美國水務 (AWK) 2022 Q3 法說會逐字稿

Good morning, and welcome to American Water's Third Quarter 2022 Earnings Conference Call. As a reminder, this call is being recorded and is also being webcast with an accompanying slide presentation through the company's Investor Relations website. The audio webcast archive will be available for 1 year on American Water's Investor Relations website. I would now like to introduce your host for today's call, Aaron Musgrave, Vice President of Investor Relations. Mr. Musgrave, you may begin.

早安，歡迎參加美國水務（American Water）2022 年第三季財報電話會議。提醒各位，本次會議將被錄音，並透過公司投資人關係網站以網路直播方式進行，且搭配投影片簡報。音訊網路直播存檔將於美國水務投資人關係網站保留 1 年。現在我想介紹今天會議的主持人：投資人關係副總裁 Aaron Musgrave。Musgrave 先生，請開始。

Thank you, Sarah. Good morning, everyone, and thank you for joining us for today's call. At the end of our prepared remarks, we will open the call for your questions. Let me first go over some safe harbor language. Today, we will be making forward-looking statements that represent our expectations regarding our future performance or other future events. These statements are predictions based on our current expectations, estimates and assumptions.

謝謝你，Sarah。各位早安，感謝各位參加今天的電話會議。在我們的預備發言結束後，我們將開放提問。首先我先說明一些「安全港」聲明。今天我們將發表前瞻性陳述，代表我們對未來績效或其他未來事件的預期。這些陳述是基於我們目前的預期、估計與假設所做出的預測。

However, since these statements deal with future events, they are subject to numerous known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results indicated or implied by such statements. Additional information regarding these risks, uncertainties and factors as well as a more detailed analysis of our financials and other important information is provided in the earnings release and in our September 30 Form 10-Q, each filed yesterday with the SEC.

然而，由於這些陳述涉及未來事件，因此會受到眾多已知與未知的風險、不確定性及其他因素影響，可能導致實際結果與這些陳述所指示或暗示的結果存在重大差異。關於這些風險、不確定性與因素的更多資訊，以及對我們財務狀況更詳細的分析與其他重要資訊，已載於財報新聞稿及我們截至 9 月 30 日的 Form 10-Q（10-Q 季報）中；兩者皆於昨日向美國證券交易委員會（SEC）提交。

And finally, all statements during this presentation related to earnings and earnings per share refer to diluted earnings and earnings per share. Susan Hardwick, our President and CEO, will discuss third quarter and year-to-date highlights and touch on 2023 guidance and our long-term targets. John Griffith, our Executive Vice President and CFO, will cover our financial results in more detail to provide an update on active general rate cases and acquisition activity, and we'll close with further details on our 2023 and longer-term outlook, including the overall financing plan. Cheryl Norton, our Executive Vice President and COO, will then discuss our capital investment plan, rate base growth expectations and our focus on affordability. Cheryl will then conclude with a review of some important new operating goals and disclosures that align with our focus on ESG. We'll then close by answering your questions.

最後，本簡報中所有與盈餘及每股盈餘相關的陳述，均指稀釋後盈餘及稀釋後每股盈餘。公司總裁兼執行長 Susan Hardwick 將說明第三季與年初至今的重點，並談及 2023 年指引與我們的長期目標。執行副總裁兼財務長 John Griffith 將更詳細說明財務結果，並就進行中的一般費率案件與併購活動提供最新進展；接著我們將以更多 2023 年及更長期展望的細節作結，包括整體融資計畫。之後，執行副總裁兼營運長 Cheryl Norton 將說明資本投資計畫、費率基礎（rate base）成長預期，以及我們對可負擔性的關注。Cheryl 也將以回顧一些重要的新營運目標與揭露作結，這些內容與我們對 ESG 的聚焦一致。最後我們將回答各位的問題。

With that, I'll turn the call over to American Water's President and CEO, Susan Hardwick.

接下來，我把電話交給美國水務總裁兼執行長 Susan Hardwick。

Thanks, Aaron, and good morning, everyone. As Aaron said, we have a lot to discuss this morning in addition to third quarter results. And specifically, we also want to cover today our outlook for 2023 and our longer-term targets. As you know, last year, at this time, we shared some significant news when we sold our Homeowner Services business to transition to a pure-play regulated water and wastewater utility. In that update, we announced a new 5-year plan and acceleration of capital investments and some adjustments to our financial targets. The updates that we'll share today are largely an affirmation of last year's plan and targets with adjustments primarily reflecting the shift out to 2027 in our 5-year outlook. We will also share additional thoughts and plans around our continuing ESG journey.

謝謝你，Aaron，各位早安。如 Aaron 所說，除了第三季業績之外，今天早上我們還有很多內容要討論。特別是，我們也希望在今天說明 2023 年展望以及更長期的目標。如各位所知，去年此時我們分享了一項重大消息：我們出售了 Homeowner Services 業務，以轉型為純粹的受監管供水與污水處理公用事業公司。在當時的更新中，我們宣布了一項新的 5 年計畫、加速資本投資，以及對財務目標的一些調整。今天要分享的更新內容，大致上是對去年計畫與目標的再次確認，並主要反映我們將 5 年展望向後延伸至 2027 年所做的調整。我們也將分享更多關於持續推進 ESG 旅程的想法與計畫。

So let's dive in and turn to Slide #5, where I'll start by covering some highlights of 2022 to date. In the first 9 months of 2022, earnings were $3.70 per share compared to $3.40 per share in the same period of 2021. Strong organic growth and increased earnings from infrastructure investments continue to be our year-over-year drivers for the quarter and year-to-date periods. Favorable weather also added to results in the third quarter. Though we generally, like others, are experiencing a higher cost environment, our team continues to deliver on our financial and operating plans. This includes staying on track to achieve our total capital investment goal of $2.5 billion in 2022 and executing on significant regulatory activities, including constructive settlements in 2 of our outstanding general rate cases. Further, we continue to effectively manage and mitigate cost increases and have been successful in recent regulatory efforts to further lessen the impact of inflationary pressures into the future. These regulatory solutions are very important to our ability to manage inflationary headwinds as we move into 2023.

那麼我們開始，請看投影片第 5 頁，我將先說明 2022 年迄今的一些重點。2022 年前 9 個月，每股盈餘為 3.70 美元，較 2021 年同期的 3.40 美元增加。強勁的內生成長以及基礎設施投資帶來的盈餘增加，持續是本季與年初至今期間的年對年主要驅動因素。有利的天候也在第三季推升了業績。雖然我們與其他公司一樣普遍面臨較高的成本環境，但我們的團隊仍持續落實財務與營運計畫，包括如期達成 2022 年 25 億美元的總資本投資目標，並推進重要的監管活動，其中包括在兩件尚未結案的一般費率案件中達成具建設性的和解。此外，我們持續有效管理並緩解成本上升，且在近期監管工作中成功進一步降低通膨壓力對未來的影響。這些監管解決方案對於我們在邁入 2023 年時管理通膨逆風的能力至關重要。

So I'm pleased that we've successfully executed our plan so far this year in a challenging and very active period. John and Cheryl will provide additional details on financial, operating and regulatory results later in today's call. But before I move on, let me comment about how excited we were to sign an agreement a few weeks ago to serve the nearly 15,000 customers of the Butler Area Sewer Authority in Western Pennsylvania. This is another great example of how partnerships with municipalities can lead to positive outcomes for customers, employees and the community at large. Our team worked very hard to understand the community's objectives and created an opportunity that we believe benefits all stakeholders.

因此，我很高興我們在充滿挑戰且非常活躍的期間，至今已成功執行今年的計畫。John 與 Cheryl 將在今天稍後的電話會議中，提供更多關於財務、營運與監管結果的細節。不過在我繼續之前，我想談談幾週前我們簽署的一項協議：為賓夕法尼亞州西部 Butler Area Sewer Authority 近 15,000 名客戶提供服務。這是另一個很好的例子，說明與地方政府的合作夥伴關係如何能為客戶、員工以及更廣泛的社區帶來正面成果。我們的團隊非常努力地了解社區的目標，並創造出我們相信能讓所有利害關係人受益的機會。

Turning to Slide 6. As announced yesterday, we affirmed our 2022 earnings guidance. We continue on track to meet our expectations for the year as we've indicated throughout the year. And in addition, we have had the incremental contribution from weather this quarter. Also yesterday, we initiated our 2023 earnings guidance of $4.72 to $4.82 per share. This near-term plan as well as our longer-term plan remains very strong, and with our record of execution we are confident in our ability to achieve our earnings expectations for 2023.

請看投影片第 6 頁。如同昨日所宣布，我們重申 2022 年盈餘指引。我們仍按計畫達成今年的預期，正如我們全年持續所指出的。此外，本季天候也帶來額外貢獻。也在昨日，我們提出 2023 年盈餘指引，為每股 4.72 至 4.82 美元。這項短期計畫以及我們的長期計畫依然非常強勁，憑藉我們的執行紀錄，我們有信心達成 2023 年的盈餘預期。

Later, John will talk more about the drivers of our growth in 2023, but our expected growth builds on the accelerated CapEx plan we put forth last year. As we've said many times, the full effect on earnings growth from the increasing capital spending will ramp up over time. John will talk further about our updated financing plan, but this plan reflects our prior discussion that the growing investment plan will result in regular access to equity capital. As we've illustrated on this slide, we expect our investments in infrastructure and regulated acquisitions to drive significant earnings growth through '27 and beyond.

稍後 John 將更深入說明 2023 年成長的驅動因素，但我們的預期成長是建立在去年提出的加速資本支出（CapEx）計畫之上。正如我們多次提到的，資本支出增加對盈餘成長的完整效果將隨時間逐步顯現。John 也將進一步說明我們更新後的融資計畫；該計畫反映了我們先前的討論，即不斷擴大的投資計畫將使我們需要定期進入股權資本市場。如同本頁投影片所示，我們預期對基礎設施與受監管併購的投資，將推動至 2027 年及其後的顯著盈餘成長。

Finally, on Slide 7, I want to make a few comments about our purpose here at American Water and how that drives our growth strategy, our operating plans and our company's targets and goals. Our mission is to provide safe, clean, affordable and reliable water and wastewater services to the communities across the country. Our services are vital to sustaining life. So while much has said in the news about the clean energy transition that's happening, what drives us every day is an equally important need in our country. We believe that everyone should have access to safe, clean, affordable and reliable drinking water and wastewater services and that communities are stronger because American Water has the privilege to serve them.

最後，在投影片第 7 頁，我想就美國水務的宗旨，以及它如何驅動我們的成長策略、營運計畫與公司目標，做幾點說明。我們的使命是為全國各地社區提供安全、潔淨、可負擔且可靠的供水與污水處理服務。我們的服務對維繫生命至關重要。因此，儘管新聞中談了很多正在發生的潔淨能源轉型，但每天驅動我們的，是我國同樣重要的一項需求。我們相信，每個人都應該能取得安全、潔淨、可負擔且可靠的飲用水與污水處理服務；而社區也因美國水務有幸為其服務而更加強健。

It's true that we have many similarities to the utilities, and we embrace the knowledge sharing and best practices that can come with those similarities. In fact, we joined EEI as a strategic partner a few years ago because of common values around customer service, safety and cybersecurity, to name just a few. And as many of you know, I've spent most of my career in the gas and the electric industry. So I have a deep appreciation for the utility industry as a whole.

