Chesapeake Utilities Corp (CPK) 2023 Q4 法說會逐字稿

Good day and welcome to the Chesapeake Utilities Fourth Quarter and Full Year 2023 earnings conference call.

美好的一天，歡迎參加切薩皮克公用事業公司 2023 年第四季和全年財報電話會議。

(Operator Instructions) I would now like to turn the call over to Beth Cooper, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary..

（操作員指示）我現在想將電話轉給執行副總裁、財務長、財務主管兼助理公司秘書貝絲·庫柏 (Beth Cooper)。

Please go ahead.

請繼續。

Thank you and good morning, everyone.

謝謝大家，早安。

I'm Beth Cooper, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary of Chesapeake Utilities.

我是貝絲‧庫柏 (Beth Cooper)，切薩皮克公用事業公司執行副總裁、財務長、財務主管兼助理公司秘書。

We appreciate you joining us today for our fourth quarter and full year 2023 earnings call.

感謝您今天參加我們的 2023 年第四季和全年財報電話會議。

Today's presentation can be accessed on our website under the investors page and Events and Presentations subsection in our prepared remarks.

您可以在我們網站的投資者頁面以及我們準備好的評論中的活動和演示部分下訪問今天的演示。

As we typically do, we will open the call up for questions.

正如我們通常所做的那樣，我們將開放提問。

As you saw in our press release, we delivered excellent performance in 2023.

正如您在我們的新聞稿中看到的，我們在 2023 年取得了出色的業績。

Our incremental earnings from regulatory initiatives and growth investments, including one month of results from Florida City more than offset lower energy consumption due to warmer temperatures across our service territories, along with a year's significant increase in interest costs.

我們來自監管措施和成長投資的增量收入（包括佛羅裡達市一個月的業績）足以抵消由於我們服務區域氣溫升高而導致的能源消耗下降以及一年來利息成本的大幅增加。

These items are detailed within the financial results that we will cover in just a few minutes with me today are Jeff Householder, Chairman of the Board, President and Chief Executive Officer, and Jim Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer.

這些項目在財務表現中有詳細介紹，今天我們將在幾分鐘內與我一起討論的是董事會主席、總裁兼首席執行官 Jeff Householder 和執行副總裁、總法律顧問、公司秘書兼首席執行官 Jim Moriarty政策和風險官。

As well as other members of our management team who are joining us remotely.

以及遠端加入我們的管理團隊的其他成員。

On slide 3, we have our typical disclaimer.

在投影片 3 上，我們有典型的免責聲明。

I would like to remind you that matters discussed in this conference call may include forward-looking statements that involve risks and uncertainties.

我想提醒您，本次電話會議討論的事項可能包括涉及風險和不確定性的前瞻性陳述。

Forward-looking statements and projections could differ materially from our actual results.

前瞻性陳述和預測可能與我們的實際結果有重大差異。

The Safe Harbor for Forward-Looking Statements section of the company's 2023 Annual Report on Form 10-K provide further information on the factors that could cause such statements to differ from our actual results.

本公司 2023 年年度報告 10-K 表格中的「前瞻性陳述的安全港」部分提供了有關可能導致此類陳述與我們的實際結果不同的因素的更多資​​訊。

Additionally, the Company evaluate its performance based on certain non-GAAP measures, including adjusted gross margin, adjusted net income and adjusted earnings per share.

此外，本公司也根據某些非公認會計準則指標評估其業績，包括調整後毛利率、調整後淨利和調整後每股盈餘。

And the accompanying information includes the appropriate disclosures in accordance with the SEC's Regulation G. A reconciliation of these non-GAAP measures to the related GAAP measures as has been provided in the appendix of this presentation, our earnings release and our 2023 form 10-k now I'd like to turn the call to Jeff.

隨附資訊包括根據 SEC G 條例進行的適當披露。這些非 GAAP 措施與本簡報附錄、我們的收益發布和 2023 年 10-k 表格中提供的相關 GAAP 措施的調整現在我想把電話轉給傑夫。

Thank you, Beth.

謝謝你，貝絲。

Good morning and thank you for joining our call today.

早安，感謝您今天加入我們的電話會議。

I'll begin with slide 4, our financial highlights for the year.

我將從幻燈片 4 開始，這是我們今年的財務亮點。

In 2023, our team executed successfully on all fronts, leading to our 17th year of increased earnings, excluding the Forest City Gas transaction costs.

2023年，我們的團隊在各方面都取得了成功，導致我們的收入連續第17年成長（不包括森林城市燃氣交易成本）。

We also had a milestone 20th consecutive year of increased annual dividends.

我們也實現了連續 20 年增加年度股利的里程碑。

In spite of significantly warmer temperatures and rising interest rates, we generated adjusted EPS of $5.31, representing 5.4% growth over 2022, largely driven by incremental gross margins of $33.9 million.

儘管氣溫顯著變暖和利率上升，我們的調整後每股收益仍達到 5.31 美元，比 2022 年增長 5.4%，這主要是由 3,390 萬美元的增量毛利率推動的。

The team's collective efforts drove this performance while successfully consummating the largest acquisition in our history, closing the transaction in record time.

團隊的集體努力推動了這一業績，同時成功完成了我們歷史上最大的收購，以創紀錄的時間完成了交易。

Our legacy businesses continue their impressive growth trajectory as we invested $211 million in capital projects, advanced our regulatory initiatives and prudently managed expenses.

我們在資本項目上投資了 2.11 億美元，推進了監管舉措並審慎管理了開支，我們的傳統業務繼續保持著令人印象深刻的成長軌跡。

We continued expanding our footprint with strong customer gains in our regulated natural gas distribution businesses with an impressive 5.4% average residential customer growth rate for our combined Delmarva service territories and nearly 4% in Florida.

我們繼續擴大我們的足跡，在受監管的天然氣分銷業務中獲得了強勁的客戶成長，我們合併的德爾馬瓦服務區域的住宅客戶平均成長率高達 5.4%，佛羅裡達州接近 4%。

We also delivered on several opportunities to expand our natural gas transmission systems, and we're not slowing now.

我們也提供了一些擴大天然氣傳輸系統的機會，而且我們現在並沒有放慢腳步。

Currently, Peninsula Pipeline has four projects before the Florida Public Service Commission for approval.

目前，半島管道有四個項目正在佛羅裡達州公共服務委員會等待批准。

The contracts include over 35 miles of transmission infrastructure designed to meet growing customer demand at our gas distribution system, a good solid Eastern Shore Natural Gas is used for resiliency.

這些合約包括超過 35 英里的傳輸基礎設施，旨在滿足我們的天然氣分配系統不斷增長的客戶需求，並使用良好的東岸天然氣來實現彈性。

Upgrade Project is progressing well.

