埃特莫斯能源 (ATO) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Atmos Energy Corporation fiscal 2025 fourth-quarter earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 Atmos Energy Corporation 宣布 2025 財年第四季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁兼財務主管丹‧梅齊埃。丹，請繼續。

Thank you, Tiffany. Good morning, everyone, and thank you for joining us. 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.

謝謝你，蒂芙尼。各位早安，感謝各位的參與。今天陪同我出席的有總裁兼執行長凱文·阿克斯，以及資深副總裁兼財務長克里斯·福賽斯。我們的收益報告和電話會議幻燈片簡報（我們將在準備好的演講稿中引用）可在 atmosenergy.com 的「投資者關係」標籤下找到。

As we review our 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.

在回顧我們的財務表現並討論未來預期時，請記住，我們的一些討論可能包含《證券法》和《證券交易法》意義上的前瞻性陳述。

Our forward-looking statements and projections could differ materially from actual results. The factors that could cause such material differences are outlined on slide 37 and are more fully described in our SEC filings.

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 37 頁幻燈片中列出，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。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Thank you, Dan. As Tuesday is Veterans Day, I would like to take this opportunity to thank those who have served in our armed forces and those currently serving. Approximately 300 of our Atmos Energy teammates are part of the 18 million Americans who bravely served our country. Thank you for your service.

謝謝你，丹。星期二是退伍軍人節，我想藉此機會感謝所有曾經和正在為國效力的軍人。我們 Atmos Energy 團隊中約有 300 名成員是 1800 萬勇敢為國效力的美國人中的一員。感謝您的付出。

Yesterday, we reported diluted earnings per share of $7.46. This marks the 23rd consecutive year of earnings per share growth. Fiscal '25 also represents the 41st consecutive year of dividend growth. Our fiscal-year results reflect the focus and dedication of the entire Atmos Energy team and their continued successful execution of our proven strategy of operating safely and reliably while we modernize our natural gas distribution, transmission, and storage systems.

昨天，我們公佈了稀釋後每股收益為7.46美元。這標誌著我們連續第23年實現每股盈餘成長。2025財年也是公司連續第41年實現股利成長。本財年業績體現了 Atmos Energy 全體團隊的專注和奉獻，以及他們在天然氣分銷、輸送和儲存系統現代化過程中，持續成功地執行我們行之有效的安全可靠營運策略。

Their exceptional work has us well positioned for fiscal '26 and beyond. During fiscal '25, we continue to experience solid customer growth, adding approximately 57,000 residential customers with over 44,000 of those new customers located in Texas. We also added nearly 3,200 commercial customers and 29 industrial customers during fiscal '25.

他們出色的工作使我們為 2026 財年及以後的發展做好了充分準備。在 2025 財年，我們持續保持穩健的客戶成長，新增約 57,000 名住宅客戶，其中超過 44,000 名新客戶位於德州。2025 財年，我們也新增了近 3,200 位商業客戶和 29 位工業客戶。

When these industrial customers are fully operational, they are anticipated to consume approximately 4 Bcf of gas annually. This usage is equivalent to adding over 74,000 residential customers on a volumetric basis. Over the last five years, we have added nearly 300,000 residential and commercial customers.

當這些工業客戶全面投入營運後，預計他們每年將消耗約 40 億立方英尺的天然氣。這種使用量相當於新增超過 74,000 個住宅用戶。過去五年，我們新增了近 30 萬名住宅和商業客戶。

And over the last five years, we've added 225 industrial customers, with an estimated annual load to 63 Bcf when fully operational. On a volumetric basis, this is equivalent to adding nearly 1.2 million residential customers. This growing natural gas demand from all of our customer classes continues to demonstrate the vital role natural gas has in economic development across our entire service territory.

在過去的五年裡，我們新增了 225 個工業客戶，預計全面運作後，年負荷將達到 630 億立方英尺。以數量計算，這相當於新增了近 120 萬戶居民用戶。我們所有客戶群對天然氣的需求不斷增長，這持續表明天然氣在我們整個服務區域的經濟發展中發揮著至關重要的作用。

According to the Texas Workforce Commission for the 12 months ending August, the seasonally adjusted number of employed Texans reached 14.35 million. Texas again added jobs at a faster rate than the nation over the last 12 months, growing at a rate of 1.14%. And Texas was recently ranked the Best State for Business for the 21st year in a row by Chief Executive magazine.

根據德州勞動力委員會的數據，截至 8 月的 12 個月內，經季節性調整後，德州的就業人數達到 1,435 萬人。過去 12 個月，德州的就業成長速度再次超過全國平均水平，成長率為 1.14%。德州最近連續第 21 年被《執行長》雜誌評為最適合經商的州。

According to the North Central Texas Council of Governments, the current population estimate for the metroplex is approximately 8.6 million people as of April 2025. And many analysts project the metroplex to be the third largest metropolitan area in the US by 2030. The US Census Bureau has the population for Texas at 31.3 million, and it is projected that Texas will reach a population of 32.4 million by 2030.

根據北德州中部政府委員會的數據，截至 2025 年 4 月，該都會區的當前人口估計約為 860 萬人。許多分析師預測，到 2030 年，達拉斯-沃斯堡都會區將成為美國第三大都會區。美國人口普查局數據顯示，德州人口為 3,130 萬，預計到 2030 年，德州人口將達到 3,240 萬。

Now turning to Atmos Pipeline-Texas. Our Bethel to Groesbeck project is nearing completion of approximately 55 miles of 36-inch pipeline from our Bethel storage facility to our Groesbeck compressor station. This project will provide additional pipeline capacity to transport gas from our Bethel storage facility into the growing DFW metroplex and the Interstate 35 corridor between Waco, Temple, and Austin. This project is anticipated to be in service late this calendar year.