確實，我們與其他公用事業公司有許多相似之處，我們也樂於吸收這些相似性所帶來的知識分享與最佳實務。事實上，我們在幾年前以策略夥伴身分加入 EEI，原因在於我們在客戶服務、安全與資安等方面（僅舉幾例）具有共同價值。且如各位所知，我的職涯大多在天然氣與電力產業，因此我對整體公用事業產業有深刻的認同與理解。

However, the water industry and American Water also have some important differences from other utilities. Our capital projects, for example, are much smaller on average than those in the electric and natural gas industries. Even though they add up to a similar and very significant investment need. Another difference is our greenhouse gas emissions footprint, which is very small compared to most other publicly traded electric and gas utilities. That said, we are seeing the impacts that climate variability can have through more extreme droughts or more severe floods. We strongly believe we must do our part to reduce overall greenhouse gas emissions. We have now set ambitious greenhouse gas reduction goals, including achieving net zero by 2050. Along with our goals for system resiliency, and water use and efficiency, we see our greenhouse gas reduction goals as part of our commitment to provide superior and affordable service to our customers.

然而，水務產業以及美國水務，相較於其他公用事業也有一些重要差異。以資本專案為例，我們的專案平均規模遠小於電力與天然氣產業的專案，儘管累計起來同樣代表相近且非常龐大的投資需求。另一項差異是我們的溫室氣體排放足跡，相較於多數其他上市的電力與天然氣公用事業公司非常小。即便如此，我們也正看到氣候變異可能帶來的影響，例如更極端的乾旱或更嚴重的洪水。我們堅信必須盡一己之力降低整體溫室氣體排放。我們現已設定具企圖心的溫室氣體減量目標，包括在 2050 年達成淨零。結合我們在系統韌性、用水與效率方面的目標，我們將溫室氣體減量目標視為我們致力於為客戶提供卓越且可負擔服務的一部分。

We believe American Water is the leader in a clean water and wastewater transition in the United States. For the communities we already serve and the communities we hope to serve in the future, the capital investment needs that are required to deliver more sustainable water and wastewater services are immense. It's up to us to find ways to balance those CapEx needs with the affordability of services for our customers. That's why we've added a customer affordability target to our list of key drivers you see here. As a company, we also continue to raise the bar on our efforts to create a fair and equitable place to work in addition to making sure our operations align with the spirit of environmental justice. Two recent examples of our broad focus were the recognition through the 2022 WaterSense Excellence Award from the Environmental Protection Agency and the 2022 leading disability employer by the national organization on disability. Cheryl will provide some examples later of the good things we are doing internally in these areas.

我們相信 American Water 是美國潔淨用水與污水處理轉型的領導者。對於我們目前已服務的社區，以及未來希望服務的社區而言，為提供更具永續性的供水與污水處理服務所需的資本投資需求極為龐大。我們必須設法在這些資本支出（CapEx）需求與客戶可負擔的服務費用之間取得平衡。這也是為什麼我們在此所示的關鍵驅動因素清單中，新增了「客戶可負擔性」目標。作為一家公司，除了確保我們的營運符合環境正義的精神之外，我們也持續提高標準，致力於打造公平且具平等機會的職場。近期兩個例子展現了我們廣泛的關注重點：獲得環境保護署（EPA）頒發的 2022 WaterSense Excellence Award，以及獲全國身心障礙組織評選為 2022 年度領先的身心障礙雇主。Cheryl 稍後將提供一些我們在這些領域內部所做的好事的例子。

Finally, on this slide, you can see we are affirming our long-term earnings growth targets, and most of our other long-term financial targets remain unchanged. During our planning process this fall, we decided to narrow our long-term dividend growth target to 7% to 9%, which maintains our position in the top tier of dividend growth and payout ratio in the industry. Our long-term dividend growth target now fully aligns with our compelling EPS growth target of 7% to 9% and the significance of our capital investment plan and related financing. This minor adjustment rounds out our strong long-term plan and will help us achieve our other important financial targets over time.

最後，在這張投影片上，您可以看到我們重申長期盈餘成長目標，而我們其他大多數長期財務目標維持不變。在今年秋季的規劃流程中，我們決定將長期股利成長目標收斂至 7% 至 9%，以維持我們在產業中股利成長與配息率方面的第一梯隊地位。我們的長期股利成長目標如今已完全與我們具吸引力的每股盈餘（EPS）成長目標 7% 至 9% 對齊，並反映我們資本投資計畫及相關融資的重要性。這項小幅調整使我們強健的長期計畫更臻完整，並將協助我們隨時間推進達成其他重要的財務目標。

In summary, we believe the combination of our EPS and dividend growth supported by significant and yet low-risk capital investment plan as well as our ESG leadership premium and constructive position on affordability will continue to be rewarded by investors. Based on the long-term plan and our history of executing on our strategies, we expect to continue to deliver a very competitive, sustainable shareholder return for many years to come.

總結而言，我們相信，在重大且低風險的資本投資計畫支持下，我們的 EPS 與股利成長，加上我們在 ESG 領導力上的溢價，以及在可負擔性議題上的建設性立場，將持續獲得投資人回報。基於長期計畫以及我們過往執行策略的紀錄，我們預期未來多年仍將持續為股東帶來非常具競爭力且可永續的報酬。

And with that, I'll turn it over to John to cover more detail on our 2022 financial results, our 2023 and longer-term outlook and our financing plans. John?

接下來，我把時間交給 John，請他更詳細說明我們 2022 年的財務結果、2023 年及更長期的展望，以及我們的融資計畫。John？

Thanks, Susan, and good morning, everyone. Turning to Slide 9. Let me provide a few more details on third quarter results. Regulated results in total increased $0.16 per share compared to the prior year. We saw a $0.32 per share increase related to higher revenues from new rates, acquisitions and organic growth. Also, weather was favorable by an estimated $0.07 per share year-over-year due primarily to warmer and drier conditions in 2022.

謝謝 Susan，大家早安。請看第 9 張投影片。我來補充一些第三季結果的細節。受監管業務的整體結果較去年同期每股增加 0.16 美元。我們看到每股增加 0.32 美元，主要來自新費率、併購以及內生成長帶來的較高營收。此外，天候也較去年同期有利，估計每股貢獻 0.07 美元，主要是因 2022 年氣候較溫暖且較乾燥。

O&M and other expense increased by $0.10 per share, which reflects an estimated $0.07 of inflation on chemical, power and fuel costs and higher interest rates. Depreciation expense also increased $0.04 per share in support of growth in the regulated business. And as you know, 2021 third quarter results included $0.09 per share of operating earnings from our former New York subsidiary. Finally, the market-based business and other results decreased in the third quarter of 2022, as the $0.09 per share of operating earnings from HOS in the third quarter of 2021 was offset by the $0.06 per share of earnings in 2022 from interest income and revenue share agreements.

營運與維護（O&M）及其他費用每股增加 0.10 美元，反映化學品、電力與燃料成本的通膨影響估計每股 0.07 美元，以及利率上升。折舊費用亦每股增加 0.04 美元，以支持受監管業務的成長。且如各位所知，2021 年第三季結果包含我們先前紐約子公司每股 0.09 美元的營運盈餘。最後，2022 年第三季市場化業務及其他結果下滑，原因是 2021 年第三季來自 HOS 的每股 0.09 美元營運盈餘，被 2022 年來自利息收入與收益分成協議的每股 0.06 美元盈餘所抵銷。

Moving to Slide 10. Consolidated results increased $0.30 per share for the year-to-date period compared to the same period last year, driven by many of the same factors as in the third quarter. While I won't go through all of the details of the year-to-date results. In short, we are pleased with our financial performance over the first 9 months of the year. Our leaders across the business have adjusted to the changing economic environment in 2022. Their ability to do so has put us in a good position to achieve the full year operating results we laid out in our initial '22 guidance a year ago. Let's turn to Slide 11 and cover the regulatory activity in our states. Shown here is our summary of completed rate cases in 2022 and key facts for each of the rate case filings so far this year. In the appendix, we also share some details of changes in our infrastructure charges year-to-date. These efforts reflect Susan's comment on our team's ability to execute our regulatory strategies, which is the critical success factor for continuing to grow our business.

接著看第 10 張投影片。年初至今的合併結果較去年同期每股增加 0.30 美元，主要由與第三季相同的多項因素所驅動。我不會逐一說明年初至今結果的所有細節。簡而言之，我們對今年前 9 個月的財務表現感到滿意。我們各業務線的領導團隊已在 2022 年因應變動的經濟環境做出調整，他們的應變能力使我們處於有利位置，可達成我們在一年前提出的 2022 年初始指引中所列的全年營運結果。接下來請看第 11 張投影片，說明我們各州的監管活動。此處顯示我們 2022 年已完成的費率案件摘要，以及截至今年目前為止各項費率申請案件的關鍵事實。在附錄中，我們也分享年初至今基礎設施附加費變動的一些細節。這些努力呼應 Susan 對我們團隊執行監管策略能力的評論，而這正是我們持續推動業務成長的關鍵成功因素。

As we've said before, the common thread in all of these cases is the focus on recovery of infrastructure investments made since the last round of rate cases totaling over $4 billion, and in some states, the roll-in of acquisitions. As we continue to ramp up capital investments in 2023, it will take time to see recovery of those investments in rates. We continue to expect to file general rate cases generally every 2 years in our bigger states. As we have already communicated in August 2022, the New Jersey BPU approved the settlement of our rate request authorizing a total annualized revenue increase of approximately $61 million. The new rates became effective on September 1, 2022. Two key outcomes in this case were the incorporation of our request to update estimates of production costs, including chemicals, fuel and power costs, and the approval of deferral accounting for pension expense beginning January 1, 2023. The success of our proactive regulatory approach to these pressures will lessen the risk to shareholders into the future.

如同我們先前所說，所有這些案件的共同主軸，是聚焦於回收自上一輪費率案件以來所進行、合計超過 40 億美元的基礎設施投資；在部分州，亦包含將併購案納入費率基礎。隨著我們在 2023 年持續加速資本投資，這些投資要在費率中反映回收仍需要時間。我們仍預期在較大的州通常每 2 年提出一次一般費率案件。正如我們在 2022 年 8 月已對外溝通，新澤西州 BPU 已核准我們費率申請的和解案，授權年化總營收增加約 6,100 萬美元。新費率已於 2022 年 9 月 1 日生效。本案兩項關鍵成果為：納入我們更新生產成本（包括化學品、燃料與電力成本）估計的請求，以及核准自 2023 年 1 月 1 日起對退休金費用採用遞延會計處理。我們以主動監管方式因應這些壓力的成功，將在未來降低股東所承擔的風險。

Turning back to active cases. You can see we have general rate cases in progress in 5 jurisdictions. In 2 of these states, Pennsylvania and Virginia, we have reached settlement agreements with the parties and have on file petitions for approval of the settlements. In Pennsylvania, we filed a general rate case in late April, seeking recovery of $1.1 billion of investments since the prior case. The settlement provides for a total annualized revenue increase of $150 million and incorporates updated estimates of pension and OPEB expense.

回到進行中的案件。您可以看到我們在 5 個司法管轄區有一般費率案件正在推進。在其中 2 個州——賓夕法尼亞州與維吉尼亞州——我們已與相關方達成和解協議，並已提交核准和解的請願。在賓夕法尼亞州，我們於 4 月下旬提出一般費率案件，尋求回收自前一案件以來 11 億美元的投資。該和解案提供年化總營收增加 1.5 億美元，並納入更新後的退休金與其他退休後福利（OPEB）費用估計。

Similar to New Jersey, this settlement also includes increases in production costs, including chemicals, fuel and power costs. In the coming weeks, an administrative law judge will review the settlement filing and render a recommendation to the Pennsylvania Commission regarding approval of the settlement. After its review, the commission will issue a final order. We expect the order by January 2023, with new rates to be effective as of January 28, 2023.