升級改造專案進展順利。

We'll discuss these expansion projects in more detail later in the presentation.

我們將在稍後的演示中更詳細地討論這些擴展項目。

Of course, our most significant growth effort in 2023 was the successful completion of the Florida City Gas acquisition.

當然，我們 2023 年最重要的成長努力是成功完成對佛羅裡達州城市天然氣公司的收購。

It was a strategic move for us, more than doubling our footprint and a very attractive market where we have already operated for 40 years.

這對我們來說是一項策略性舉措，使我們的足跡擴大了一倍以上，並且是一個非常有吸引力的市場，我們已經在這個市場運營了 40 年。

We expect the transaction to drive significant incremental earnings growth well into the future as we deploy our operational and regulatory expertise on a much broader scale late in the fourth quarter of 2023, we began the process of integrating our part into natural gas businesses, which we'll discuss in a moment, but I'd like to note that we are already executing on projects that demonstrate the value of this strategic acquisition.

我們預計，隨著我們在2023 年第四季末更廣泛地部署我們的營運和監管專業知識，我們開始將我們的部分整合到天然氣業務中，我們預計這項交易將在未來推動顯著的增量收益成長。我們稍後會討論，但我想指出的是，我們已經在執行一些項目，這些項目證明了此次策略收購的價值。

For example, we are finishing the regulatory applications for new capital projects to connect three landfill RNG sites to FCG.'s distribution system.

例如，我們正在完成新資本項目的監管申請，以將三個垃圾掩埋場 RNG 站點連接到 FCG. 的配送系統。

We expect these filings to be submitted before the end of the month in December.

我們預計這些文件將在 12 月底之前提交。

We also once again expanded our propane footprint in North Carolina, adding 3,000 new customers with the acquisition of JT. lien SUNS propane assets.

我們也再次擴大了在北卡羅來納州的丙烷業務，透過收購 JT 增加了 3,000 名新客戶。留置SUNS丙烷資產。

This acquisition allows us to expand within growth areas in North Carolina and capture synergies with our prior acquisitions in the state.

此次收購使我們能夠在北卡羅來納州的成長領域擴張，並與我們先前在該州的收購產生協同效應。

Our performance in 2023, along with our expectations for FCG.'s contributions, validates our strategic growth models and reinforces our commitment to achieving our earnings and capital guidance.

我們 2023 年的業績以及我們對 FCG. 貢獻的預期驗證了我們的策略成長模式，並強化了我們對實現盈利和資本指導的承諾。

Today, we are reaffirming our outlook for $6.15 to $6.35 per share in 2025 and $7.75 to $8 in 2028, as well as our 5-year capital expenditure guidance of $1.5 billion to $1.8 billion by 2028 in looking at 2024 as a transition year as we continue the FCG. integration and execute on the organic opportunities across our combined businesses, for this reason, we're providing 2024 EPS guidance of $5.33 to $5.45 per share.

今天，我們重申2025 年每股6.15 美元至6.35 美元、2028 年每股7.75 美元至8 美元的展望，以及到2028 年15 億美元至18 億美元的5 年資本支出指導，將2024 年視為過渡年，因為我們將2024 年視為過渡年。繼續FCG。整合並執行合併後業務中的有機機會，因此，我們提供 2024 年每股收益 5.33 美元至 5.45 美元的指導。

To give you more clarity on our pathway to 2028.

讓您更清楚地了解我們邁向 2028 年的道路。

Turning now to Slide 5, where we provide details on the growth drivers.

現在轉向幻燈片 5，我們在其中提供了有關成長動力的詳細資訊。

Behind the $33.9 million of incremental margin that we achieve, you can see that we were able to more than offset the impact of the warmer weather and interest rate increases.

在我們實現 3,390 萬美元增量利潤的背後，您可以看到我們完全抵消了天氣變暖和利率上升的影響。

The key drivers of growth in 2023 for our regulated infrastructure replacement programs and approved cost recovery mechanisms, rate changes resulting from the recent Florida natural gas base rate proceeding, our pipeline expansions and natural gas distribution organic growth and increased fees and margins per gallon in our propane business.

2023 年我們受監管的基礎設施更換計劃和批准的成本回收機制增長的主要驅動力、最近佛羅裡達州天然氣基本費率程序導致的費率變化、我們的管道擴建和天然氣分銷有機增長以及我們每加侖費用和利潤的增加丙烷業務。

In addition, FCG. contributed $8.7 million in December after the completion of the transaction.

另外，FCG。交易完成後，12月出資870萬美元。

On Slide 6, we break down our 2023 capital investments, which surpassed $211 million.

在投影片 6 中，我們詳細分析了 2023 年的資本投資，該投資超過 2.11 億美元。

Approximately 80% of the capital investment in our legacy business businesses was in our regulated energy segment I'd like to take a moment to highlight just a couple of the capital projects we completed in 2023, and that will contribute to incremental margin in 2024 Eastern Shore Natural Gas completed its solar expansion project in the fourth quarter of 2023, which will produce adjusted gross margin of $2.3 million in 2024 and beyond and potential pipeline completed its beach side pipeline expansion early in the second quarter of 2023.

我們傳統業務中約80% 的資本投資都集中在受監管的能源領域。我想花點時間重點介紹我們在2023 年完成的幾個資本項目，這些項目將有助於在2024 年東部地區實現增量利潤Shore Natural Gas於2023年第四季度完成了其太陽能擴建項目，該項目將在2024年及以後產生230萬美元的調整後毛利率，潛在管道將於2023年第二季度初完成其海灘邊管道擴建。

That project contributed $1.8 billion to our gross margin in 2023 and will continue it could contribute approximately $2.4 million in future years.

該項目到 2023 年將為我們的毛利率貢獻 18 億美元，如果繼續下去，未來幾年可能會貢獻約 240 萬美元。

Our regulated investments in safety and reliability under our approved infrastructure programs will also continue, including programs like guard and SAFE and Florida, where we're able to recognize timely cost recovery on these investments.

我們批准的基礎設施計劃下的安全性和可靠性方面的受監管投資也將繼續下去，包括 Guard 和 SAFE 和佛羅裡達州等計劃，我們能夠及時認識到這些投資的成本回收。

Last year, we also launched the largest business transformation and technology improvement initiative in the Company's history.

去年，我們也啟動了公司史上規模最大的業務轉型和技術改進計畫。

The first step in the five year initiative is the implementation of our SAP customer service application, which is intended to improve the customer experience in our regulated utilities, standardize processes across our distribution systems and drive operational efficiencies.

此五年計畫的第一步是實施我們的 SAP 客戶服務應用程序，該應用程式旨在改善我們受監管公用事業公司的客戶體驗，標準化我們整個分銷系統的流程並提高營運效率。

We currently have all regulatory approvals in the final cost of the CIS. technology implementation, and we'll seek permanent rate recovery of these technology improvements as appropriate and upcoming rate cases all ends of the proceedings.