現在就來看看 Atmos Pipeline-Texas。我們的 Bethel 至 Groesbeck 專案即將完工，該專案將鋪設一條從 Bethel 儲氣庫到 Groesbeck 壓縮站的約 55 英里長的 36 英寸管道。該項目將提供額外的管道輸送能力，將天然氣從我們的 Bethel 儲氣庫輸送到不斷發展的達拉斯-沃斯堡都會區以及韋科、坦普爾和奧斯汀之間的 35 號州際公路沿線。預計該項目將於今年底投入使用。

APT's Line WA Loop phase two project is also nearing completion of approximately 44 miles of 36-inch pipeline. This phase of the multiyear project will provide additional pipeline capacity from our Line X to the northern areas of the growing DFW metroplex. This phase is anticipated to be in service late calendar year 2025.

APT 的 Line WA Loop 二期工程也即將完工，該工程將鋪設約 44 英里長的 36 英寸管道。這個多年計畫的這一階段將為不斷發展的達拉斯-沃斯堡大都會區的北部地區提供從我們的 X 號線到北部地區的額外管道輸送能力。預計該階段將於 2025 年底投入使用。

APT completed our integrity inspection and verification per Texas code for our Bethel Salt Dome caverns two and three. And we have begun the integrity inspection and verification work on our Bethel cavern number one. This work is expected to continue into late calendar year 2026.

APT 已按照德克薩斯州法規完成了對 Bethel Salt Dome 二號和三號洞穴的完整性檢查和驗證。我們已經開始對伯特利一號洞穴進行完整性檢查和驗證工作。這項工作預計將持續到2026年底。

Turning to our updated five-year plan through fiscal 2030. Focus continues to be on safety and reliability through system modernization, being mindful of customer affordability, timely recovery of our costs through our various regulatory mechanisms and maintaining a strong balance sheet. Following our robust five-year planning process, we plan to invest $26 billion, with approximately 85% of that planned investment allocated to safety and reliability.

接下來，我們來看看更新後的截至 2030 財年的五年計畫。我們將繼續致力於透過系統現代化提高安全性和可靠性，同時兼顧客戶的承受能力，透過各種監管機制及時收回成本，並維持穩健的資產負債表。經過五年的周密規劃，我們計劃投資 260 億美元，其中約 85% 的投資將用於安全和可靠性。

This investment will support the continued modernization of our natural gas distribution, transmission, and storage systems; and support the growing natural gas demand across our jurisdictions. Approximately $21 billion or 80% of our total planned capital spending is expected to be incurred in Texas.

這項投資將支持我們天然氣分銷、輸送和儲存系統的持續現代化；並支持我們轄區內不斷增長的天然氣需求。預計約有 210 億美元（占我們計劃資本支出總額的 80%）將在德州發生。

The five-year plan reflects the impact of Texas House Bill 4384 on our earnings. As a reminder, House Bill 4384 reduces lag in Texas by permitting gas utilities to defer post-in-service carrying costs, depreciation, and ad valorem taxes associated with non-eligible Rule 8209 capital investments, such as customer growth and system expansion.

該五年計畫反映了德州眾議院第 4384 號法案對我們收益的影響。提醒一下，眾議院第 4384 號法案允許德克薩斯州的天然氣公用事業公司推遲與不符合第 8209 號規則規定的資本投資（例如客戶增長和系統擴張）相關的投入使用後持有成本、折舊和從價稅，從而減少德克薩斯州的滯後時間。

With the passage of House Bill 4384, we will now begin to recover over 95% of our capital spending within six months and 99% within 12 months. We believe the successful execution of our strategy will support earnings per share growth at 6% to 8% from the midpoint of our rebased fiscal '26 EPS guidance. Additionally, we intend to grow the dividend in line with earnings per share growth.

隨著眾議院第 4384 號法案的通過，我們將在六個月內收回 95% 以上的資本支出，並在 12 個月內收回 99%。我們相信，成功執行我們的策略將支援每股收益成長 6% 至 8%，高於我們重新調整後的 2026 財年每股收益預期中位數。此外，我們計劃隨著每股收益的成長而提高股息。

Now I'll turn the call over to Chris, who will provide some additional color on fiscal '25 and the fiscal '26 five-year plan. And I'll return later with some closing comments. Chris?

現在我將把電話交給克里斯，他將為大家詳細介紹 2025 財年和 2026 財年五年計畫。稍後我會回來做一些總結性發言。克里斯？

Thank you, Kevin, and good morning, everyone. We appreciate you joining us this morning. Before getting into the details of our fiscal '26 five-year plan, I wanted to share a few highlights from fiscal '25.

謝謝你，凱文，大家早安。感謝您今天早上收看我們的節目。在詳細介紹我們的 2026 財年五年計畫之前，我想先分享一下 2025 財年的一些亮點。

As Kevin mentioned, fiscal '25 earnings per share was $7.46. Included in this amount is $0.12 resulting from the adoption of Texas House Bill 4384. Approximately $0.09 was recognized in our Distribution business, and the remaining $0.03 is recognized at APT.

正如凱文所提到的，2025財年的每股盈餘為7.46美元。該金額中包含因德州眾議院第4384號法案通過而產生的0.12美元。約 0.09 美元在我們的分銷業務中確認，剩餘的 0.03 美元在 APT 中確認。

Consolidated capital spending increased to $3.6 billion, 87% dedicated to improving the safety and reliability of our system. In fiscal '25, we replaced over 880 miles of distribution and transmission pipe and nearly 54,000 service lines. And rate base increased by 14% to an estimated $21 billion as of September 30.