與新澤西州類似，該和解案也包含生產成本的增加，包括化學品、燃料與電力成本。在接下來幾週內，行政法官將審查和解案申報內容，並就是否核准和解向賓州委員會提出建議。委員會完成審查後，將發布最終命令。我們預期於 2023 年 1 月收到命令，新費率預計自 2023 年 1 月 28 日起生效。

Moving on to Virginia. In late September, a settlement agreement supported by all parties, except one, was filed with the Virginia State Corporation Commission and provides for a $12 million annual revenue increase compared to our original request of $15 million. A final decision in this case is expected in the first quarter of 2023. In Illinois, where it's been about 6 years since our last general rate case, progress has been steady since our February filing, and last Friday, a proposed order was issued by the cases' administrative law judges. We view the key terms of the proposed order is very constructive, including recommended approval of our updated revenue request to capture higher production costs and expected higher pension costs. We expect a final order in the case by January at the latest. Our cases in California and Missouri were filed in July and are progressing as expected so far. In January of 2023, we will file an update in Missouri for costs and other elements of the case as needed with hearings then to be held in February. We expect the case to reach conclusion by the end of the second quarter 2023.

接著看維吉尼亞州。9 月下旬，一份除一方之外獲所有當事方支持的和解協議已提交至維吉尼亞州州公司委員會，該協議提供年營收增加 1,200 萬美元，低於我們原先申請的 1,500 萬美元。本案預期於 2023 年第一季做出最終決定。在伊利諾州，距離我們上一次一般費率案件約已 6 年，自我們 2 月提出申請以來進展穩定，而上週五案件的行政法官已發布擬議命令。我們認為該擬議命令的關鍵條款相當具建設性，包括建議核准我們更新後的營收申請，以反映較高的生產成本以及預期較高的退休金成本。我們預期最遲於 1 月取得本案的最終命令。我們在加州與密蘇里州的案件於 7 月提出，目前進展符合預期。於 2023 年 1 月，我們將視需要在密蘇里州就成本及案件其他要素提交更新，並於 2 月舉行聽證。我們預期該案將於 2023 年第二季末前結案。

On the legislative front, there was one additional notable piece of legislation signed since our second quarter call. California Senate Bill 1469, which allows the commission to consider and authorize the implementation of a decoupling like mechanism. The legislation was signed by the governor on September 30, 2022, and will become effective on January 1, 2023. Our California subsidiary is grandfathered into the previous water revenue adjustment mechanism through the end of our current rate case or 2024 and the team is working to renew decoupling under the new mechanism and the general rate case that was filed July 1 for our next rate period beginning in 2024.

在立法方面，自我們第二季電話會議以來，另有一項值得注意的法案完成簽署。加州參議院法案第1469號（California Senate Bill 1469）允許委員會考量並核准實施類似「解耦（decoupling）」的機制。該法案已於2022年9月30日由州長簽署，並將於2023年1月1日生效。我們在加州的子公司可沿用先前的用水收入調整機制至本次現行費率案件結束或至2024年為止；團隊正致力於在新機制下以及我們於7月1日提交、適用於自2024年起下一個費率期間的一般費率案件中，續辦解耦機制。

Turning to Slide 12 and the acquisition piece of our growth triangle, as Susan mentioned, we were excited to announce in October, our agreement to purchase the Butler Area Sewer Authorities Wastewater System for $232 million. This agreement was executed under Pennsylvania's fair market value legislation, which is a framework that exists across 11 of the states in which we operate. Through September, we have closed on $308 million of acquisitions in 2022, which represents about 65,000 customer connections, and we are excited to have nearly $350 million of signed purchase agreements through October, which sets us up for 2022 and 2023 to be strong years for growth through acquisitions.

接著看第12頁投影片，以及我們成長三角中「併購」這一塊。如Susan所提，我們很高興在10月宣布已達成協議，以2.32億美元收購Butler Area Sewer Authorities的污水處理系統。此協議係依據賓夕法尼亞州的公平市價（fair market value）立法所簽訂；該立法架構亦適用於我們營運所在11個州中的多數州。累計至9月，我們在2022年已完成3.08億美元的併購案，約代表65,000個客戶接管數（customer connections）；同時，我們也很高興截至10月已簽署近3.5億美元的購買協議，這使得2022年與2023年可望成為透過併購實現強勁成長的年度。

With the pipeline of over 1.3 million customer connections, we expect to continue this track record of success. On Slide 13, we provide some considerations regarding our outlook for 2023 results in our EPS guidance range of $4.72 to $4.82 per share. First, as you would expect, our growth will be driven by capital investment to serve our customers and earning a return on that investment. As we've talked about previously, 2022 is year 1 of our accelerated CapEx plan, so it will take some time to ultimately see the ramp-up reflected in earnings. Recent regulated acquisitions that are being incorporated into active or just completed rate cases will also drive growth next year. I'd like to add that our Military Services Group does add incrementally to our earnings growth expectation as we have continued to show on our growth triangle.

在超過130萬個客戶接管數的案源管線（pipeline）支持下，我們預期將延續這項成功紀錄。於第13頁投影片，我們就2023年展望提出若干考量，並給出每股盈餘（EPS）指引區間為每股4.72至4.82美元。首先，如各位所預期，我們的成長將由資本投資以服務客戶，以及在該投資上取得報酬所驅動。正如我們先前所談，2022年是我們加速資本支出（CapEx）計畫的第1年，因此要一段時間後，才會在獲利中最終反映出加速成長的效果。近期受監管的併購案，若正納入進行中或剛完成的費率案件，也將在明年推動成長。我也想補充，我們的軍事服務事業群（Military Services Group, MSG）亦會如同我們在成長三角中持續呈現的那樣，對我們的獲利成長預期帶來增量貢獻。

2023 results will benefit from MSG's successful addition of its first Navy contract that we announced earlier this summer. Just as critical to our strategy is our ability to recover in rates, the operating costs; it takes to run the business, which goes to my final point on the slide. The regulatory solutions we are pursuing such as cost deferrals and expense recovery mechanisms are closely aligned with the interest of regulators and customers in managing affordability and limiting variability of customer bills, which ultimately aligns with our investors' interests as well. As we conclude this current round of rate cases, we expect to have in place regulatory solutions for over 75% of the inflationary costs we anticipate in the near term, including pension, interest and production costs. And as always, our team remains vigilant and disciplined on cost management.

2023年的業績將受惠於MSG成功新增其第一份海軍合約，我們已於今年夏初對外宣布。同樣關鍵的是，我們能否在費率中回收營運成本，也就是經營業務所需的各項成本，這也帶到我在本頁投影片的最後一點。我們正在推動的監管解決方案，例如成本遞延（cost deferrals）與費用回收機制（expense recovery mechanisms），與監管機關及客戶在管理可負擔性、並限制客戶帳單波動性方面的利益高度一致，最終也與投資人的利益一致。隨著我們完成本輪費率案件，我們預期可就近期預估的通膨成本中超過75%建立相應的監管解決方案，包括退休金、利息與生產成本。並且一如既往，我們的團隊在成本管理上仍將保持警覺並嚴守紀律。

Finally, related to pension, I'd simply remind you that our pension obligation remeasurement will be done at year-end 2022 and that will drive the determination of our 2023 pension expense. Wrapping up the 2023 outlook on Slide 14. Here, we are providing some more specifics regarding the key drivers for 2023 that I just discussed. This slide demonstrates the importance of our regulatory execution and the results it drives. It also reflects the financing plans we expect to execute in 2023 that support our capital investment plan, which is an additional $1 billion over the next 5 years as compared to last year's plan. You will notice that we have included a bar for incremental debt and equity financing, which reflects the cost of incremental debt issuance in 2023 to support our growth as well as equity to be issued in 2023, which I will address on the next slide.

最後，關於退休金，我僅提醒各位：我們將於2022年年底進行退休金義務的重新衡量（remeasurement），並據此決定2023年的退休金費用。接著在第14頁投影片總結2023年展望：我們在此提供我剛才提到之2023年關鍵驅動因素的更具體內容。本頁投影片顯示我們監管執行的重要性及其所帶來的成果；同時也反映我們預期於2023年執行的融資計畫，以支持我們的資本投資計畫——相較去年的計畫，未來5年額外增加10億美元。各位會注意到我們新增了一個「增量債務與股權融資」的長條，反映為支持成長而於2023年新增發債的成本，以及將於2023年發行的股權，我會在下一頁投影片說明。

Our cost of increased interest rates on 2022 debt balances is captured in the cost inflation and interest rates bar, the majority of which is being recovered through the current round of rate cases as just described. We are confident in our ability to deliver on this plan for 2023. Turning to Slide 15. I'll provide a financing plan update before closing with a look at our balance sheet and liquidity profile. Our financing plan now includes an estimated $2 billion of equity issuances from 2023 through 2027, which is an update to the $1.1 billion of equity financing need through 2026 we have previously discussed. Consistent with our prior messaging on mid-plan timing, subject to market conditions, we are likely to raise a significant portion of the total planned equity in 2023. The increase in the anticipated total equity need is driven largely by the $1 billion of increased CapEx that extends through 2027 in this new plan, along with adding some incremental balance sheet capacity. The remaining portion of the $2 billion of planned equity not completed in 2023 is expected to be issued near the end of the 5-year plan.

我們因2022年債務餘額在利率上升下所增加的利息成本，已反映在「成本通膨與利率」長條中；其中大部分正如前述，將透過本輪費率案件予以回收。我們對於在2023年落實此計畫充滿信心。接著看第15頁投影片。在以資產負債表與流動性概況作結之前，我將先更新融資計畫。我們目前的融資計畫包含於2023年至2027年間預估發行約20億美元的股權，這是對我們先前所談、截至2026年需11億美元股權融資的更新。依照我們先前對於計畫中期時點的說明，在市場狀況允許下，我們很可能在2023年籌措總計畫股權中的相當大一部分。預期總股權需求增加，主要係由本次新計畫中延伸至2027年的資本支出增加10億美元所驅動，並同時增加部分資產負債表的額外承載能力。未於2023年完成的其餘20億美元計畫股權，預期將在5年計畫接近尾聲時發行。

As we've said for several quarters now, we expect equity will be a regular financing tool going forward to help fund our growth and maintain a strong balance sheet. Let me conclude by turning to Slide 16 with a reminder that we have a strong balance sheet and credit profile. I'm confident our new 5-year plan is supportive of our current credit ratings as well as our long-term financial target of less than 60% debt to total capital. Another thing I'll point out is our debt maturity profile at the bottom left of the slide. We believe these levels, along with our planned debt issuances are very manageable. In a rising interest rate environment, it's important that the company has taken a laddered approach to long-term debt financings over the years in order to minimize interest rate risk. And as the utility that predominantly invests in long-term assets, I expect us to continue to exclusively issue fixed rate long-term debt to protect against the risk of interest rate volatility.