目前，我們已獲得 CIS 最終成本的所有監管部門批准。技術實施，我們將酌情尋求這些技術改進的永久費率恢復，並在訴訟程序結束時即將到來的費率案件。

Slide 7 shows the impressive customer growth in our regulated natural gas distribution utilities our average annual residential customer additions far outpaces the national average, and this trend is expected to continue.

幻燈片 7 顯示了我們受監管的天然氣分配公用事業公司的客戶成長令人印象深刻，我們的平均年度住宅客戶增量遠遠超過全國平均水平，並且預計這一趨勢將持續下去。

You can also see the step change that the FCG. acquisition brings in terms of incremental customers.

您也可以看到 FCG 的步長變化。收購帶來了增量客戶。

Looking ahead, our customer base is projected to grow annually by approximately 3% and 4% on Delmarva over the next five years.

展望未來，未來五年，我們的 Delmarva 客戶群預計每年增長約 3% 和 4%。

These projections are driven by expected customer demand in our service territories, which have very attractive demographics as well as our backlog of open lots in existing communities.

這些預測是由我們服務區域的預期客戶需求所驅動的，這些區域具有非常有吸引力的人口統計數據以及我們現有社區中積壓的空地。

We have continued to see strong residential customer growth.

我們繼續看到住宅客戶的強勁成長。

Even with the increases in mortgage rates over the past year, our disciplined capital investments will drive earnings growth well into the future.

即使過去一年抵押貸款利率上升，我們嚴格的資本投資仍將推動未來的獲利成長。

Slide 8 shows our major projects and initiatives that will drive incremental margin of approximately $15 million and $11 million in 2024 and 2025, respectively.

投影片 8 顯示了我們的主要項目和舉措，這些項目和舉措將在 2024 年和 2025 年分別推動約 1500 萬美元和 1100 萬美元的利潤增量。

I'll take a brief moment to highlight a few of the new projects shown here.

我將花一點時間重點介紹此處顯示的一些新項目。

Our resiliency upgrade project, which Jim will speak about shortly, is an $80 million capital investment currently pending before we also recently filed for Peninsula Pipeline projects with the Florida Public Service Commission.

吉姆很快就會談到我們的彈性升級項目，該項目是一項 8000 萬美元的資本投資，目前正在等待中，之後我們最近還向佛羅裡達州公共服務委員會申請了半島管道項目。

These transmission projects are designed to increase supply capacity and enhance system reliability, primarily for our distribution operations.

這些輸電項目旨在增加供應能力並提高系統可靠性，主要針對我們的配電業務。

We continue to expand our systems and power to meet customer demand.

我們不斷擴展我們的系統和能力，以滿足客戶的需求。

Once approved, we will begin construction immediately and expect to begin generating margins in late 2024 or early 2025.

一旦獲得批准，我們將立即開始建設，並預計在 2024 年底或 2025 年初開始產生利潤。

As I mentioned earlier, we are also finalizing the regulatory filings for three RNG transmission projects that will provide pathways for produced RNG to get to market via the Florida City Gas distribution systems.

正如我之前提到的，我們也正在完成三個 RNG 傳輸專案的監管備案，這些專案將為生產的 RNG 透過佛羅裡達城市天然氣分配系統進入市場提供途徑。

These new projects are also expected to begin generating margin at the end of 2024 and into early 2025.

這些新項目預計將於 2024 年底至 2025 年初開始產生利潤。

As shown on slide 9, on November 30th, 2023, we successfully completed the FCC unit acquisition in record time, thanks to the dedication and enthusiasm of our team.

如投影片 9 所示，由於我們團隊的奉獻和熱情，2023 年 11 月 30 日，我們在創紀錄的時間內成功完成了 FCC 單位的收購。

Any organization is only as good as its people and we were thrilled to officially welcome Forest City Gas employees for the Chesapeake Utilities families late last year.

任何組織都取決於它的員工，我們很高興去年年底正式歡迎森林城市天然氣員工加入切薩皮克公用事業公司大家庭。

We're lucky to have such a great group join our team.

我們很幸運有如此優秀的團隊加入我們的團隊。

Culturally, there is a strong fit, which certainly helps keep our integration and growth plans on track and on time.

從文化上來說，兩者有著很強的契合度，這無疑有助於我們的整合和成長計畫按時步入正軌。

Strategically, Florida City Gas also meshes well with our legacy businesses with significant opportunities to drive growth, identify operational synergies and begin to pursue recovery of the transaction premium.

從戰略上講，佛羅裡達城市天然氣也與我們的傳統業務緊密結合，提供了推動成長、確定營運協同效應並開始追求交易溢價回收的重大機會。

We began the integration process with purpose in December, and Beth will discuss our plans in more detail shortly.

我們在 12 月有目的地開始了整合過程，貝絲很快就會更詳細地討論我們的計劃。

I'll discuss a few of the broader areas.

我將討論一些更廣泛的領域。

Now, while there are one-time transaction synergies, for example, several senior management employees return to their former NextEra physicians, and we've been able to absorb these jobs within our existing management team.

現在，雖然存在一次性交易協同效應，但一些高級管理人員回到了他們以前的 NextEra 醫生身邊，我們已經能夠在現有的管理團隊中吸收這些工作。

Two, we are pursuing operating efficiencies across the floor and natural gas businesses as well as our entire enterprise.

第二，我們正在追求整個地板和天然氣業務以及整個企業的營運效率。

Again, as an example, we will jointly administered both the FPUNSCG. infrastructure replacement programs and find operational efficiencies.

再次舉例，我們將共同管理 FPUNSCG。基礎設施更換計劃並提高營運效率。

As a result, three, we are executing proactive regulatory initiatives.

因此，第三，我們正在執行積極主動的監管措施。

For example, we will begin the work to consolidate various tariff provisions as we did previously with our other gas utilities, along with the initial efforts to address the goodwill related to the FCG. transaction.

例如，我們將像之前對其他天然氣公用事業公司所做的那樣，開始整合各種關稅條款，並初步努力解決與 FCG 相關的商譽問題。交易。

And four, we will make prudent capital investments on a much broader scale.

第四，我們將在更廣泛的範圍內進行審慎的資本投資。

I've already mentioned a couple of times the RNG transmission project filings that we're preparing and we had previously noted the significant expected capital investments over the next five years for SCG. infrastructure replacements and to meet SCG. customer demand.

我已經多次提到我們正在準備的 RNG 輸電專案文件，我們之前已經注意到 SCG 未來五年的重大預期資本投資。基礎設施更換並滿足 SCG 的要求。客戶需求。

The key takeaway here is that the SCG. acquisition, along with continued robust investment in our legacy businesses, supports our goal of delivering top quartile performance for years to come.