綜合資本支出增加至 36 億美元，其中 87% 用於提高我們系統的安全性和可靠性。在 2025 財年，我們更換了超過 880 英里的配電和輸電管道以及近 54,000 條服務管線。截至9月30日，利率基數成長了14%，估計達到210億美元。

Consolidated O&M, excluding bad debt expense, is $874 million and then slightly above the midpoint of our updated guidance for fiscal '25. O&M spending continued to focus on system monitoring and damage prevention activities. We also experienced higher employee-related costs, primarily due to increased headcount to support growth and higher employee training and administrative costs.

合併營運維護費用（不包括壞帳支出）為 8.74 億美元，略高於我們更新後的 2025 財年指引值的中點。維運支出持續著重於系統監測和損害預防活動。我們也經歷了員工相關成本的增加，主要是因為為了支持業務成長而增加員工人數，以及更高的員工培訓和管理成本。

We had another busy regulatory calendar in fiscal '25. We implemented $334 million in annualized operating income increases, excluding the amortization of excess deferred tax liabilities. We also completed general rate cases in Kentucky, portions of our Mid-Tex division, and in our West Texas division.

2025財年，我們的監理日程依然非常繁忙。我們實現了 3.34 億美元的年度營業收入成長，不包括超額遞延所得稅負債的攤提。我們也完成了肯塔基州、德州中部部分地區以及德州西部地區的一般費率案件。

Finally, we finished the fiscal year with an equity capitalization of 60% and approximately $4.9 billion of available liquidity, which leaves us well positioned to support our future operations. This amount, $1.6 billion, relates to forward equity proceeds, that we have priced through our ATM program. This amount fully satisfies our fiscal '26 equity needs and a portion of our anticipated fiscal '27 equity needs.

最後，在本財年結束時，我們的股本率為 60%，可用流動資金約為 49 億美元，這使我們能夠更好地支持未來的營運。這筆金額為 16 億美元，與我們透過 ATM 計畫定價的遠期股權收益有關。該金額完全滿足了我們 2026 財年的權益需求，並滿足了我們預計 2027 財年權益需求的一部分。

Looking forward, we have initiated our fiscal '26 earnings per share guidance in the range of $8.15 to $8.35. Because of the impact from Texas House Bill 4384, we are rebasing our earnings per share guidance beginning this fiscal year.

展望未來，我們已將2026財年的每股盈餘預期設定在8.15美元至8.35美元之間。由於德州眾議院第4384號法案的影響，我們將從本財政年度開始調整每股盈餘預期。

From the midpoint of this rebased guidance range, we anticipate earnings per share growth of 6% to 8% annually, with anticipated earnings per share in fiscal 2030 to be in the range of $10.80 to $11.20. Additionally, this week, Atmos Energy's Board of Directors approved a 168th consecutive quarterly cash dividend, with an indicated fiscal '26 annual dividend of $4, a 15% increase over fiscal '25.

基於重新調整後的業績指引區間中位數，我們預期每股盈餘年增率為6%至8%，預計2030財年每股收益將介於10.80美元至11.20美元之間。此外，本週，Atmos Energy董事會批准了連續第168個季度派發現金股息，2026財年年度股息為4美元，較2025財年增長15%。

This increase reflects a rebasing of the dividend to align with the rebased earnings per share guidance. Our updated five-year plan assumes that we've increased the dividend annually in line with earnings per share growth. Over the next five years, we are planning approximately $26 billion in capital spending, with over 85% of our capital allocated to safety and reliability spending.

此次成長反映了股息的重新調整，以與重新調整後的每股收益預期保持一致。我們更新後的五年計畫假設我們每年都會根據每股盈餘的成長情況提高股利。未來五年，我們計劃投入約 260 億美元的資本支出，其中超過 85% 的資本將用於安全和可靠性方面的支出。

This level of spending is expected to support 13% to 15% annual rate base growth. By the end of fiscal 2030, we anticipate rate base to approximate $42 billion. And in fiscal '26, we anticipate capital spending will approximate $4.2 billion. Approximately $21 billion or 80% of our five-year spending plan is currently allocated to Texas.

預計此支出水準將支撐每年13%至15%的稅率基數成長。預計到 2030 財年末，利率基數將達到約 420 億美元。預計 2026 財年的資本支出將達到約 42 億美元。目前，我們五年支出計畫中約有 210 億美元（佔 80%）分配給了德州。

This amount, approximately $15 billion, is planned in our Texas Distribution division. And approximately $6 billion is planned at APT as it continues to focus on gas supply reliability and supply diversification while fortifying its system to support the growth of its LDC customers.

這筆金額約為 150 億美元，計劃投入我們在德克薩斯州的分銷部門。APT計劃投資約60億美元，繼續專注於提高天然氣供應可靠性和供應多元化，同時加強其係統以支持其LDC客戶的成長。

As a reminder, our Texas Distribution operations have deferral mechanisms to support the recovery of safety-related spending. Texas House Bill 4384 applies similar deferral treatment to our remaining capital spending in our Texas Distribution business into all of APT's capital spending.

再次提醒，我們在德州的配送業務設有延期付款機制，以支援安全相關支出的回收。德州眾議院第 4384 號法案對我們在德州分銷業務中的剩餘資本支出以及 APT 的所有資本支出都採用了類似的遞延處理。

As a result, we will now begin to recover 95% of our capital spending within six months. We anticipate that approximately 60% of the impact of Texas House Bill 4384 will be recognized in our Distribution segment over the five-year plan.