正如我們過去幾季所說，我們預期股權將成為未來經常性的融資工具，以協助資助成長並維持強健的資產負債表。最後我轉到第16頁投影片作結，提醒各位我們擁有強健的資產負債表與信用概況。我有信心，我們新的5年計畫可支持目前的信用評等，以及我們長期財務目標——債務占總資本比率低於60%。我也要指出投影片左下角的債務到期結構。我們認為這些水位，連同我們規劃中的發債安排，都相當可控。在升息環境下，公司多年來採取長期債務分梯（laddered）融資策略，以降低利率風險相當重要。且作為主要投資於長期資產的公用事業公司，我預期我們將持續僅發行固定利率的長期債務，以防範利率波動風險。

On liquidity, we continue to remain confident that we have sufficient access to capital for the foreseeable future. In fact, we just announced that we increased our commercial paper program and our revolving credit facility by $500 million each to $2.6 billion and $2.75 billion, respectively, and we extended the maturity of our revolving credit facility to October 2027. We believe these actions were appropriate to support our growing business and increased capital investment plan.

在流動性方面，我們仍有信心在可預見的未來具備充足的資本取得能力。事實上，我們剛宣布將商業本票（commercial paper）計畫與循環信用額度（revolving credit facility）各增加5億美元，分別提高至26億美元與27.5億美元，並將循環信用額度的到期日延長至2027年10月。我們認為這些措施適切，有助於支持我們持續成長的業務與增加的資本投資計畫。

With that, I'll turn it over to Cheryl to cover our CapEx and rate base growth plan, affordability and some new sustainability goals in more detail. Cheryl?

接下來，我把時間交給Cheryl，更詳細說明我們的資本支出（CapEx）與費率基礎（rate base）成長計畫、可負擔性，以及一些新的永續發展目標。Cheryl？

Thanks, John, and good morning, everyone. On Slide 18, I'll start by talking about our updated capital plan. I want to first acknowledge that our teams have done a great job executing on our accelerated capital investment plan in 2022. We're on pace to meet our overall capital plan of $2.5 billion this year, which includes acquisition investments. Looking ahead to 2023, we plan to again step up our investment level this time to roughly $2.9 billion, which will generally be our new annual threshold for the next several years. As John just mentioned, over the next 5 years, we expect to invest approximately $14 billion to $15 billion, an increase of about $1 billion over our previous plan.

謝謝你，John，各位早安。在第18頁投影片，我將先談我們更新後的資本計畫。我想先肯定我們的團隊在2022年執行加速資本投資計畫方面表現出色。我們今年有望達成25億美元的整體資本計畫，其中包含併購投資。展望2023年，我們計畫再次提高投資水準至約29億美元，這大致將成為未來數年新的年度門檻。如John剛才提到，未來5年我們預期投資約140億至150億美元，較先前計畫增加約10億美元。

This increase is mostly driven by including the increased investment for 2027 in the 5-year window as well as about $250 million of inflationary impacts expected in the near term. We expect this pace of spend to drive our current pipe replacement cycle plan lower and much better than the industry average. On the longer horizon, you can see that we plan to spend approximately $30 billion to $34 billion in our regulated business over the next 10 years.

此一增加主要來自將2027年的投資增量納入5年期間的計算窗口，以及近期預期約2.5億美元的通膨影響。我們預期此支出速度將使我們目前的管線汰換週期計畫降低，並顯著優於產業平均。就更長期而言，各位可看到我們計畫在未來10年於受監管業務中投入約300億至340億美元。

We see this capital plan to be largely in line with last year's plan, reflecting the higher annual run rate as well as modestly higher costs for pipe and other capital goods. Turning to Slide 19. This graph illustrates that our continued execution on capital investments, both infrastructure projects and acquisitions are succeeding and growing the regulated business at a long-term rate of 8% to 9%. Rate base growth, of course, will drive earnings growth as long as we continue to prudently invest in our systems and successfully execute the regulatory process.

我們認為這項資本計畫大致與去年的計畫一致，反映了較高的年度投入水準，以及管材與其他資本財成本的溫和上升。接著看第19頁。本圖表顯示，我們持續執行資本投資（包括基礎設施專案與併購）正在取得成效，並以8%至9%的長期速度推動受監管業務成長。當然，只要我們持續審慎投資於系統並成功推進監管程序，費率基礎（rate base）的成長就會帶動盈餘成長。

Moving on to our regulatory recovery strategy on Slide 20, our theme here is around timely, consistent recovery of investments and operating costs. When we achieve timely and consistent recovery, it levels out bill increases to our customers, which helps promote affordability. It's beneficial to our customers that we operate in states that have constructive regulatory mechanisms. We've engaged with policymakers and regulators for well over a decade to find the best ways to invest in water and wastewater infrastructure, while putting the customer first. In the states where we operate, 27 new mechanisms have been added over the past 12 years. As water and wastewater industry challenges grow, we'll continue to focus on constructive regulatory and legislative outcomes.

接著看第20頁的監管回收策略，我們的主軸是投資與營運成本的及時且一致的回收。當我們能做到及時且一致的回收，就能平滑客戶帳單的調升幅度，有助於提升可負擔性。對客戶而言，我們在具建設性監管機制的州營運是一項利多。十多年來，我們與政策制定者與監管機關持續互動，尋找投資供水與污水基礎設施的最佳方式，同時以客戶為優先。在我們營運的州，過去12年新增了27項新機制。隨著供水與污水產業挑戰加劇，我們將持續聚焦於具建設性的監管與立法成果。

I'd also like to discuss timely recovery of our investments across our footprint with the pie chart on the right side of the page. Through capital recovery mechanisms and forward test years, we are able to reduce regulatory lag and lessen the reliance on general rate cases. This enables us not only to earn our [lab] return, but also to mitigate the size of the general rate increases for our customers. We expect about 45% of capital investments over the next 5 years to be recoverable through infrastructure mechanisms, which is the key to unlocking a more consistent annual earnings growth pattern for the long term.

我也想透過頁面右側的圓餅圖，說明我們在整個營運版圖中投資的及時回收情況。透過資本回收機制與前瞻測試年度（forward test years），我們得以降低監管滯後（regulatory lag），並減少對一般費率案件（general rate cases）的依賴。這不僅使我們能夠賺取我們的[lab]報酬，也能降低客戶一般費率調升的幅度。我們預期未來5年約45%的資本投資可透過基礎設施機制回收，這是長期解鎖更一致年度盈餘成長型態的關鍵。

Turning to Slide 21. Our focus on operating efficiency has been a part of our company's DNA for many years. As you know, we've historically used O&M efficiency as one of our benchmark metrics to measure our success at managing costs as we grow the business. This focus positioned us well to manage through much of the pressure over the last couple of years on the supply chain and even cost increases brought about by the effects of the pandemic. As we look ahead, we've been asked if we can go below the 30% efficiency threshold.

接著看第21頁。我們對營運效率的重視，多年來一直是公司DNA的一部分。如各位所知，我們歷來將O&M效率作為基準指標之一，用以衡量在業務成長同時管理成本的成效。這項重視使我們能夠妥善因應過去幾年供應鏈壓力，以及疫情影響所帶來的成本上升。展望未來，有人問我們是否能低於30%的效率門檻。

While we're continuing to evaluate that question, we've continued to emphasize that revenue growth has been just as important to our success with O&M efficiency as managing costs. So with that realization in mind, there may very well be additional opportunity to go below the 30% threshold. However, we're analyzing whether this is the best metric by which to judge our effectiveness at managing costs and running an efficient business.

在我們持續評估這個問題的同時，我們也一再強調：營收成長對於我們在O&M效率上的成功，與成本管理同等重要。因此基於這項認知，確實可能存在進一步低於30%門檻的機會。不過，我們正在分析這是否是評估我們成本管理成效與營運效率的最佳指標。

Moving to Slide 22. One of the most difficult challenges we face in the water and wastewater industry is balancing customer affordability with the magnitude of the system investments that are needed. Thankfully, as we sit here today, our industry and our company are in very good relative positions in terms of affordability or wallet share. In fact, as investors and analysts study the sustainability of American Water's long-term earnings growth potential, we believe our affordability proposition is an important consideration. We realize, though, that we must continue to evolve our strategies around rate design and programs to assist our customers who are challenged with affordability. We must also consider our focus on technology, efficiencies of scale and a sharp focus on cost management in order to deliver on values around customer affordability.

接著看第22頁。供水與污水產業面臨的最艱鉅挑戰之一，是在客戶可負擔性與所需系統投資規模之間取得平衡。值得慶幸的是，以目前來看，就可負擔性或「錢包占比」（wallet share）而言，我們的產業與公司相對處於非常有利的位置。事實上，當投資人與分析師研究American Water長期盈餘成長潛力的可持續性時，我們認為可負擔性的主張是一項重要考量。不過我們也明白，必須持續演進費率設計與協助可負擔性受挑戰客戶的相關方案。我們也必須兼顧對科技、規模效率以及嚴格成本管理的聚焦，以兌現客戶可負擔性的價值。

Moving on to Slide 23, and as Susan mentioned earlier, we are excited to announce our new science-based greenhouse gas emission reduction goals and our first disclosure of estimated Scope 3 emissions. Before we dive in, I'll walk you through our greenhouse gas emissions profile in a bit more detail.

接著看第23頁，如Susan先前提到的，我們很高興宣布新的科學基礎溫室氣體減排目標，並首次揭露估算的範疇3（Scope 3）排放。在深入說明之前，我會先更詳細地帶各位了解我們的溫室氣體排放概況。

As an essential service provider, American Water is often compared to the broader utility sector emissions included, which can be misleading. As Susan noted earlier, is an important distinction that our emissions footprint as a water utility is much smaller than most publicly traded gas and electric companies on both an absolute and per customer basis. To help put it into context, American Water represents just 0.1% of the total Scope 1 and Scope 2 emissions produced by the top 20 largest U.S. utilities measured by market cap. As we show on the slide, our total emissions footprint is made up of 7% direct Scope 1 emissions, such as heating, cooling and fleet; 44% indirect Scope 2 emissions or our purchased power; and 49% estimated Scope 3 emissions, which for us largely includes purchased goods and services, capital goods and fuel and energy-related activities.

作為必要服務提供者，American Water常被拿來與更廣泛的公用事業部門排放量比較，但這可能造成誤導。如Susan先前指出，一項重要差異在於：作為供水公用事業，我們的排放足跡無論在絕對量或每位客戶基礎上，都遠小於多數上市的天然氣與電力公司。為了提供脈絡，按市值衡量的美國前20大公用事業公司所產生的範疇1與範疇2排放總量中，American Water僅占0.1%。如投影片所示，我們的總排放足跡由7%的直接範疇1排放（例如供暖、制冷與車隊）構成；44%的間接範疇2排放（即外購電力）；以及49%的估算範疇3排放，對我們而言主要包括外購商品與服務、資本財，以及燃料與能源相關活動。

Framing it in a different way, more than 90% of our overall emissions footprint is generated from external sources, which is another key differentiator from most other utilities. Turning to Slide 24, there's a lot to unpack here. Let me say first, at a high level, we believe it is prudent for our company to focus our efforts on environmental initiatives that are in the purview of a water utility and aligned with our core mission. Our view is that greenhouse gas emission reductions fit as part of our sustainability strategy that, over time, will help protect customers against service disruptions from more severe weather patterns such as droughts and floods. We believe we've set forth new compelling goals to support this strategy. First, we expect to reduce our absolute Scope 1 and Scope 2 emissions 50% by 2035 from a 2020 baseline. Second, we expect to achieve net zero Scope 1 and Scope 2 emissions by 2050.