這裡的關鍵要點是 SCG。收購以及對我們傳統業務的持續強勁投資，支持我們在未來幾年實現最高四分之一業績的目標。

Moving to slide 10, in December, sharp added to its propane footprint by acquiring operating assets from JT Lee and Sam's and Cape Fear, North Carolina.

轉到幻燈片 10，12 月，夏普通過收購 JT Lee and Sam's 和北卡羅來納州 Cape Fear 的營運資產，增加了其丙烷足跡。

We added 3,000 customers about 800,000 gallons of annual propane distribution and 60,000 gallons of propane storage, and we were happy to welcome their talented team.

我們為 3,000 名客戶增加了約 800,000 加侖的年度丙烷分配和 60,000 加侖的丙烷存儲，我們很高興歡迎他們的才華橫溢的團隊。

As we said last year, we are not pursuing additional large transformational deals like FCG., but may undertake be smaller bolt-on transactions like this one that provides scale and operating efficiencies.

正如我們去年所說，我們不會尋求像 FCG 這樣的額外大型轉型交易，但可能會進行較小的補強交易，例如本次交易，以提供規模和營運效率。

With that, I'll turn the call back to Beth.

這樣，我會把電話轉回給貝絲。

Thanks, Jeff, I'll begin with slide 11, which shows the key drivers of our 2023 performance.

謝謝 Jeff，我將從幻燈片 11 開始，它展示了我們 2023 年業績的關鍵驅動因素。

Our core businesses continued to generate strong performance, delivering $1.50 of incremental EPS this year.

我們的核心業務持續創造強勁業績，今年每股收益增量為 1.50 美元。

And this was in the face of headwinds from significantly warmer weather that lowered customer consumption and impacted earnings by $0.54 higher operating expenses linked to growth in our core business resulted in a $0.47 impact, representing only 48.1% of the incremental margin.

天氣明顯變暖導致客戶消費下降，收入受到 0.54 美元的影響，與核心業務成長相關的營運費用增加導致 0.47 美元的影響，僅佔增量利潤的 48.1%。

We were diligent about managing costs to offset warmer temperatures.

我們努力管理成本以抵消氣溫升高的影響。

The Company was not immune to the challenging economic environment and the impact that had on interest rates.

該公司也未能倖免於充滿挑戰的經濟環境及其對利率的影響。

Those higher rate drove a [45%] off one month of incremental earnings from the Florida City Gas acquisition generated an $0.18 uplift.

這些較高的利率使收購佛羅裡達城市天然氣公司的一個月增量收益減少了 [45%]，增加了 0.18 美元。

As Jeff said, these results are exclusive of the contribution from Florida City Gas is $25 million reserve, third plus amortization mechanism for RCM, which was approved by the Florida Public Service Commission in June 2023.

正如傑夫所說，這些結果不包括佛羅裡達城市天然氣公司貢獻的 2,500 萬美元儲備金，以及 RCM 的第三次攤銷機制，該機制於 2023 年 6 月獲得佛羅裡達州公共服務委員會批准。

And our sand is recorded as an increase or decrease to accrued renewable costs on the balance sheet with a corresponding increase or decrease to depreciation and amortization.

我們的沙子在資產負債表上記錄為應計可再生成本的增加或減少，並相應增加或減少折舊和攤提。

Drcm provided a $5.1 million pretax or $0.20 per share reduction to depreciation expense in 2023.

Drcm 在 2023 年提供了 510 萬美元的稅前折舊費用或每股 0.20 美元的折舊費用減少。

On Slide 12, you can see that adjusted gross margin for 2023 increased $33.9 million and operating income increased $7.9 million or 5.5% for the year.

在投影片 12 上，您可以看到 2023 年調整後毛利率增加了 3,390 萬美元，營業收入增加了 790 萬美元，即 5.5%。

Excluding Florida City Gas transaction related expenses, operating income increased $18.2 million for 12.8%.

不包括佛羅裡達城市天然氣交易相關費用，營業收入增加 1,820 萬美元，成長 12.8%。

Interest charges were over 50% higher this year as the effects of the ongoing rising rate environment continued throughout the end of the year, and we incurred additional financing costs associated with Florida City.

由於利率持續上漲環境的影響持續到年底，今年的利息費用上漲了 50% 以上，而且我們還產生了與佛羅裡達市相關的額外融資成本。

Again, despite these impacts.

再次強調，儘管有這些影響。

Adjusted EPS for the year improved by $0.27 per share, representing 5.4% growth.

今年調整後每股收益提高了 0.27 美元，增幅為 5.4%。

Moving to slide 13, adjusted gross margin for our regulated energy segment was up 10.4% over last year.

轉到投影片 13，我們受監管的能源部門的調整後毛利率比去年增加了 10.4%。

Operating income also increased delivering 18.4% growth as adjusted, driven primarily by first PharmaNet rate changes associated with the Florida natural gas fee rate proceeding, the Board at Sydney Gas's earnings contribution for December third, continued strong customer growth in natural gas distribution operations, including propane, CGF conversion, four additional pipeline expansions in our Natural Gas Transmission entities, and finally, incremental margin from our regulated infrastructure program.

營業收入也有所增長，經調整後增長了18.4%，這主要是由於與佛羅裡達州天然氣費率程序相關的首次PharmaNet 費率變化、悉尼天然氣公司董事會12 月3 日的盈利貢獻、天然氣分銷業務的客戶持續強勁成長，包括丙烷、CGF 轉換、我們天然氣傳輸實體的四個額外管道擴建，以及最後，我們受監管的基礎設施計劃的增量利潤。

These factors were partially offset by the weather related reductions in customer consumption.

這些因素被天氣相關的客戶消費減少部分抵消。

As discussed earlier, adjusted gross margin for the unregulated energy segment increased 2.2% over last year.

如前所述，不受監管的能源部門的調整後毛利率比去年增加了 2.2%。

As you can see on slide 14, while at the operating income level, our results were down by 10.7% versus last year.

正如您在幻燈片 14 中看到的，在營業收入水準上，我們的表現比去年下降了 10.7%。

Lower consumption largely from weather drove the performance, although we partially mitigated this through rate and fee management within propane and Aspire Energy.

儘管我們透過丙烷和 Aspire Energy 的費率和費用管理部分緩解了這種影響，但主要由於天氣因素而降低的消耗推動了業績。

Slide 15 shows our history of strong dividend growth and specifically the approximate 9% dividend compounded annual growth rate that we have delivered over the last 10 years.