因此，我們將在六個月內收回 95% 的資本支出。我們預計，德州眾議院第 4384 號法案約 60% 的影響將在五年計畫內體現在我們的分銷業務板塊中。

From a revenue perspective, we have assumed normal weather, market condition, and modest customer growth in both of our segments. In fiscal '26, most of the regulatory outcomes are anticipated to come through the execution of our annual regulatory filing process.

從收入角度來看，我們假設天氣、市場狀況正常，且我們兩個業務部門的客戶成長都較為溫和。預計在 2026 財年，大部分監管結果將透過執行年度監管申報流程來實現。

For these filings, we are assuming existing ROEs, capital structures, and regulatory features; meaning, we are not assuming the approval of new mechanisms or other new regulatory features. Beginning of fiscal '26, we have been [spending] $146 million in annualized operating income increases in our Distribution segment. Of this amount, $139 million relates to the implementation of our annual rate review mechanism in Mid-Tex.

對於這些申報文件，我們假設現有的 ROE、資本結構和監管特徵；也就是說，我們不假設新機製或其他新監管特徵獲得批准。從 2026 財年開始，我們在分銷部門投入了 1.46 億美元用於增加年度營業收入。其中，1.39億美元與我們在德州中部實施年度費率審查機制有關。

Regarding O&M, we continue to assume 4% annual increases driven by system safety, system monitoring and prevention activities, and employee costs. And we will continue to evaluate options to accelerate compliance-related work as system conditions dictate or other opportunities arise. For fiscal '26, we currently anticipate O&M, excluding bad debt expense, to range from $865 million to $885 million.

關於維運方面，我們繼續假設每年增長 4%，這主要由系統安全、系統監控和預防活動以及員工成本所驅動。我們將繼續評估各種方案，以加速合規相關工作的開展，具體措施視系統狀況而定或視其他機會而定。對於 2026 財年，我們目前預計營運和維護費用（不包括壞帳支出）將在 8.65 億美元至 8.85 億美元之間。

Finally, this five-year plan includes approximately $16 billion of incremental long-term financing to support our operations and cash needs, including the expected payment of the corporate alternative minimum tax beginning in fiscal '27.

最後，這項五年計畫包括約 160 億美元的增量長期融資，以支持我們的營運和現金需求，包括預計從 2027 財年開始支付的企業替代最低稅。

We will continue to use a combination of long-term debt and equity to preserve the strength of our balance sheet, minimize the cost of financing for our customers, and reduce financing risk. And we continue to anticipate meeting all of our equity needs through our ATM program.

我們將繼續採用長期債務和股權相結合的方式，以保持資產負債表的穩健性，最大限度地降低客戶的融資成本，並降低融資風險。我們預計將繼續透過我們的 ATM 計劃滿足我們所有的股權需求。

As a reminder, this incremental financing has included our earnings per share guidance for both fiscal '26 and through the five-year plan ending in fiscal 2030. Thank you very much for your time this morning. Now I'll turn it back over to Kevin for some closing remarks.

提醒一下，此次新增融資包括我們對 2026 財年以及 2030 財年結束的五年計畫期間的每股盈餘預期。非常感謝您今天上午抽出時間。現在我把時間交還給凱文，讓他做些總結發言。

Thank you, Chris. Our operational and financial execution in fiscal '25 has laid the foundation for continued success into fiscal '26 and beyond. Our five-year plan supports our ability to meet the safety, reliability, and economic development expectations of our customers, our community, and our key stakeholders across the service territory.

謝謝你，克里斯。我們在 2025 財年的營運和財務執行為 2026 財年及以後的持續成功奠定了基礎。我們的五年計畫旨在支持我們滿足客戶、社區和整個服務區域內主要利害關係人在安全、可靠性和經濟發展方面的期望。

As you've heard me say before, the things that differentiate Atmos Energy are that we operate in a diversified and growing communities that are supportive of natural gas and our investment in natural gas infrastructure to supply their growing economy and energy needs. That 96% of our rate base is situated in six of our eight states that have passed customer choice or all fuels legislation.

正如我之前所說，Atmos Energy 的獨特之處在於，我們在多元化且不斷發展的社區中運營，這些社區支持天然氣，也支持我們對天然氣基礎設施的投資，以滿足其不斷增長的經濟和能源需求。我們96%的客戶群位於八個州中的六個州，這六個州都通過了客戶選擇或所有燃料立法。

We operate in regulatory jurisdictions that support reliability, versatility, abundance, and affordability of natural gas; and the modernization of our natural gas distribution, transmission, and storage systems to provide safe and reliable delivery.

我們在監管管轄範圍內開展業務，這些管轄範圍支援天然氣的可靠性、多功能性、豐富性和可負擔性；並且我們的天然氣分銷、輸送和儲存系統正在現代化，以提供安全可靠的輸送。

The strength of our balance sheet and available liquidity. We have a weighted average cost of debt of 4.2% with an average maturity of 17.5 years. We currently have $4.9 billion in liquidity. That our residential customers' average monthly natural gas bill is again expected to remain the lowest utility bill in the home.