換個角度來看，我們整體排放足跡中超過90%來自外部來源，這也是與多數其他公用事業公司的另一項關鍵差異。接著看第24頁，這裡有很多內容需要拆解。我先在高層次上說明：我們認為，公司將資源聚焦於屬於供水公用事業職責範圍、且與核心使命一致的環境倡議，是審慎之舉。我們的觀點是，溫室氣體減排作為永續策略的一部分，長期而言將有助於保護客戶，降低更嚴峻天候型態（如乾旱與洪水）造成的服務中斷風險。我們相信已提出支持此策略、具吸引力的新目標。第一，我們預期以2020年為基準，到2035年將範疇1與範疇2的絕對排放量降低50%。第二，我們預期到2050年達成範疇1與範疇2淨零排放。

We believe these new medium- and long-term emissions goals are rooted in science and aligned with the Paris Agreement. We also believe our approach is a responsible path that considers all of our stakeholders' interest including doing our part by setting ambitious reduction goals. Our approach here will allow us to stay on course with our customer affordability metrics, as we continue to deliver clean, safe, affordable and reliable water to our customers.

我們認為，這些新的中期與長期排放目標以科學為基礎，並與《巴黎協定》一致。我們也相信，我們的作法是一條負責任的路徑，兼顧所有利害關係人的利益，包括透過設定具企圖心的減量目標來盡一份心力。此一作法將使我們在持續提供潔淨、安全、可負擔且可靠的用水服務同時，仍能維持在客戶可負擔性指標上的既定軌道。

This was a foundational component of our analysis and recent discussion with our Board Level SETO Committee, which oversees our safety, environmental, technology and operations efforts. It's also important to note that as we deliver water and wastewater solutions to more customers over time through acquisitions and organic growth, our energy usage is going to increase. We will re-baseline each year to account for our growth through acquisitions of systems, which is an acceptable practice under the standards of the science-based targets initiative, or SBTI. We did consider making a commitment to SBTI as part of our analysis this year. However, we concluded that some of SBTI's expectations around Scope 3 commission commitments mostly around timing were not in the best interest of our stakeholders. We do expect, though, to continue to work with our suppliers and vendors to consider what can be done to reduce Scope 3 emissions over time. And as I stated, we are confident that our new medium- and long-term Scope 1 and Scope 2 goals are science-based and aligned with the Paris Agreement.

這是我們分析以及近期與董事會層級SETO委員會（負責監督安全、環境、科技與營運工作）討論中的基礎性組成部分。同時也必須指出，隨著我們透過併購與內生成長，長期為更多客戶提供供水與污水解決方案，我們的能源使用量將會增加。我們將每年重新設定基準（re-baseline），以反映透過系統併購帶來的成長；這是科學基礎減量目標倡議（science-based targets initiative，SBTI）標準下可接受的作法。今年在分析過程中，我們也曾考慮承諾加入SBTI。然而，我們認為SBTI對範疇3承諾的一些期待（多與時程相關）並不符合利害關係人的最佳利益。儘管如此，我們仍預期將持續與供應商與廠商合作，思考可如何隨時間降低範疇3排放。正如我所述，我們有信心新的中期與長期範疇1與範疇2目標是以科學為基礎，並與《巴黎協定》一致。

As you can see at the bottom of the slide, these are more than just goals. We have plans in place and capital ready to deploy to achieve these goals, obviously, with greater visibility to the path to 2035. Since our footprint is heavily weighted by Scope 2 emissions, the continued greening of the electric grid is a significant component of our reduction plan. We hope to see that transition continue by our fellow utilities and other providers.

如各位在投影片底部所見，這些不僅僅是目標。我們已制定計畫，並備妥可投入的資本以達成這些目標；顯然，對於通往2035年的路徑我們也有更高的能見度。由於我們的足跡在很大程度上由範疇2排放所主導，電網持續綠化是我們減量計畫的重要組成部分。我們也希望看到其他公用事業公司與供應商持續推動這項轉型。

For us though, we know that it is cost prohibitive and outside of our core competencies to self-generate all or even a significant portion of our power needs. We will, though, continue to look to enter into clean purchase power agreements or partner on renewable investments, where appropriate, similar to our engagement with New Jersey Resources on the floating solar array at one of our treatment plants in New Jersey. Lastly, we will continue to focus on emissions reduction activities that we can control within our operations.

不過，對我們而言，我們知道自行發電以滿足全部、甚至相當大一部分的用電需求，在成本上並不划算，且也超出我們的核心能力範圍。然而，我們仍將在適當情況下，持續尋求簽訂潔淨電力採購協議（PPA）或在再生能源投資上進行合作，類似於我們與 New Jersey Resources 在新澤西州其中一座處理廠合作建置的浮動式太陽能陣列。最後，我們將持續聚焦於在營運範圍內可由我們掌控的減排活動。

This includes water efficiency and operational efficiency gains in order to reduce the energy and emissions associated with the pumping of water, which we disclosed previously is by far the largest driver of our purchase power needs. Capital projects will include the deployment of additional leak detection technologies and more efficient water pumps across our systems as well as converting some of our fleet vehicles and other assets to more efficient options. These are small, but important pieces of our plan. And in large part, these capital investments will align perfectly with some of our existing reliability and resiliency goals.

這包括提升用水效率與營運效率，以降低與抽送用水相關的能源消耗與排放；我們先前已揭露，抽水是我們外購電力需求迄今為止最大的驅動因素。資本專案將包括在各系統部署更多漏水偵測技術、導入更高效率的水泵，並將部分車隊車輛及其他資產轉換為更高效率的選項。這些都是我們計畫中規模不大、但很重要的組成部分。而在很大程度上，這些資本投資也將與我們既有的可靠性與韌性目標完全一致。

Next, let's turn to Slide 25 and discuss some new disclosures related to our continued ESG journey. First, soon, we will release summary results of our most recent pay equity study on our ID&E website, diversityataw.com. This is our third such pay equity study, and each time we have engaged a third-party consultant to conduct an objective pay equity analysis, I'm pleased to share that you will see that we're very close to achieving pay parity across employee groups, including gender. Our performance is a testament to American Water's commitment to fair and equal pay, and how our teams have leveraged findings from these regular assessments to correct inequalities and update processes around compensation. We will also share some initial summary findings of our internal labor market analysis that began in 2021. This analysis was also led by a third-party firm and was commissioned because we believe the factual and statistical analysis of our workforce was needed to support a holistic evidence-based inclusion, diversity and equity strategy.

接下來，讓我們看第 25 頁投影片，討論一些與我們持續 ESG 旅程相關的新揭露。首先，我們很快將在我們的 ID&E 網站 diversityataw.com 上發布最近一次同工同酬研究的摘要結果。這是我們第三次進行此類同工同酬研究，而且每一次我們都聘請第三方顧問進行客觀的同工同酬分析；我很高興與各位分享，你們將會看到我們已非常接近在各員工群體（包括性別）之間達成薪酬平等。我們的表現證明了 American Water 對公平與同等薪酬的承諾，也展現了我們的團隊如何運用這些定期評估的發現來修正不平等並更新薪酬流程。我們也將分享自 2021 年開始的內部勞動市場分析的一些初步摘要發現。該分析同樣由第三方公司主導並受委託進行，因為我們相信，需要以事實與統計方式分析我們的員工結構，以支持一套全面、以證據為基礎的共融、多元與公平（ID&E）策略。

Lastly, I'd like to touch on 2 of our new goals that were established earlier this year in our annual performance plan. The first is to increase representation of female employees at American Water and the second is to increase ethnic and racial diversity among American Water employees. Both of these goals complement existing safety and environmental sustainability goals that are tied to annual performance plan compensation for all employees. As mentioned earlier, these goals reflect our company's focus on social benefits that we believe will help us operate as a stronger company, ultimately for the benefit of our employees and to help us better reflect the customers and communities we serve. Whether it's our ESG leadership or consistent execution on our earnings growth goals or our leading safety culture, our team at American Water has consistently raised the bar for success in the water and wastewater industry. We have full confidence in our ability to achieve the goals we talked about today for 2023 and beyond.

最後，我想談談我們今年稍早在年度績效計畫中所建立的兩項新目標。第一是提高 American Water 女性員工的代表性；第二是提高 American Water 員工的族裔與種族多元性。這兩項目標與既有的安全與環境永續目標相輔相成，而這些目標皆與所有員工年度績效計畫的薪酬連結。如先前所提，這些目標反映了公司對社會效益的重視；我們相信這將幫助我們成為更強健的公司，最終有利於員工，並讓我們更能反映我們所服務的客戶與社區。無論是我們在 ESG 的領導地位、或在獲利成長目標上的持續執行力、或我們領先的安全文化，American Water 的團隊一直在供水與污水處理產業中不斷提高成功標準。我們完全有信心達成今天所談到的 2023 年及其後的各項目標。

So with that, I'll stop and turn it back over to our operator to begin Q&A and take any questions you may have.

那麼，我就先到這裡，接下來把時間交回給我們的主持人，開始問答並回答各位可能有的問題。

(Operator Instructions) Our first question comes from Angie Storozynski with Seaport.

（主持人指示）我們的第一個問題來自 Seaport 的 Angie Storozynski。

So first on '23 guidance, I mean, I guess it's a relief for all of us to see that you're messaging to get to consensus expectations even with the increased basically equity needs that you're addressing in 2023. So I mean, is it basically that you are front-end loading equity to finance CapEx that will materialize in the latter part of that 5-year plan. And as such, it's not only that CapEx is back-end loaded, but it's also that there is some incremental dilution that sort of weighs on those '23 results?

首先關於 2023 年指引，我想，看到你們即使在 2023 年要因應基本上增加的股權需求，仍然傳達能達到市場一致預期，對我們大家來說算是鬆一口氣。所以，我的意思是，你們是否基本上是在前段先行投入股權來為資本支出（CapEx）融資，而這些資本支出會在這個 5 年計畫的後段才逐步顯現？因此，不僅是 CapEx 後段集中，還有一些額外的稀釋效應在某種程度上拖累 2023 年的結果？

Well, Angie, a lot in your question there, and let me maybe just comment at a high level, and then I'll have John jump in and talk a little bit more around our thinking around equity and the plan there. But recall from our, I guess, really the last few years, as we've talked about our equity needs and our expectation around that, we've been signaling sort of mid-plan and we released that guidance probably 2-plus years ago. So I think this '23 timing now that we're giving a little bit more insight into is consistent with our prior messaging, the increase in the size of the equity that we now have in this plan, I think, as we've highlighted, really has to do with the increased capital over the course of the 5 years. And Cheryl indicated that we're kind of stepping up to roughly a $2.9 billion investment per year over that 5-year period.

Angie，你這個問題包含很多面向。我先從較高層次回應，然後請 John 補充談談我們對股權與相關計畫的思考。不過請回想一下，過去幾年我們在談股權需求與我們對此的預期時，我們一直在傳達大概是在計畫中段進行，而我們大約在兩年多前就發布了那樣的指引。因此，我認為我們現在提供的 2023 年時點的更多細節，與我們先前的訊息是一致的。至於這次計畫中股權規模的增加，我想如我們所強調，主要是因為 5 年期間資本支出增加所致。Cheryl 也提到，在這 5 年期間，我們每年投資規模將提高到約 29 億美元。

So there is more capital coming in throughout the entire 5-year focus of the plan. And then we've also added a little bit of additional equity expectation here just to create some additional balance sheet capacity as we think about that going forward. The other important thing I would comment on around -- your opening comment around hitting expectations for '23. I just want to underscore again what we said in our prepared remarks around our regulatory approach to these inflationary costs.