幻燈片 15 顯示了我們股息強勁成長的歷史，特別是我們在過去 10 年中實現的約 9% 的股息複合年增長率。

And dividend growth has been a key component of the more than 12% compound annual shareholder return over the same period.

股息成長是同期股東複合年回報率超過 12% 的關鍵組成部分。

We are proud of this history and are committed to continuing our track record of driving value and returns for our shareholders.

我們為這段歷史感到自豪，並致力於繼續為股東創造價值和回報。

Our philosophy remains grounded in the pursuit of top-quartile earnings growth, which drive top-tier dividend growth as well as continued reinvestment of 45% to 50% of our earnings back into the business and support continued capital investment.

我們的理念仍然立足於追求最高四分之一的盈利增長，這推動了最高水平的股息增長，以及繼續將 45% 至 50% 的盈利再投資回業務，並支持持續的資本投資。

Slide 16 shows our earnings outlook, including our diluted EPS outlook for 2024 2025 and 2028.

第 16 張投影片顯示了我們的獲利前景，包括 2024 年、2025 年和 2028 年的稀釋後每股盈餘前景。

As you know, we typically provide a medium and longer-term earnings outlook, which aligns with our long-term strategic plan and outlook as well as our investment plans and expected return.

如您所知，我們通常會提供中長期獲利前景，這與我們的長期策略計劃和前景以及我們的投資計劃和預期回報相一致。

We recognize that we are now a larger company with a markedly larger footprint and more significant growth opportunities.

我們體認到，我們現在是一家規模更大的公司，業務範圍明顯擴大，成長機會也更顯著。

We are also integrating a company that was a subsidiary of a much larger entity, but which is complementary to our existing operations.

我們也正在整合一家更大實體的子公司的公司，但這對我們現有的業務是補充。

Therefore, this year we are providing current year guidance.

因此，今年我們提供了當年的指導。

As an exception, our outlook includes our expectation for integration synergies and efficiencies as well as some of the scale opportunities that come from deploying our expertise across the broader enterprise.

作為例外，我們的前景包括我們對整合協同效應和效率的期望，以及在更廣泛的企業中部署我們的專業知識所帶來的一些規模機會。

It also reflects the delay in margin ramp from new capital projects that we have identified given our expected timelines for the required approvals and construction.

這也反映了我們根據所需審批和建設的預期時間表確定的新資本項目的利潤率上升的延遲。

On slide 17, we have outlined a pathway to our 2020 guide.

在投影片 17 上，我們概述了通往 2020 年指南的途徑。

Importantly, we continue to expect strong contributions from our legacy as well as Florida City.

重要的是，我們繼續期待我們的遺產以及佛羅裡達城做出巨大貢獻。

Our legacy businesses are expected to generate approximately$0.40 to $0.50 per share of incremental earnings.

我們的傳統業務預計將產生每股約 0.40 至 0.50 美元的增量收益。

Florida City Gas is projected about $0.35 to $0.45 of earnings per share, which includes the interest costs associated with financing the acquisition, we see incremental opportunities, it add an additional approximately $0.20 to $0.30 per share across the enterprise as we continue the integration.

佛羅裡達城市天然氣公司預計每股收益約為0.35 至0.45 美元，其中包括與收購融資相關的利息成本，我們看到了增量機會，隨著我們繼續整合，整個企業每股收益將額外增加約0.20 至0.30美元。

And finally, the share issue of signing up Florida City Gas will result in an impact of about $1 per share.

最後，簽署佛羅裡達城市天然氣公司的股票發行將導致每股約1美元的影響。

As shown on this slide, we are providing these incremental ranges to give you an indication of the relative size of the contributing factors, and we expect to be able to tighten the incremental ranges over the year as we implement our plan to get us to $5.33 to $5.45 per share.

如這張投影片所示，我們提供這些增量範圍是為了讓您了解影響因素的相對大小，並且我們預計在我們實施計劃以達到 5.33 美元的過程中能夠在一年內收緊增量範圍至每股5.45 美元。

Let me touch on some of these initiatives and the levers we are pulling to achieve our targets.

讓我談談其中的一些措施以及我們為實現目標所採取的手段。

First, we have cost savings or synergies.

首先，我們可以節省成本或產生綜效。

This is the broadest category with the largest expected impact for 2024.

這是最廣泛的類別，預計對 2024 年影響最大。

This bucket includes an immediate opportunities from one-off transaction synergies, as Jeff mentioned, as well as additional savings we have identified already.

正如傑夫所提到的，這一桶包括一次性交易協同效應帶來的直接機會，以及我們已經確定的額外節省。

We have realized cost savings by eliminating some duplicative roles, including several leadership positions where STJ. team members remained with next there.

我們透過消除一些重複角色（包括 STJ 擔任的多個領導職位）實現了成本節約。團隊成員留在了旁邊。

We also achieved synergies from the absence of certain corporate and shared service costs that Matt, Sarah has allocated to this business.

由於馬特和莎拉沒有分配給這項業務的某些公司和共享服務成本，我們也實現了協同效應。

Offsetting a portion of the synergies, though are some transition costs we are paying to Nextra until we convert over their systems.

不過，在我們轉換他們的系統之前，我們需要向 Nextra 支付一些過渡成本，這抵消了部分協同效應。

Additionally, we will also incur some incremental corporate expenses in such areas as audit fees and insurance.

此外，我們還將在審計費用和保險等領域產生一些增量企業費用。

In addition, as, we have spent considerable time working to optimize our operations while fostering a culture that has underscored our we have worked to eliminate operational silos by simplifying our organizational structure, moving toward greater standardization of our processes, improving technology and increasing collaboration across our businesses.

此外，我們花費了大量時間來優化我們的運營，同時培育一種強調我們的文化，我們致力於透過簡化組織結構、提高流程標準化、改進技術和加強跨部門協作來消除營運孤島。我們的業務。

We are continuing these efforts, recognizing we have additional opportunities for these types of improvements across our now larger Anapharm.

我們正在繼續這些努力，並認識到我們在現在規模更大的 Anapharm 中還有更多機會進行此類改進。

Finally, we will continue to be laser-focused on managing our payroll and T&E expenses in the same way.

最後，我們將繼續以同樣的方式專注於管理我們的薪資和差旅費用。

And following the same approach we have exhibited over the last several years in managing our costs.

我們遵循過去幾年來管理成本的相同方法。

As you can see on this slide in green, we also have a number of key levers that we are managing in order to achieve our near term guidance that provide a pathway to achieving our long-term value.

正如您在這張綠色幻燈片中看到的那樣，我們還管理許多關鍵槓桿，以實現我們的近期指導，為實現我們的長期價值提供途徑。

While we have some some of them as equal pieces.

雖然我們有些是平等的。

The reality is, is that some of these may contribute more to our earnings in 2024 as a percentage than in 2025.