我們穩健的資產負債表和可用流動資金。我們的加權平均負債成本為 4.2%，平均期限為 17.5 年。我們目前擁有49億美元的流動資金。預計我們住宅用戶的平均每月天然氣帳單仍將是家庭公用事業帳單中最低的。

Consistent performance, 23 years of consecutive earnings per share growth and 41 consecutive years of dividend growth. That all 5,500 of us here at Atmos Energy proudly serve our customers and our communities as we continue to be guided by the simple values of our Founding Chairman, Charles K. Vaughan of honesty, integrity, and good moral character.

業績持續穩定，連續23年每股收益成長，連續41年股利成長。我們 Atmos Energy 的 5500 名員工自豪地為我們的客戶和社區服務，我們將繼續秉承創始人兼董事長 Charles K. Vaughan 的簡單價值觀：誠實、正直和良好的道德品格。

Those differentiators will continue to support the vital role we play in every community to safely deliver reliable, efficient natural gas to homes, businesses, and industries to fuel our energy needs now and in the future.

這些差異化優勢將繼續支持我們在每個社區中發揮的重要作用，安全地向家庭、企業和工業輸送可靠、高效的天然氣，以滿足我們現在和未來的能源需求。

We appreciate your time this morning, and we'll now open the call for questions.

感謝您今天上午抽出時間，現在我們將開放提問環節。

(Operator Instructions) Jeremy Tonet, JP Morgan Securities, LLC.

（操作說明）Jeremy Tonet，摩根大通證券有限責任公司。

Hey, this is [Ely], on for Jeremy. Just wanted to start on maybe some of the larger-load customers you guys are seeing across your service territory. Recognize that the refreshed capital plan contemplates a lot of that demand. But can you just talk about and help quantify what's in the plan? And then what could kind of be incremental to that and just bifurcating those two? Thanks.

嘿，我是[Ely]，替Jeremy報道。我想先談談你們服務區域內遇到的一些大量貨運客戶的狀況。要認識到，更新後的資本計劃已經考慮到了其中的許多需求。您能否談談計劃的內容，並幫助量化這些內容？那麼，除了將這兩者分開之外，還有什麼可以作為增量呢？謝謝。

Yeah. Again, as Chris said on the front end, there -- we got 85% of our spend is dedicated towards safety and reliability. We do have some modest growth included in the plan as well. But again, most of that is going to be focused on safety, reliability.

是的。正如克里斯一開始所說，我們85%的支出都用於安全性和可靠性。我們的計劃中也包含了一些適度的成長。但再次強調，大部分精力將集中在安全性和可靠性上。

We do have some additional fortifications that are in that to support that growth; that our long-range planning models have indicated we need because of the folks moving into Texas and the demand anticipated with them coming in in the load from their use of natural gas.

我們確實有一些額外的防禦措施來支持這種增長；我們的長期規劃模型表明，由於人們遷入德克薩斯州，預計他們使用天然氣將帶來需求，因此我們需要這些措施。

And then any other thing that will be outside of that will be probably driven by safety, reliability, and anticipated fortifications to handle that additional growth.

除此之外的任何其他事情，都可能將由安全性、可靠性以及為應對額外增長而預期的加固措施所驅動。

Great. And then maybe just talking a little bit about capital recovery. I know that you guys were able to kind of ratchet up the speed there. And can you just kind of talk about a little bit more about how you're able to -- how that flows into the plan and optimizes growth going forward? Just recognizing that's kind of some of the best capital recovery out there. Thanks.

偉大的。然後或許可以稍微談談資本回收的問題。我知道你們在那邊加快了速度。您能否再詳細談談您是如何做到這一點的——這如何融入計劃並優化未來的成長？僅僅意識到這是目前最好的資本回收方式之一。謝謝。

Yeah. Again, we're very blessed with the jurisdictions we serve in. And they recognize and support natural gas and our need to fuel these communities and meet the needs of all stakeholders, our communities, the state legislative bodies, and the overall demand for natural gas.

是的。再次強調，我們非常幸運能夠服務這些地區。他們認識到並支持天然氣，以及我們為這些社區提供燃料並滿足所有利害關係人、我們的社區、州立法機構和整體天然氣需求的需求。

But I'd also say that we haven't sped anything up. This has all been part of our planning process since 2011, 2012, and identifying the needs of the system, both safety, reliability, and growth. So this has been on the same cadence year after year.

但我還要說，我們並沒有加快任何進程。自 2011 年、2012 年以來，這一切都已成為我們規劃過程的一部分，旨在確定係統在安全性、可靠性和成長方面的需求。所以，這種情況年復一年地持續著。

And through our robust planning process, we go out and identify and look at our systems each year for the need, not only for population and demand growth, but also from the safety reliability need, fortification needs.

透過我們完善的規劃流程，我們每年都會對我們的系統進行評估和審查，不僅要考慮人口和需求成長，還要考慮安全可靠性需求和加固需求。

So this is all well laid out, well orchestrated through the demand models, the integrity models, the forecasting of population growth. Year after year, we repeat that same sort of process. And that's what drives the investment at the end of the day.

所以這一切都透過需求模型、完整性模型和人口成長預測得到了很好的規劃和協調。年復一年，我們重複著同樣的流程。歸根究底，這才是投資的驅動力。

Awesome. Yeah. And then just if I could squeeze in one more, apologies. But just I think the 2030 implied range is about 7.5 of the '26 midpoint. So is it kind of fair to say you guys are targeting the upper half of the CAGR? Thanks.

驚人的。是的。最後，如果可以的話，再補充一句：抱歉。但我認為 2030 年的隱含價格區間大約是 2026 年中點的 7.5 倍。所以，你們的目標是實現複合年增長率的上半部分，這種說法是否比較準確？謝謝。

Hey, Jeremy (sic - Ely). This is Chris. We talked about a 6% to 8% growth rate off of the rebased guidance range from the midpoint. So that falls in line with that 6% to 8% expectation, and that's what we're intending to pursue at this point in time.