因此，在整個 5 年計畫的重點期間，資本投入都會增加。此外，我們也在此把股權預期再提高一些，以便在展望未來時為資產負債表創造更多承載能力。另一個我想評論的重點，是你一開始提到的達成 2023 年預期。我想再次強調我們在事先準備的發言中所說、關於我們對這些通膨成本的監管因應方式。

We have been very proactive in trying to get our hands around what we thought those impacts might be and we have worked very closely with regulators to try to build in, in these existing cases we're working on, the coverage for those costs. And I think we've said something well over 75% of those expected costs in the near term, we have built in these cases that we're ramping up now. So I think, I'd say, again, to summary, the equity plan is pretty much on track with what we've said historically.

我們一直非常積極地掌握我們認為可能產生的影響，並且與監管機構密切合作，嘗試在我們目前正在推進的既有案件中納入對這些成本的涵蓋。我們也提到，在短期內預期的這些成本中，超過 75% 已經被我們納入目前正在加速推進的案件中。因此，我想再次總結：股權計畫大致上與我們歷來所說的進度一致。

And the increase in capital is driving the bulk of that need of additional equity in the plan. And then our proactive approach on regulatory is absolutely part of our ability to be confident about our expectations for '23. So John, anything to add on the equity piece?

而資本支出的增加，驅動了計畫中新增股權需求的大部分。此外，我們在監管方面的主動作為，絕對也是我們能對 2023 年預期保持信心的一部分。John，關於股權部分你還有要補充的嗎？

I would just add that as we think about how we're delineating the equity. As we said in our prepared remarks, we'll issue or we expect to issue a significant portion of the equity in 2023. As we think about the consequences of that, based on how we trade, I would characterize that the dilution associated with that is relatively modest. And then as also we pointed out in our remarks, whatever we don't issue in 2023, we would expect to issue in the back end of our plan.

我只想補充，當我們思考如何安排股權的發行時，如同我們在事先準備的發言中所說，我們將在 2023 年發行、或預期發行相當大一部分的股權。就其影響而言，依據我們股票的交易狀況，我會形容與此相關的稀釋效應相對溫和。另外，如同我們也在發言中指出，若有任何部分未在 2023 年發行，我們預期會在計畫後段發行。

Good. Okay. And then changing topics a little bit, and I know it's not your core competence. But you are now a cash taxpayer, so you do have cash appetite, I mean, now tax appetite, I'm sorry. So why not develop or at least own some of those renewable power plants that you currently contract under the PPAs. Again, as a tax strategy as opposed to like true growth driver?

好的。那我稍微換個話題，我知道這不是你們的核心能力。但你們現在是現金納稅人，所以你們確實有稅務承受能力——我是說，有稅務抵減的需求，抱歉。那為什麼不開發、或至少持有一些你們目前透過 PPA 合約採購電力的那些再生能源電廠？同樣地，這是作為稅務策略，而不是作為真正的成長驅動因素？

Yes, I think it's a good question, Angie. But I think Cheryl hit on it and you did even in your remark there, we just don't view it as our core competency. There are folks that are sort of in that business, and we believe we have the opportunity to work closely with them to develop solutions and take advantage of those renewable sources that are out there without owning them. We've got enough to do. And you even acknowledge it's not really a growth driver. We've got plenty to do on just our investment side to continue the growth.

是的，Angie，我覺得這是個好問題。但我想 Cheryl 已經提到，而你在剛才的說法中也提到，我們就是不把它視為我們的核心能力。有些公司本來就在做這個，我們相信我們有機會與他們密切合作來開發解決方案，並在不持有資產的情況下利用現有的再生能源來源。我們自己要做的事情已經夠多了。而且你也承認，這並不是真正的成長驅動因素。我們僅就投資面就有很多事情要做，以持續推動成長。

So we don't need it from that standpoint. Your observation around tax, I think, is also a good one. But I would tell you, we think we have the right strategy here to finance this plan and manage all of the elements of the requirements in that plan with what we've laid out here. So while we're always interested in and spend quite a bit of time on tax planning and tax strategy, it just does not -- it just doesn't fit our profile.

所以從那個角度來看，我們並不需要它。你關於稅務的觀察，我認為也很到位。但我會告訴你，我們認為目前的策略足以為這項計畫提供資金，並管理該計畫所需的各項要素。因此，雖然我們一向對稅務規劃與稅務策略很有興趣、也投入相當多時間，但這件事就是——它就是不符合我們的定位。

Okay. And last one really quickly. So you have had some big [muni, muni] deals announced since the second quarter earnings call. I think we've all been concerned about some of those high-profile privatizations of wastewater systems sort of falling through. So are you seeing that there is any sort of systemic change to how municipalities look at sales of their water and wastewater systems? Or is it just very much kind of system specific?

好的。最後一個問題，很快問一下。自第二季財報電話會議以來，你們宣布了一些大型的[市政、市政]交易。我想我們都一直擔心，某些備受矚目的污水系統民營化案有點像是告吹了。所以你們是否看到，市政府在看待出售其供水與污水系統這件事上，出現任何系統性的改變？還是說其實非常取決於個別系統的情況？

Yes, Angie, let me just turn it to John and have him sort of weigh in on that question.

是的，Angie，我先把這題交給John，請他就這個問題發表一下看法。

Yes, Angie, I would say, I'm glad you asked the question because our answer is, no. We haven't really seen a fundamental change in the landscape for making acquisitions. So there's certainly been some noise out there around particular deals. But really nothing has changed. There's a huge number of systems out there, many of which are underinvested and are ripe for potential acquisition. And when we think about the footprint that we have and the focus that we have, we continue to very much like our relative position there and regulated acquisitions will continue to be a key focus area for us.

是的，Angie，我會說我很高興你問了這個問題，因為我們的答案是：沒有。我們並沒有看到在進行收購的環境上出現根本性的改變。當然，外界對某些特定交易確實有一些雜音，但實際上沒有任何改變。市場上有大量系統，其中許多投資不足，具備潛在收購的條件。當我們考量我們現有的版圖與聚焦方向時，我們仍然非常喜歡我們在那裡的相對位置，而受監管的收購將持續是我們的關鍵重點領域。

Yes. And I just would add to that simply that we work very hard in cultivating these opportunities to make sure we're developing the right solution for these communities. And I think that's a big advantage for us.

是的。我只想補充一點：我們非常努力地培育這些機會，確保我們為這些社區打造正確的解決方案。我認為這是我們的一大優勢。

Our next question comes from Shar Pourreza with Guggenheim Partners.

下一個問題來自Guggenheim Partners的Shar Pourreza。

A couple of quick ones here. If I recall correctly, the HOS sale ate up lot of your, I think, NOL carryforwards and you've been a cash taxpayer this year. Is it your expectation that you'll be subject to the minimum tax going forward? Does this latest financing plan kind of embed an ongoing assumption for that?

這裡有幾個快問快答。如果我沒記錯，HOS出售案消耗了你們很多（我想是）NOL結轉額，而你們今年已經是現金納稅人。你們是否預期未來會適用最低稅負？這次最新的融資計畫是否把這點作為持續性的假設納入了？

Well, the first part of your statement is correct. Yes, the gain on the HOS transaction sort of advanced us to being a cash taxpayer. Still evaluating what the IRA means and the alternative minimum tax and financial income greater than $1 billion. There's still lots to be sorted out in terms of what that final rules are and the final interpretation of those. So we're monitoring it closely. We've obviously modeled a variety of scenarios around it. And I would just say, in all those scenarios, this plan adequately covers any exposure we think we might have there.

嗯，你陳述的第一部分是正確的。是的，HOS交易的收益讓我們提前成為現金納稅人。我們仍在評估IRA代表什麼，以及替代性最低稅負（alternative minimum tax）與財務所得超過10億美元的相關規定。關於最終規則以及最終解釋，仍有很多需要釐清的地方。所以我們正密切監控。我們顯然也針對此建模了各種情境。我只能說，在所有這些情境下，這個計畫都足以涵蓋我們認為可能面臨的任何曝險。

Got it. Okay. Perfect. And then I think John may have touched on this a little bit, but it looks like the amount of CapEx dollars allocated to regulated acquisitions is the same as the prior plans. So slightly smaller overall proportion. Anything to sort of read into here? Is the opportunity set fairly fixed? Are you getting more selective? Just maybe a little bit of an elaboration on John's comments, please?

了解。好的。完美。接著我想John可能稍微提到了一點，但看起來分配給受監管收購的資本支出金額與先前計畫相同，所以在整體中占比略小。這裡有什麼需要解讀的嗎？機會集合相對固定嗎？你們是否變得更挑選？能否請再稍微延伸說明一下John的評論？

John, you will take that?

John，你來回答這題？

Sure, sure. I'd say the smaller proportionality is really just a function of the increase in the regulated, our organic CapEx. I'd say the -- which has more visibility attached to it, as you know, than regulated acquisitions. So in no way are we kind of decreasing our thoughts around putting dollars to work on regulated acquisitions and we continue to feel very good about that.

當然，當然。我會說，占比變小主要只是因為受監管的、我們的有機資本支出增加了。就我看來——如你所知——相較於受監管收購，這部分的可見度更高。所以我們絕對不是在降低把資金投入受監管收購的想法，我們仍然對此感到非常有信心。

Yes. And I don't think we highlighted it really much on this call. But our pipeline remains in excess of 1.3 million connection opportunity. So still very, very strong. Doing lots of good work in that area.

是的。而且我想我們在這通電話會議上沒有特別強調，但我們的案源管線仍然超過130萬個連接（connection）的機會。所以依然非常、非常強勁，在這方面做了很多很好的工作。

Got it. And then just last one for me, is just the shape of that 7% to 9%, I mean, obviously, you guys, you're executing on the regulatory front. You've got a good footprint there, some dilution. But I guess what else should we assume -- or I guess as we're thinking about modeling and the extension, where are you sort of within that range as we're thinking about like the near term versus the longer term as we're just thinking about the profile of that shape.

了解。那我最後一個問題是，關於那個7%到9%的（成長）形狀。顯然你們在監管面執行得不錯，版圖也很好，會有一些稀釋。但我想問的是，當我們在建模與延伸推估時，對於近端與長端，你們大概會落在這個區間的哪個位置？也就是說，當我們思考那個成長曲線的輪廓時，應該怎麼看？

Yes. I think it's a good question, and I'll just repeat what I've said several times now. And I do think you can tie it back to the HOS sale. Recall our discussion about a year ago that when we sold that business and this transition to sort of full utility, the opportunity created by that sale would result in a ramp-up of the spend. So it takes us a while to get that spend fully deployed and get it fully in rates. So I'd say in the near term, like you see a little bit in '22 and our guidance for '23, which we think is quite strong, there is obviously a ramp-up still reflected there.

是的。我覺得這是個好問題，我也再重複我已經說過好幾次的內容。我確實認為你可以把它連結回HOS出售案。回想我們大約一年前的討論：當我們出售那項業務並轉型成為「純公用事業」時，該出售所創造的機會會帶來支出加速上升。所以我們需要一些時間，才能把那筆支出完全部署出去，並且讓它完全反映到費率中。因此我會說，在短期內——就像你在2022年以及我們對2023年的指引中看到的（我們認為相當強勁）——那裡面顯然仍反映出一個持續爬坡的過程。

And we've got the proceeds that will come in from the note on the HOS sale at the end of '26. So again, you think about that sort of working its way into the plan. I'd just say what we've laid out in '22 and '23 is reflective of that ramp-up. Our view continues to be this long-term growth rate of 7% to 9%, we see that extending well into the future. And we just got to get through this sort of ramp-up period, and you'll see that growth rate continue.