現實情況是，其中一些對我們 2024 年收入的貢獻百分比可能高於 2025 年。

And some of these areas will have a longer ramp, but a more significant ongoing impact.

其中一些區域將有更長的坡道，但會產生更顯著的持續影響。

For example, we are evaluating a number of proactive regulatory initiatives, including considering the timing of a recovery of a portion of the goodwill and consolidating consolidating best practices among the two natural gas utilities.

例如，我們正在評估一些積極的監管舉措，包括考慮恢復部分商譽的時機以及整合兩家天然氣公用事業公司之間的最佳實踐。

In regards to many of the various recovery mechanisms, these are just two of the many regulatory items we are evaluating.

關於許多不同的恢復機制，這些只是我們正在評估的眾多監管項目中的兩個。

We do know that we will continue to utilize the $25 million our SAM that we mentioned earlier to enable Florida City Gas to achieve its allowed return on the technology front, we are already underway and are planning for the Florida City Gas billing system to convert to our new billing system.

我們確實知道，我們將繼續利用我們之前提到的 2500 萬美元的 SAM，使佛羅裡達城市燃氣能夠在技術方面實現其允許的回報，我們已經在進行中，併計劃將佛羅裡達城市燃氣計費系統轉換為我們的新計費系統。

We have begun dedicating some of the Florida City Gas team members to this effort, which will continue to ramp throughout the year.

我們已開始派遣一些佛羅裡達州城市燃氣團隊成員致力於這項工作，這項工作將在全年繼續進行。

We also expect to generate savings as we more broadly integrate them through our various system.

我們還希望透過我們的各種系統更廣泛地整合它們來節省成本。

The next area, asset optimization or utilization has become another common phrase within the Chesapeake organization.

下一個領域，資產優化或利用已成為切薩皮克組織內的另一個常用短語。

We continuously look at our facilities and with an eye towards streamlining our operations.

我們不斷審視我們的設施，並專注於簡化我們的營運。

As we look across our larger organization, we see opportunities to eliminate duplicative or underutilized facilities and assets.

當我們審視更大的組織時，我們看到了消除重複或未充分利用的設施和資產的機會。

We also have more strategic initiatives which provide the greatest upside when we think about the next five years, the team has consistently identified and executed upon opportunities across the value chain to generate incremental margin growth.

我們還有更多的策略舉措，當我們考慮未來五年時，這些舉措提供了最大的優勢，團隊始終如一地識別並執行整個價值鏈中的機會，以產生增量利潤成長。

Already, Marlin has contracted with Florida City Gas to provide backup service in a highly concentrated but growing market.

馬林公司已經與佛羅裡達城市天然氣公司簽訂合同，在高度集中但不斷增長的市場中提供備用服務。

Additionally, we are considering multiple opportunities to utilize our interstate pipeline operations to support growth opportunities across the system.

此外，我們正在考慮利用我們的州際管道業務的多種機會來支持整個系統的成長機會。

Either just some of the many similar opportunities that we are pursuing.

要么只是我們正在追求的許多類似機會中的一些。

And in terms of new capital investment, our earnings growth has been driven by the execution of prudent capital investment plan.

在新的資本投資方面，我們的獲利成長是由執行審慎的資本投資計畫所推動的。

We talked about similar plans for Florida City Gas when we announced the deal.

當我們宣布這筆交易時，我們談到了佛羅裡達州城市天然氣公司的類似計劃。

And we are really excited about the expected capital investment opportunities created through these new service territories.

我們對透過這些新服務領域創造的預期資本投資機會感到非常興奮。

In the near term, you will see us accelerate both the state and card replacement program.

在短期內，您將看到我們加速州和卡片更換計劃。

As Jeff mentioned earlier, we also expect to file very soon and announce the financial economics associated with three capital projects where we will connect RNG to Florida City Gas system.

正如傑夫之前提到的，我們也預計很快就會提交並宣布與三個資本項目相關的金融經濟學，我們將在這些項目中將 RNG 連接到佛羅裡達城市天然氣系統。

We are also well underway on multiple interstate pipeline projects that we hope to announce later this year.

我們的多個州際管道項目也正在順利進行，我們希望在今年稍後宣布這些項目。

Again, while we will begin to see an impact from opportunities to accelerate infrastructure replacement program and new projects in 2024, Steve will really pay off more over time and are a key driver of our 2025 and longer-term 2028 outlook.

同樣，雖然我們將在2024 年開始看到加速基礎設施更換計劃和新項目的機會帶來的影響，但隨著時間的推移，史蒂夫將真正獲得更多回報，並且是我們2025 年和2028年長期前景的關鍵驅動力。

As I mentioned, an assurance of why we've already recognized benefits from the transaction in just three short months.

正如我所提到的，這保證了為什麼我們在短短三個月內就已經認識到了這筆交易的好處。

We are committed to achieving the guidance we have established for 2020 for 2025 and the longer term, I look forward to updating you on our progress throughout the year.

我們致力於實現我們為 2020 年和 2025 年制定的指導方針，從長遠來看，我期待向您通報我們全年的最新進展。

Turning to slide 19, we show our forecasted 2024 to 2028 capital invest.

轉向投影片 19，我們展示了 2024 年至 2028 年資本投資的預測。

And as you can see, we are reaffirming our previous capital investment guidance of $1.5 billion to $1.8 billion by 2028.

正如您所看到的，我們重申了先前到 2028 年的 15 億至 18 億美元的資本投資指引。

And we continue to expect an approximate run rate of $300 million to $360 million per year, including for 2024.

我們仍預計每年的營運費用約為 3 億至 3.6 億美元，包括 2024 年。

On slide 20, we show more detail on this projected capital expenditure spend for the 5-year period.

在投影片 20 中，我們展示了有關 5 年期間預計資本支出支出的更多詳細資訊。

As you can see in the Florida City Gas.

正如您在佛羅裡達州城市天然氣公司中看到的那樣。

We are more heavily weighted toward our regulated energy segment with almost 90% of our capital expenditure plan dedicated to our regulated asset base.

我們更重視受監管的能源領域，近 90% 的資本支出計畫專門用於受監管的資產基礎。

These investments will drive continued regulated customer growth, bolster the safety and reliability of our system and by investing in pipelines and Interpay, create additional pathways to market for sustainable fuels.

這些投資將推動受監管的客戶持續成長，增強我們系統的安全性和可靠性，並透過投資管道和 Interpay，為永續燃料市場創造更多途徑。

More specifically, we expect to invest between $600 million and $645 million in regulated distribution growth, $435 million to $590 million in regulated transmission growth, $300 million to $340 million in regulated infrastructure program, $140 million to $165 million in investments in our unregulated businesses and $70 million to $90 million in support of our five year technology road.