嘿，傑里米（原文如此 - Ely）。這是克里斯。我們討論了在重新調整後的指導區間中點基礎上，成長率達到 6% 至 8%。所以這符合 6% 到 8% 的預期，這也是我們目前打算追求的目標。

Great. Thanks, guys.

偉大的。謝謝各位。

Thank you.

謝謝。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

Hi, good morning. Can you guys hear me okay?

您好，早安。你們能聽清楚我說話嗎？

We can. Good morning.

我們可以。早安.

Hi, great. This is Fei for Nick today, and thanks very much for taking my question. Maybe I just want to double-click on the EPS rebates, if I could.

嗨，太好了。我是Fei，今天為Nick提問，非常感謝你回答我的問題。如果可以的話，我可能只想雙擊 EPS 回饋。

Now seeing over 95% of CapEx is recovered within 12 months comparing to the previous 90%, would you be able to just parse out how much incremental reg like improvement are you seeing in this refreshed plan? Is it mostly coming from the Texas legislation, or is there something else baked into the assumption? Thanks.

現在，與之前的 90% 相比，超過 95% 的資本支出在 12 個月內得以收回，您能否具體分析一下，在這個更新後的計劃中，您看到了多少增量的監管改進？這主要是源自於德州的立法，還是其中還包含其他因素？謝謝。

Yeah, I'll start, and Chris can add anything he wants to. Yeah, as we mentioned in our opening remarks, it's all coming from the House Bill 4384. Again, our plan has been the same year after year on how we approach the capital budget. It's by identified projects and needs of the system and supporting the growth. And this 4384 will now allow us to include APT's investment into its system as well.

好的，我先開始，克里斯可以補充他想補充的內容。是的，正如我們在開場白中提到的，這一切都源自於眾議院第 4384 號法案。同樣，我們每年在製定資本預算方面都採用相同的計劃。它是透過確定係統的項目和需求並支持其發展來實現的。而這 4384 號法案現在將允許我們將 APT 的投資也納入其係統中。

Yeah. And, Nick (sic - Fei), this is Chris. I'll just remind you, again, on our regulatory cadence, annual funding mechanisms are contemplated throughout the five-year plan. We have a couple of small general rate case that we plan to execute this year.

是的。還有，Nick（原文如此 - Fei），這位是Chris。我再次提醒各位，關於我們的監管節奏，五年計畫中一直在考慮年度資金機制。我們今年計劃執行幾個小規模的一般費率案件。

But the overall theme there is the recoverability. And we assume in the five-year plan that there's no new regulatory features, no new deferral mechanisms, regulatory asset treatment. It's basically we planted based on what we know and have today.

但總體主題是可恢復性。我們假設在五年計畫中不會有新的監管措施、新的延期機製或新的監管資產處理方式。基本上，我們是根據我們目前所掌握的知識和資源來種植的。

Understood. That's very helpful. And if I could, just on O&M budgeting for '26. Could you just help clarify on how are we getting to a lower assumption for '26 and how those ramping to a 4% annual increase would evolve going deeper into the longer term? Thanks.

明白了。那很有幫助。如果可以的話，就只考慮 2026 年的營運和維護預算。您能否幫忙解釋一下，我們是如何得出 2026 年較低的假設的，以及那些逐步提高到每年 4% 增長率的假設在更長期的時間內會如何演變？謝謝。

Yeah. I think that the guidance that we put out there is pretty much -- the midpoint of the guidance is pretty consistent with where we were this year. We had some opportunities in fiscal '25 to spend some additional O&M dollars and compliance-related activities, as we saw market conditions at APT materialize, particularly in the late in third and fourth quarter.

是的。我認為我們發布的指導意見——指導意見的中點與我們今年的情況基本一致。在 2025 財年，我們有機會投入一些額外的營運維護資金和合規相關活動，因為我們看到 APT 的市場狀況逐漸顯現，尤其是在第三季末和第四季末。

So we kind of reset the O&M plan based on what we need to do from a compliance sector, what we want to do from a system monitoring system, damage prevention activities. And then, as I said, we'll continue to evaluate that O&M throughout the year. And if system conditions dictate or other opportunities arise, we'll evaluate options and alternatives to pursue further compliance and safety spending.

因此，我們根據合規方面需要做的事情、系統監控系統方面想要做的事情以及損害預防活動，對維運計畫進行了重新調整。然後，正如我所說，我們將全年持續評估營運和維護。如果系統條件需要或出現其他機會，我們將評估各種方案和替代方案，以進一步增加合規和安全方面的支出。

Great. Thanks for all the colors. Really helpful. I'll leave it there.

偉大的。謝謝你帶來的所有色彩。真的很有幫助。我就說到這兒吧。

Thank you.

謝謝。

Gabriel Moreen, Mizuho.

加布里埃爾·莫林，瑞穗。

Hey. Good morning, everyone. So Waha gas prices have been on a bit of a wild ride the last couple of weeks. I'm just wondering to what extent you've incorporated some of the deeply negative prices here that we've seen over the last couple of weeks into your guidance for '26? I mean, what you're assuming for the rest of the year as far as your Waha outlook?

嘿。各位早安。所以，過去幾週瓦哈的汽油價格波動相當劇烈。我想知道，您在多大程度上將過去幾週我們看到的一些極低價格納入了您對 2026 年的預測中？我的意思是，你對今年剩餘時間Waha的發展前景有何預期？

Yeah. As we've done with all of our five-year plan roll forwards, we do not incorporate that in. We assume normal activity. We continue to monitor and look at that. We're still very early into the season right now, just basically just out of October, if you will.

