Energy 的關注，再次感謝您今天上午加入我們。本次通話的錄音可在我們的網站上重播。祝你有美好的一天。