更具體地說，我們預計投資6 億至6.45 億美元用於受監管的配電成長，4.35 億至5.9 億美元用於受監管的輸電成長，3 億至3.4 億美元用於受監管的基礎設施計劃，1.4 億至1.65 億美元用於不受監管的業務投資，以及7000萬至9000萬美元用於支持我們五年的技術之路。

Turning to slide 21, with our FCD. financing plan, our top priority was to maintain a strong balance sheet, and we executed a financing plan consistent with an investment-grade rating profile.

轉向投影片 21，使用我們的 FCD。在融資計畫中，我們的首要任務是維持強勁的資產負債表，我們執行了符合投資等級評級的融資計畫。

As this slide shows, we accomplished our financing objectives, achieving an equity to total capitalization ratio of 47% at the end of 2023.

正如這張投影片所示，我們實現了融資目標，到 2023 年底實現股本與總資本比率達到 47%。

On October 31, we priced a $550 million private placement with a weighted coupon rate of 6.54%.

10月31日，我們對定向增發定價為5.5億美元，加權票面利率為6.54%。

In early November, we raised about $380 million in gross proceeds post greenshoe in an equity offering.

11 月初，我們透過股票發行獲得了綠鞋發行後的總收益約 3.8 億美元。

As a result, we issued 4.4 million shares, resulting in 22.2 million shares outstanding at year end.

結果，我們發行了 440 萬股，年末流通股為 2,220 萬股。

For the year, stockholders' equity increased by $413 million or approximately 50% primarily driven by our equity financing for the Florida City Gas acquisition, our strong net income performance and issuances through our dividend reinvestment and stock compensation plan.

今年，股東權益增加了 4.13 億美元，約 50%，這主要是由於我們收購佛羅裡達城市天然氣公司的股權融資、我們強勁的淨利潤表現以及透過股息再投資和股票補償計劃進行的發行。

This was partially offset by dividend payments of approximately $44 million.

這被約 4400 萬美元的股息支付部分抵消。

We are also reinvesting about 55% or greater of our earnings back into our business to fund future capital investments.

我們還將約 55% 或更多的收入重新投資到我們的業務中，為未來的資本投資提供資金。

Historically, we have also dribbled out smaller amounts of equity over time to manage to our target capital structure.

從歷史上看，隨著時間的推移，我們也逐漸減少了股權的使用，以管理我們的目標資本結構。

We will continue to follow this strategy as we carry out our 5-year capital plan as you can see on slide 22, we have a long-term debt profile with minimal maturities over the next two years.

正如您在投影片 22 中看到的那樣，我們在執行 5 年資本計畫時將繼續遵循此策略，我們的長期債務狀況在未來兩年內期限較短。

It gives us the flexibility to execute on our robust capital plan while making progress on the integration and navigating through the uncertain economic environment.

它使我們能夠靈活地執行穩健的資本計劃，同時在整合方面取得進展並應對不確定的經濟環境。

Now I would like to touch on our financing capacity requirements, which are highlighted on Slide 23.

現在我想談談我們的融資能力要求，這在幻燈片 23 中強調了。

The strength of our balance sheet and our liquidity position supports our investment plans.

我們的資產負債表實力和流動性狀況支持我們的投資計劃。

We have remaining capacity on our shelf agreements and revolving credit facility, which provides more immediate access to debt capital from 2024 through 2028, we anticipate securing additional permanent financing to support our capital projection, which we will do through an appropriate mix of equity and debt with a target to achieve an equity to total capitalization ratio of 50% by 2028.

我們的擱置協議和循環信貸安排上還有剩餘容量，可以更立即地獲得2024 年至2028 年的債務資本，我們預計將獲得額外的永久性融資來支持我們的資本預測，我們將透過股權和債務的適當組合來實現這一目標目標是到2028年實現股本佔總資本比例50%。

Finally, as promised last quarter post acquisition, we will be pursuing a credit rating.

最後，正如上季收購後所承諾的那樣，我們將尋求信用評級。

With that, I will now turn the call over to Jim.

現在，我將把電話轉給吉姆。

Jim?

吉姆？

Thank you, Beth, and good morning.

謝謝你，貝絲，早安。

It's great to be with you all today.

今天很高興能和大家在一起。

Moving to slide 24 we provide an overview of key regulatory initiatives that were recently completed or are well underway in Florida.

轉到投影片 24，我們概述了佛羅裡達州最近完成或正在進行的主要監管舉措。

We have three full quarters of earnings associated with the permanent rate changes from our recent Florida rate case, and we expect to recognize close to $17.2 million in 2020.

我們有完整三個季度的收益與最近佛羅裡達州利率案例中的永久性利率變化相關，我們預計 2020 年將確認近 1720 萬美元。

For Florida City Gas rates became effective on May first, 2023 with an incremental $14.1 million rate increase and it allowed ROE of 8.5% to 10.5% on January 30, 2024.

佛羅裡達城市天然氣費率於 2023 年 5 月 1 日生效，費率增量為 1,410 萬美元，並允許自 2024 年 1 月 30 日起 ROE 達到 8.5% 至 10.5%。

We filed a rate case for our Maryland division, Sandpiper energy and Elkton Gas, which I will cover in more detail on the next slide.

我們為馬裡蘭州部門 Sandpiper energy 和 Elkton Gas 提交了費率案例，我將在下一張幻燈片中更詳細地介紹這個案例。

Our proposal to consolidate the three entities builds off of the process that we followed in Florida.

我們合併三個實體的提議是建立在我們在佛羅裡達州遵循的流程的基礎上的。

While each jurisdiction is different, we are looking forward to a similar a constructive process in Maryland.

雖然每個司法管轄區都不同，但我們預期馬裡蘭州也能有類似的建設性過程。

On the infrastructure side, we have a number of programs initiatives underway, including the guard and safe programs in Florida.

在基礎設施方面，我們正在進行許多計劃舉措，包括佛羅裡達州的警衛和安全計劃。

These programs are contributing to our ability to maintain safe and reliable service for our customers, which also contribute to margin growth over the next 10 years.

這些計劃有助於我們為客戶提供安全可靠的服務，這也有助於未來 10 年的利潤成長。

Let me spend a few minutes highlighting our Marathon rate case shown on Slide 25.

讓我花幾分鐘重點介紹投影片 25 中顯示的馬拉松費率案例。

As I mentioned, we proposed consolidating our three Maryland distribution companies into one legal entity required to come back pursuant to a previous regulatory filing for Sandpiper energy, we are proposing a $6.9 million rate increase, which is the first rate increase we have sought in 16 years, inclusive in the filing.