是的。就像我們以往所有五年計畫的延續一樣，我們不將其納入其中。我們假設一切正常。我們會繼續關注並研究此事。現在賽季還處於非常早期的階段，基本上才剛過十月。

So it's something we'll continue to keep our eye on as we move forward. But we do not try and use a crystal ball to forecast what's going to happen with that market at all. And we'll continue to keep you updated on our quarterly call.

所以，這是我們接下來會繼續關注的事情。但我們根本不會試圖用水晶球來預測這個市場會如何發展。我們將繼續透過季度電話會議向您通報最新情況。

Gabe, you know, too, that all that activity to the extent that it materializes, 35% of that impact flows back to the benefit of our customers. So well, like Kevin said, we'll keep an eye on it. And we'll provide updates as we move through the fiscal year.

Gabe，你也知道，所有這些活動，如果能夠實現，其中 35% 的影響都會回饋給我們的客戶。就像凱文說的那樣，我們會密切關注此事。我們將隨著財政年度的推進提供最新資訊。

Thanks, guys. And then maybe if I could follow up. It looks like you raised your long-term gas price assumption in the five-year outlook. Can you just talk about drivers behind that, if there's anything beyond the forward curve? And also was that an impact at all and maybe slightly moderating your kind of CapEx CAGR within the context of kind of how you're viewing customer builds over the medium to long term?

謝謝各位。然後，如果我能跟進一下就好了。看來您在五年展望中提高了對長期天然氣價格的預期。您能否談談背後的驅動因素，以及除了前向曲線之外是否還有其他因素？那麼，這是否產生了一定的影響，是否可能在您看待中長期客戶成長的背景下，略微緩和了您的資本支出複合年增長率？

Yeah. That's just the forward curve that's out there that we have available to us now. And again, I think if you go back and look at what we projected in that long history on that slide, whether it's page 23 or 24 there, we generally have come in under that. So right now, that's just a forward-looking curve. We're projecting outward on our customer bills.

是的。這只是我們目前能夠獲得的預期走勢圖。而且，我認為，如果你回顧我們在那張投影片上所作的長期預測，無論是第 23 頁還是第 24 頁，我們通常都會低於預測值。所以目前來看，這只是一個前瞻性的曲線。我們正在將成本向外推到客戶帳單上。

And again, I'd probably point you to the pages 23 through 25 there as we talked about customer bills and going forward. And like to remind everybody that when we look at the household bills overall that our natural gas residential bill is again expected to be the lowest bill in the household going forward into '26 at this point.

另外，我建議您參考第 23 至 25 頁，因為我們在那裡討論了客戶帳單和後續事宜。也要提醒大家，從整體來看家庭帳單，預計到 2026 年，天然氣住宅帳單仍將是家庭帳單中最低的一項。

We continue to remain anywhere between two to almost five times more affordable than our electric counterparts in each of our states and jurisdictions that are out there. And again, there's a slide out there on percent share of wallet for our customers as well. And we remain right at or below the natural gas industry average 4% of wallet share and about 2 to 3x below the percentage of wallet share on the electric side.

在我們所在的各州和地區，我們的產品價格仍然比同類電動車便宜兩到五倍。此外，我們還提供了一張幻燈片，展示了我們客戶的錢包份額百分比。我們的市佔率仍處於天然氣產業平均水準（4%）或更低，比電力業的市佔率低約 2 到 3 倍。

So I believe we're extremely well positioned right now and always keep affordability at top of mind. That's part of our both short-term, mid-term, and long-term planning process as we look at investments. We always run through what the potential impact may be on our customer base as well. But again, feel like that we are well positioned and mindful of affordability.

所以我相信我們目前處於非常有利的地位，並且始終將價格合理性放在首位。這是我們進行短期、中期和長期投資規劃過程的一部分。我們也會仔細評估這可能對我們的客戶群造成的潛在影響。但再次強調，我們感覺自己定位準確，並且充分考慮了價格因素。

Thanks, Kevin. Appreciate it.

謝謝你，凱文。謝謝。

Thank you.

謝謝。

Aditya Gandhi, Wolfe Research.

Aditya Gandhi，Wolfe Research。

Hi, good morning. Thank you for taking my questions. Can you hear me?

您好，早安。謝謝您回答我的問題。你聽得到我嗎？

Yes, we can.

是的，我們可以。

Great. Maybe just starting on Texas HB 4384, appreciate that you've rebased the 26% range higher. Can you maybe just clarify what the annual impact from the legislation is just roughly? Is it fair to assume that if we annualized -- the $0.10 impact from Q4 that you mentioned on last quarter's call, $0.40, is that a reasonable run rate?

偉大的。或許可以從德州 HB 4384 法案開始著手，感謝你們將 26% 的範圍重新調整得更高。您能否大致說明一下這項立法每年會產生哪些影響？如果我們把您在上個季度電話會議上提到的第四季度 0.10 美元的影響按年計算，得到 0.40 美元，這個年化率是否合理？

Hi, Aditya. This is Chris. So in the rebasing, we assumed the impact of House Bill 4384 and from fiscal '25 to '26 because we will have a full-year impact of the House Bill 4384, that's why you're seeing that rebasing going forward.