而且在2026年底，我們還會收到HOS出售案票據（note）的款項。所以，再次地，你可以把它想成逐步納入計畫之中。我會說，我們在2022與2023年所呈現的內容，正反映了這個爬坡。我們仍然認為，7%到9%的長期成長率會延伸到很久以後。我們只需要度過這段爬坡期，你就會看到那個成長率持續下去。

Our next question comes from Insoo Kim with Goldman Sachs.

下一個問題來自Goldman Sachs的Insoo Kim。

First, just going back to the -- your comments on the financing, especially the equity, I appreciate your commentary on -- the bulk of it potentially being '23. I guess is it possible that when you assess the various equity options that you could potentially look to price that equity in 2022, but look to draw that down in 2023, just given market volatility.

首先回到你們對融資的評論，特別是股權部分。我理解你們提到其中大部分可能會在2023年。我想問的是，當你們評估各種股權選項時，是否有可能在2022年就把股權定價，但在2023年再把它提領/動用（draw down），以因應市場波動？

Yes. I think market conditions certainly play into our decisions here around timing and ultimate size and the tool that we use. So that's obviously still in all of our discussions internally. John, anything you want to add to that?

是的。我認為市場狀況當然會影響我們在時點、最終規模以及所使用工具方面的決策。所以這顯然仍在我們內部的所有討論之中。John，你有什麼要補充的嗎？

No, that's right. And I'd say that we're not expecting to issue in 2022 into. But obviously, as Susan said, everything is subject to market conditions.

沒有，沒錯。我會說我們不預期在2022年發行。不過，正如Susan所說，一切都取決於市場狀況。

Got it. And then that 7% to 9% EPS growth rate, should we assume that it's now kind of basing off of the '23 guidance? Or should we still use whether it's '21 or '22.

了解。那7%到9%的EPS成長率，我們是否應該假設它現在是以2023年的指引作為基準？還是我們仍應使用2021或2022？

Yes. It's a good question. Obviously, we get this question a lot. And I'm confident my answer will frustrate you. Our view is that it's a long-term growth rate. We would expect that 7% to 9% to be the guidance regardless of the period that you're looking at. Internally, we actually don't really use a base year to do the math off of. Our view is it's a long-term growth rate. I know in the past; we have used sort of prior year actual or your latest actual information to base off of. But again, our view would be it doesn't really matter. The long-term growth rate is really the driver.

是的。這是個好問題。顯然我們常被問到這題。我很有信心我的回答會讓你感到挫折。我們的看法是：那是一個長期成長率。我們預期不論你看的是哪一個期間，7%到9%都會是指引。內部其實我們不太會用某個基準年度來做數學推算。我們的看法是它是一個長期成長率。過去我知道我們曾用前一年的實際值或你最新的實際資訊作為基準。但再次強調，我們的看法是其實不太重要；真正的驅動因素是長期成長率。

Got it. I thought I'd try. Then just one more apologies. Maybe for Cheryl, I think the EPA maybe still -- late this year may be on track to put out some mandates related to PFOS and other water contaminant kind of at the maximum levels. Just based on your operations and your jurisdictions, how would that -- given what could come out, how could that impact your CapEx or O&M strategy a bit?

了解。我想我試試看。那再多問一個，抱歉。可能是問Cheryl：我想EPA可能仍計畫在今年稍晚發布一些與PFOS及其他水中污染物相關的強制規範，像是最高容許濃度之類。就你們的營運與管轄區而言，考量可能發布的內容，這會如何影響你們的資本支出或營運維護（O&M）策略？

Yes. Insoo, great question. We do anticipate that EPA is going to release those regulations later this year. And because we don't know exactly where they're going to fall, it's a little hard to kind of put a specific dollar amount on it, but we have a really good handle on what we have across our system and what the needs will be depending on what those EPA regulations come out at. And we're prepared to invest the capital needed, to put treatment in place right away. We have gotten -- we found it to be a very quick process to design and get treatment online wherever we may need to. So we know what we've got out there and we kind of know what to expect depending on what EPA comes out with. So we just have to wait and see. We don't want to spend more capital than we have to, but we also want to make sure that we're meeting the regulations as quickly as possible and protecting our customers.

是的。Insoo，這是個很好的問題。我們確實預期EPA會在今年稍晚發布那些法規。由於我們還不知道它們最終會落在哪個標準，因此要給出一個具體金額有點困難；但我們對我們整個系統中現有的狀況，以及依EPA法規最終要求而可能產生的需求，都掌握得非常清楚。我們也已準備好投入所需資本，立即建置處理設施。我們發現，無論在哪裡需要，設計並讓處理設備上線的流程都非常快速。所以我們知道外部現況，也大致知道依EPA最終發布內容可能會是什麼情況。我們只能等待觀察。我們不想投入超過必要的資本，但也希望盡快符合規範並保護我們的客戶。

Our next question comes from Julien Dumoulin Smith with Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Julien Dumoulin Smith。

Just wanted to follow up. I know there's a lot of questions about the growth rate. Just what's the base here, starting point here. Are we talking about pre-'23 at this point? Or are we rolling forward to '23 for the 7% to 9% outlook, if we can just start there.

我只是想追問一下。我知道大家對成長率有很多問題。主要是這裡的基準、起點是什麼？我們現在談的是以 2023 年之前為基準嗎？還是說，對於 7% 到 9% 的展望，我們是以 2023 年為起點往後推？如果可以的話，先從這點開始。

Well, Julien, as I said to Insoo, we don't really look at it that way. Our view is a long-term growth rate of 7% to 9% is the answer. So our view is you can start within a year you want, and you're going to get the same result.

Julien，正如我對 Insoo 說的，我們其實不太用那種方式來看。我們的看法是，長期成長率 7% 到 9% 就是答案。所以我們的觀點是，你可以從你想要的任何一年開始，最後得到的結果都會一樣。

Okay. All right. Sorry. I just -- I wanted to just press a little bit. All right.

好的。好吧。抱歉。我只是——我想再稍微追問一下。好吧。

Appreciate it.

感謝。

And then if I (inaudible) a little bit then -- I was checking here. If I can speak a little bit about the trajectory though. As you think about the commentary and I heard the early response on equity dilution for '23. What does that say for '24 vis-a-vis within that range? Obviously, '23 being at the lower end of 7% to 9%. As you think about rolling forward that dilution, it seems like more so into '24. Do you think that, again, the 7% to 9% is "back-half weighted" regardless of whatever time period you want to use?

然後如果我（聽不清）再多問一點——我在這裡看了一下。如果我可以談談成長軌跡的話。當你思考相關評論時，我也聽到你們先前對 2023 年股權稀釋的初步回應。那麼，這對 2024 年在該區間內的表現意味著什麼？顯然，2023 年是在 7% 到 9% 的低端。當你把這個稀釋往後推時，看起來更像是會延伸到 2024 年。你是否認為，同樣地，不論你採用哪個時間區間，7% 到 9% 都是「後半段權重較高」？

Yes. I think John's comment about the impact of dilution is really the right one. Our view is that the dilution is pretty minimal from the issue that we're anticipating in '23. I think the real driver is the ramp-up of the CapEx. I mean we're just putting these dollars all to work. We've got the proceeds coming in again from HOS in '26. I think as we continue to see that ramp up work its way through the plan, you'll start to see towards the back end of the plan, more consistent growth rates.

是的。我認為 John 關於稀釋影響的評論確實是正確的。我們的看法是，對於我們預期在 2023 年發行所帶來的稀釋其實相當有限。我認為真正的驅動因素是資本支出（CapEx）的加速提升。也就是說，我們正把這些資金全部投入運作。我們在 2026 年還會再次從 HOS 收到收益。我認為，隨著我們持續看到這個加速投入在計畫中逐步發酵，你會在計畫後段開始看到更一致的成長率。

All right. Excellent. No, fair enough. And then just lastly, just to clarify some of the earlier conversation about the cash tax rate. So what are the planning assumptions reflected in the guidance here as you think about '22, '23, et cetera, just trying to baseline ourselves here, if you can.

好的。非常好。不，這樣說得通。最後再確認一下，關於先前談到的現金稅率。所以在你們這裡的指引中，對於 2022、2023 等年度，規劃假設是什麼？我只是想把基準抓清楚，如果你可以說明的話。

Well, I mean, obviously, we're a full cash taxpayer now. So this 5-year plan reflects that. The comment earlier around what does IRA mean to us in terms of the alternative minimum tax, I mean, again, there's still many rules and definition still to be done around that, that I don't think any of us know exactly how it will work. But I would just reiterate what I said a minute ago, we've modeled a variety of scenarios, all of which fit in this plan that we've laid out here.

嗯，我的意思是，很明顯我們現在已經是完全以現金繳稅的納稅人了。所以這個 5 年計畫反映了這點。先前提到 IRA 對我們在替代性最低稅（alternative minimum tax）方面意味著什麼——同樣地，相關規則與定義仍有很多尚待制定，我想我們任何人都還不確定它會如何運作。但我會重申我剛才說的：我們已經建模了各種情境，而這些情境都能納入我們在此提出的計畫之中。

Our next question comes from Richard Sunderland with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的 Richard Sunderland。

Just starting on 2023 guidance. The $0.25 to $0.29 cost inflation and interest rates with 75% of that covered in rates. I'm curious on the pension side, does that kind of bake in your estimate of the current marks and it's fair to think about you say market moves from here in the interest rate backdrop as potential upside or downside versus this outlook. Just curious what you baked in on the assumptions there.

先從 2023 年指引開始。成本通膨與利率帶來每股 0.25 到 0.29 美元的影響，其中 75% 已在費率中被涵蓋。我想問的是在退休金（pension）方面，這是否已經納入你們對目前估值（marks）的估計？而且可以合理地認為，從現在起市場變動、在利率背景下，可能相對於這個展望帶來上行或下行？我只是好奇你們在那裡的假設納入了什麼。

Yes, it's a good question. And as John said in the prepared remarks, obviously, we'll measure at the end of the year and determine what our actual '23 expense is once we get to the end of the year. But how we've handled this from a regulatory perspective is for the most part, what we have gotten accomplished here is whatever the '23 expense ends up being, that's what will get reflected in rates. So we've left it a little bit open-ended in the regulatory arena, where we'll actually set it at the number once we know what the number is. And in other situations, we've estimated what we think the impact will be based on year-to-date performance and expected performance for the balance of the year.

是的，這是個好問題。正如 John 在事先準備的發言中所說，很明顯我們會在年底進行衡量，並在到年底時決定我們實際的 2023 年費用會是多少。但從監管角度來看，我們的處理方式大致是：2023 年費用最後是多少，就會反映在費率中。因此我們在監管層面保留了一點彈性，等我們知道實際數字後再把它定在那個數字上。而在其他情況下，我們則是根據年初至今的表現以及對今年剩餘期間的預期表現，估算我們認為會產生的影響。

Okay. Understood. And I guess to tackle the other side on chemicals, fuel power, is that effectively a reasonable assumption in terms of rolling forward to '24 as well if the current environment persists? Or is there sufficient kind of incremental regulatory activity coming down the road here to mitigate even more of that in the '24?