你好，Aditya。這是克里斯。因此，在重新調整基準時，我們假設了眾議院第 4384 號法案的影響，並且從 2025 財年到 2026 財年，因為眾議院第 4384 號法案將產生一整年的影響，這就是為什麼你會看到未來重新調整基準的原因。

And then after that, it will begin to become a little bit more consistent year over year. So again, we factored all that in into our 6% to 8% with a midpoint via a guidance range right now. It's right around $8.25, and we will intend to grow at 6% to 8% off of that.

之後，情況就會逐年趨於穩定一些。所以，我們再次將所有這些因素考慮在內，目前給出的指導區間為 6% 至 8%，中間值為 8%。目前股價在 8.25 美元左右，我們計劃在此基礎上實現 6% 到 8% 的成長。

Okay. Thank you. And then maybe just touching on the equity. You mentioned balanced equity and debt funding. Can you just clarify whether that sort of means 50% of that $16 billion -- roughly 50% of that $16 billion over the course of your five-year plan? And then just could you give us a rough sense of how much equity you're assuming in 2026? And how we should think about the cadence of equity beyond 2026?

好的。謝謝。然後或許可以簡單談談股權問題。您提到了股權和債務融資的平衡。您能否澄清一下，這是否意味著這 160 億美元中的 50%——也就是在您的五年計劃期間，這 160 億美元中的大約 50%？那麼，您能否大致估算一下您在 2026 年預計擁有多少股權？那麼，我們該如何看待2026年以後的公平進程呢？

Right. So looking at the incremental plan over five years, we've got roughly $16 billion that's out there. We are very comfortable with our equity capitalization of approximately 60%. And as of September 30, we intend to keep your equity capitalization at that level.

正確的。因此，從五年內的分階段計畫來看，我們大約有 160 億美元的資金可供使用。我們對目前約 60% 的股本比率非常滿意。截至9月30日，我們計劃將您的股本維持在該水準。

We (inaudible) I think the strength of the balance sheet is important for financial strength to be able to withstand unexpected events, supporting our customers if we need to in terms of moving our PGAs around as we pass through gas costs.

我認為資產負債表的穩健性對於財務實力至關重要，它能夠抵禦意外事件，並在我們需要時支持我們的客戶，例如在我們轉嫁天然氣成本時調整我們的 PGA 帳戶。

So when you think about capitalization being where it is, it's roughly 50/50 split between debt and equity. And then by year, you can see generally about 50% of our annual cash needs come from our FFO number, which I think you have. And then you can apply by year in your modeling, 50% roughly for equity, 50% for the debt.

所以，就目前的資本結構而言，債務和股權大致各佔 50/50。然後以年份來看，我們通常可以看到，我們年度現金需求的 50% 左右來自我們的 FFO 數據，我想你們應該有這個數據。然後你可以在模型中按年份應用，大約 50% 用於股權，50% 用於債務。

Great. Thank you.

偉大的。謝謝。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hi, Jim. This is Spark, on for Julien. Can you guys hear me okay?

嗨，吉姆。這裡是Spark，由Julien主持。你們能聽清楚我說話嗎？

We can. Good morning.

我們可以。早安.

Yeah. Congrats on the strong quarter. I have -- if I can quickly come back to the HB 4384 benefits. I appreciate the color on the prepared remarks. I believe you mentioned 60 -- roughly 60% for Distribution, 40% for APT.

是的。恭喜你們本季業績出色。如果我能夠快速回到 HB 4384 的好處上來，我還有辦法。我欣賞準備好的演講稿所呈現的色彩。我相信你提到過 60——大約 60% 用於分銷，40% 用於 APT。

I'm just thinking, would that 60/40 split change meaningful year over year just given potentially different CapEx cadence at each segment each year?

我只是在想，考慮到每年每個部門的資本支出節奏可能不同，這種 60/40 的比例是否會逐年發生有意義的變化？

No. We do not expect that. Again, our five-year planning process has been the same year in and year out. Our team does a robust deep dive into the needs of that and has it well laid out year after year. So we're very confident in what we have put out there for the five-year plan.

不。我們並不期望如此。再次強調，我們的五年規劃流程年復一年都是一樣的。我們的團隊會對這些需求進行深入研究，並年復一年地做好規劃。因此，我們對我們提出的五年計劃非常有信心。

Got it. Thank you. Another question on the dividend. I mean, nicely done on the dividend guide up here. Just given the durability of the HB 4384 uplift, is it fair to view this dividend guide up as a long-term guide-up here?

知道了。謝謝。關於股利還有個問題。我的意思是，上面的股息指南做得很好。鑑於 HB 4384 股價上漲的持續性，是否可以將此股利指引上調視為長期指引上調？

I think in our prepared remarks, we mentioned that we moved the dividend 15% from '25 to '26 on an indicated basis to basically rebase that dividend in line with the rebased earnings per share guidance. And we intend to grow the dividend 6% to 8% over the next five years.

我認為，在我們準備好的發言稿中，我們提到，我們按照指示將 2025 年至 2026 年的股息提高了 15%，基本上是為了使股息與重新調整後的每股收益預期保持一致。我們計劃在未來五年內將股息提高 6% 至 8%。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

That concludes our question-and-answer session. I will now turn the call back over to Dan Meziere for closing remarks.

我們的問答環節到此結束。現在我將把電話交還給丹·梅齊埃，請他作總結發言。

We appreciate your interest in Atmos Energy, and thank you once again for joining us. Have a great day.

感謝您對 Atmos Energy 的關注，再次感謝您的參與。祝你有美好的一天。

Ladies and gentlemen, this concludes today's call. Thank you, all, for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。謝謝各位的參與。您現在可以斷開連線了。