好的，了解。我想再處理另一端，關於化學品、燃料與電力方面：如果目前環境持續，這基本上是否也是推算到 2024 年的合理假設？或者接下來是否會有足夠的新增監管作為，能在 2024 年進一步緩解更多影響？

Yes. I think what we have accomplished so far in the regulatory arena, obviously, will be in rates until we adjust rates again. And I think we'll have continued opportunity in the regulatory arena to address these cost impacts in other jurisdictions. And again, in some cases, the ability to adjust for what the actual costs are in existing cases or in existing jurisdictions. It just depends on how we address it in each specific state. I think again, overall conclusion here is we've got the vast majority of these costs covered and should not really be a drag on our expectations going forward.

是的。我認為我們迄今在監管領域所完成的工作，顯然會反映在費率中，直到我們再次調整費率為止。而且我認為我們在監管領域仍會持續有機會，在其他司法管轄區處理這些成本影響。同樣地，在某些情況下，我們也有能力在既有案件或既有司法管轄區中，依實際成本進行調整。這取決於我們在每個特定州如何處理。我想整體結論仍是：我們已涵蓋了絕大多數這些成本，未來不太會拖累我們的預期。

Got it. That's very clear. Understood. And if I could just sneak in one more on '23. Is there any step-up that you expect on the revenue share related to the Homeowner Services transaction? I guess just curious in terms of walking year-over-year on the hot side, it looks like effectively steady contributions less the post-close adjustments in '22. Is that the right way to be thinking about it?

了解。這非常清楚。我明白了。如果我可以再偷偷問一個關於 2023 年的問題：與 Homeowner Services 交易相關的收入分成（revenue share）是否有任何你們預期的上調？我想問的是，從年對年來看，在較熱的那一端，扣除 2022 年交割後調整（post-close adjustments）之後，看起來貢獻基本持平。這樣理解對嗎？

Yes, I think it's -- that's probably the right way to think about it. We're continuing in the jurisdictions of our states that don't have those agreements in place. We're continuing to evaluate those opportunities and working very closely with now the HOS ownership or leadership to see if opportunities exist. So it's a very active part of our business plan.

是的，我認為——那大概是正確的理解方式。我們在那些尚未簽訂相關協議的州之司法管轄區中，仍持續評估這些機會，並且現在也與 HOS 的所有權方或管理團隊非常密切合作，看看是否存在機會。所以這是我們商業計畫中非常活躍的一部分。

Our next question comes from Durgesh Chopra with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Durgesh Chopra。

Just congrats by the way on the [rogatory] execution here year-to-date. You guys have done a phenomenal job and great outcomes. Just on the acquisition side of things, can you update us on where you stand year-to-date versus your targets? I think this year, you're planning on hitting $500 million in acquisitions. So could you just update us there? And then I have a follow-up.

順帶一提，先恭喜你們今年迄今在 [rogatory] 執行上的表現。你們做得非常出色，成果也很棒。就併購方面，能否更新一下你們今年迄今相對於目標的進度？我記得你們今年計畫要達到 5 億美元的併購。所以能否更新一下？然後我還有一個追問。

Sure. John, you want to handle that?

當然。John，你要回答這題嗎？

Durgesh, we're on track. I think we've closed about 65,000 customers to date with another kind of 5,000 or so customers to come. I would say that on a dollars basis, as we disclosed in our slides, our expected closings for the year will be in the neighborhood of $350 million, which -- and as you know, we target about $300 million to $400 million a year. We said over 5 years, we're $1.5 billion to $2 billion on a run rate basis.

Durgesh，我們進度符合預期。我想我們迄今已完成約 65,000 名客戶的交割，另外還有大概 5,000 名左右的客戶將會完成。我會說，以金額來看，正如我們在簡報中揭露的，我們預期今年完成交割的金額大約在 3.5 億美元左右；而你也知道，我們的目標大約是每年 3 億到 4 億美元。我們也說過在 5 年期間，以年化運行率（run rate）計算，我們是 15 億到 20 億美元。

Got it. $350 million for this year. Okay. And then maybe I was just -- and I don't want to front run your equity process, but just anything, John, you can share in terms of what are you looking for in terms of valuation or price ranges for this equity? I understand significant portion is expected to land next year. Any additional color that you can share with us there?

了解。今年是 3.5 億美元。好的。然後也許我只是——我不想搶在你們的股權流程之前，但 John，你是否能分享一下，你們對這次股權的估值或價格區間在尋找什麼？我理解相當大一部分預計會在明年落地。你還能提供任何額外的說明嗎？

No, Durgesh, I wouldn't say we think of in terms of specific price ranges. Obviously, we'll be very cognizant of market conditions. But I'd say we just -- we think of it more in terms of what we've messaged in the past, which is the equity from a mid-plan perspective. And as we approach 2023 here, that is mid plan relative to our historical messaging.

不，Durgesh，我不會說我們是以特定價格區間來思考。很明顯，我們會非常留意市場狀況。但我會說，我們更多是以過去對外傳達的方式來看待，也就是從計畫中段（mid-plan）的角度來看股權。而當我們接近 2023 年時，相對於我們歷史上的對外訊息，這確實是計畫中段。

Our next question comes from Steve Fleishman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steve Fleishman。

So just on the -- a couple of questions related to the equity and balance sheet. So the -- in the 2023 guidance, are you kind of assuming that it's kind of averaged roughly over the year or beginning of the year or just kind of how are you incorporating that into the '23 guidance?

那麼就——有幾個與股權和資產負債表相關的問題。那麼——在 2023 年的指引中，你們是否假設它大致是在全年平均、或是年初的水準，或者你們是如何將其納入 2023 年指引的？

John, do you want to take that?

John，你要回答這個嗎？

Sure. Yes, I think, Steve, that's a fair way to characterize '23 for modeling purposes. I'd say, I think the words we used, a significant portion of our equity, I think you can think of that as is north of $1 billion of issuance in '23. And as you know, we'll have to kind of find the right windows. But I think midyear is a reasonable way to think about it.

當然。是的，我認為，Steve，從建模的角度來看，這樣描述 2023 年是合理的。我想，我們用的措辭是，我們股權中的相當大一部分——我想你可以把它理解為 2023 年發行金額超過 10 億美元。正如你所知，我們必須找到合適的窗口。但我認為以年中來看待是合理的。

I would only add that -- let me just add quickly, Steve. I think that -- and John said this, market conditions, of course, will drive this. But we are still looking at how best to do it. You've heard us talk in the past about it's likely going to be in sort of a single issue or a block, but we do need to evaluate all the options available to us. So that's still in the works.

我只想補充——讓我快速補充一下，Steve。我認為——正如 John 所說，市場狀況當然會驅動這件事。但我們仍在評估如何做最好。你們過去也聽我們談過，這很可能會以單筆發行或一個區塊的方式進行，但我們確實需要評估所有可用的選項。所以這仍在進行中。

Okay. Makes sense. And then could you -- maybe just on the balance sheet, could you give more color on the comment about getting -- adding some of this for balance sheet cushion or flexibility? And what's the thinking there today versus in the past? Is it just the volatility of markets? Is it what you see in terms of kind of acquisition pipeline or regulated investment pipeline? Or is it tax related? Just why now for the additional balance sheet capacity not a year ago or 2 years ago?

好的。明白了。然後你能否——也許就資產負債表方面，對於你提到要——增加一些作為資產負債表緩衝或彈性的評論，提供更多細節？以及相較於過去，今天的思考是什麼？只是因為市場波動嗎？還是你們看到的收購管線或受監管投資管線？或者是稅務相關？為什麼是現在需要額外的資產負債表容量，而不是一年前或兩年前？

John, do you want to take that?

John，你要回答這個嗎？

Sure. Yes, I'd say, Steve, just as we've thought about our metrics over time, we're in a very strong credit position, but we do look at our ramping up of capital spend, both on the organic side as well as on the acquisition side. And so we just think it's healthy for us to have some cushion there. And I would say just also, as we're thinking about the cadence of our equity issuance, where we'll do much out of in 2023, but then waiting until the back end of our plan for another issuance as we thought about it. There's just a natural consequence of creating some cushion for ourselves.

當然。是的，我會說，Steve，隨著時間推移我們一直在思考我們的各項指標，我們的信用狀況非常強健，但我們也在關注資本支出的加速提升，無論是內生成長端還是收購端。因此我們認為，保有一些緩衝是健康的。我也會說，另外，當我們思考股權發行的節奏時，我們會在 2023 年做相當多，但之後如我們所規劃的，要等到計畫後段才會再進行一次發行。這自然會帶來為自己建立一些緩衝的結果。

Yes. Steve, I'd simply add to that. I think that we talked a lot about payout ratio on the dividend. And obviously, we narrowed the dividend range a little bit here. Just feel the need to continue to really push ourselves on the ability to advance this capital spending. As Cheryl talked about the replacement cycle, we just don't want to find ourselves in a situation where we have to put some constraints on that -- on the investment side. So I think if we can create a little capacity here, it just helps us have that level of certainty around our ability to continue to accelerate. And these market conditions obviously are quite volatile, and it just doesn't hurt in this environment to have a little bit of extra cushion there. So I think that's really honestly the driver.

是的，Steve，我只是再補充一下。我想我們談了很多股利的配發率。而且很明顯，我們在這裡把股利區間稍微縮窄了一些。只是覺得有必要持續推動自己在推進這些資本支出方面的能力。正如 Cheryl 談到的汰換週期，我們不希望自己陷入必須在——投資端施加一些限制的情況。所以我認為，如果我們能在這裡創造一點容量，就能幫助我們對持續加速的能力保持那種確定性。而且目前市場狀況顯然相當波動，在這樣的環境下多一些額外緩衝也無妨。所以我想這確實老實說就是驅動因素。

Next question comes from Gregg Orrill with UBS.

下一個問題來自 UBS 的 Gregg Orrill。

I was wondering if your guidance on the operating cash flows for '23 to '27, that ramp-up versus the prior plan, if there's anything sort of nonoperating in there or adjustments or if that's really the growth of the business?

我想請問你們對 2023 年到 2027 年營運現金流的指引，相較於先前計畫的那個爬升幅度，裡面是否包含任何偏非營運性的項目、調整，或者那真的就是業務成長？

It really is the growth of the business, Gregg. Again, we just -- we feel very good about how we're -- how the investment is being rolled out, cash flows from operations and the ability to get good, solid, timely regulatory solutions.

Gregg，這確實就是業務成長。再說一次，我們對——投資如何推進落地、營運現金流，以及取得良好、穩健、及時的監管解決方案的能力，都感到非常有信心。

And Gregg, I'd just add to that, a significant portion is just the roll forward. So if you think about what's rolling off in 2022 versus what's being added in 2027, there's a pretty -- because of the ramp-up in CapEx through those years, that differential is reasonably significant. And then in the interim years because of our ramp, we're recovering additional depreciation, deferred tax contribution to cash flows. But a lot of it is the roll forward by itself.

Gregg，我再補充一下，其中相當大一部分只是往前滾動（roll forward）。所以如果你想想 2022 年到期（rolling off）的部分，對比 2027 年新增的部分，因為那些年度資本支出（CapEx）的加速提升，兩者之間的差異相當——可以說相當顯著。然後在中間幾年，因為我們的爬升，我們會回收更多折舊、遞延所得稅對現金流的貢獻。但其中很大一部分單純就是滾動本身。

This concludes our question-and-answer session as well as our conference for today. Thank you for attending. You may now disconnect.

我們今天的問答環節以及本次會議到此結束。感謝各位出席。您現在可以斷線。