正如我所提到的，我們提議將我們的三家馬裡蘭州分銷公司合併為一個法人實體，根據先前Sandpiper 能源的監管文件，我們提議加息690 萬美元，這是我們16 年以來尋求的首次加息。年，包括在備案中。

Our other tariff changes, including a new technology cost recovery rider, a proposed underserved area rate, which will enable expansions to meet demand as well as a program for evaluating extensions to multi-family projects.

我們的其他關稅變化，包括新技術成本回收附加條款、擬議的服務欠缺地區費率（這將使擴建能夠滿足需求）以及評估多戶項目擴建的計劃。

On slide 26, we highlight another significant project well underway.

在投影片 26 上，我們重點介紹了另一個正在進行的重要項目。

The Webster resiliency upgrade the approximately $80 million project for a liquefied natural gas storage project in Maryland.

韋伯斯特彈性公司對馬裡蘭州液化天然氣儲存項目價值約 8,000 萬美元的項目進行了升級。

This facility, which consists of five low-profile horizontal storage tanks, will allow Eastern Shore Natural Gas and provide critical energy service during the peak winter heating season, particularly to our growing distribution utilities on the Delmarva Peninsula, the firm held a public scoping session for the local community in December and it was rewarding to hear all attendees speak in favor of the project.

該設施由五個低矮臥式儲槽組成，將允許東岸天然氣在冬季供暖高峰季節提供關鍵的能源服務，特別是對我們在德爾馬瓦半島不斷增長的配電設施，該公司舉行了一次公開範圍界定會議12 月，我們為當地社區舉辦了一次活動，聽到所有與會者都支持這個項目，我感到很欣慰。

Eastern Shore continues to execute its robust public outreach, pedigree and engagement programs.

東海岸繼續執行其強大的公共宣傳、血統和參與計劃。

Most recently holding update meetings with officials representing the project area and also conducting emergency response training with first response.

最近與代表計畫地區的官員舉行了最新情況會議，並與第一響應人員進行了緊急應變培訓。

First, environmental assessment is the next major major milestone, which is anticipated to be issued in April of 2024.

首先，環境評估是下一個重大里程碑，預計將於 2024 年 4 月發布。

I would like to spend a moment to review the hydrogen initiatives we have underway to help advance hydrogen potential as a common fuel source in the near term.

我想花點時間回顧我們正在進行的氫計劃，以幫助在短期內提高氫作為常見燃料來源的潛力。

As shown on slide 27, we are helping to foster a productive and supportive landscape with dedicated initiatives related to safety, awareness, training, education and community involvement, as well as conducting real world testing work is laying the foundation for eventual hydrogen production and delivery to end users or for industrial processes through service contracts as a partner on the Mach two hydrogen hub project.

如幻燈片27 所示，我們正在透過與安全、意識、培訓、教育和社區參與相關的專門舉措，幫助培育富有成效和支持性的環境，並進行現實世界的測試工作，為最終的氫氣生產和交付奠定基礎作為馬赫兩氫樞紐計畫的合作夥伴，透過服務合約向最終用戶或工業流程提供服務。

We are working to bring affordable and environmentally responsible solutions to customers in Delaware, Southern New Jersey and southeastern Pennsylvania.

我們致力於為特拉華州、新澤西州南部和賓夕法尼亞州東南部的客戶提供經濟實惠且對環境負責的解決方案。

Beyond MARC two, we have made Marlin fleet investments and have conducted tests at a glance to demonstrate hydrogen potential as a viable option for industrial gas users.

除了 MARC 2 之外，我們還對 Marlin 船隊進行了投資，並進行了快速測試，以證明氫氣作為工業氣體用戶的可行選擇的潛力。

We are also working on other sustainable energy initiatives and look forward to updating you at the appropriate time.

我們也致力於其他永續能源舉措，並期待在適當的時候向您通報最新情況。

As we have highlighted many times, our company culture is firmly rooted in the safety of our teams and communities in line with our culture.

正如我們多次強調的那樣，我們的公司文化牢牢植根於符合我們文化的團隊和社區的安全。

We implemented our safety data management system in 2023 and then unveiled the system to our employees at the beginning of 2024.

我們於 2023 年實施了安全資料管理系統，並於 2024 年初向員工公佈了該系統。

In addition, we broke ground on our second safety town located in Danbury, Florida on January 31, 2024.

此外，我們位於佛羅裡達州丹伯里的第二個安全城鎮於 2024 年 1 月 31 日破土動工。

We will share more detail on our dedicated safety programs in our inaugural safety and reliability report, which will be published soon.

我們將在即將發布的首份安全和可靠性報告中分享有關我們專用安全計畫的更多詳細資訊。

We are transitioning this year from a single large sustainability report to three smaller focused topical reports as well as through investor focus tables.

今年，我們正在從一份大型永續發展報告過渡到三份較小的重點專題報告以及投資者焦點表。

This enhanced reporting approach will drive more routine reporting that ensures a steady release of fresh information throughout the year through these reports, and we will share the data widely through our microsite press releases and social media.

這種增強的報告方法將推動更多的常規報告，確保透過這些報告全年穩定發布新訊息，我們將透過我們的微型網站新聞稿和社交媒體廣泛分享數據。

Finally, I would like to showcase a recent achievement that really demonstrates the entrepreneurial, innovative and competitive market mindset embedded throughout our entire enterprise.

最後，我想展示最近的一項成就，它真正展示了我們整個企業所蘊含的創業、創新和競爭市場思維。

Recently at our first dairy manure RNG facility at full circle dairy in Florida, we introduced a groundbreaking new technology, a fully self-contained CNGRNG. fueled farm irrigation and waste pumping unit.

最近，在佛羅裡達州全循環乳品廠的第一個乳牛糞便 RNG 設施中，我們引入了一項突破性的新技術，即完全獨立的 CNGRNG。燃料農場灌溉和廢物泵裝置。

This unit which will be delivered in March of 2020 for opens future opportunities for farms to convert equipment to CNGRNG. fuel.

該裝置將於 2020 年 3 月交付，為農場未來將設備轉換為 CNGRNG 提供機會。燃料。

I would like to congratulate this team and all of our teams that work hard every day on equally impressive projects.

我要祝賀這個團隊以及我們所有每天在同樣令人印象深刻的專案上努力工作的團隊。

With that, I will turn the call back to Jeff, Jeff?

這樣，我會把電話轉回傑夫，傑夫？

In summary, we remain committed to delivering on the attractive opportunities across our growth platforms that includes executing on the incremental opportunities provided by the SCG. acquisition and achieving returns that deliver value to our stakeholders.

總之，我們仍然致力於在我們的成長平台上提供有吸引力的機會，包括執行 SCG 提供的增量機會。收購和實現回報，為我們的利害關係人帶來價值。

We believe that our disciplined investments will continue to drive top-quartile earnings performance into the future.

我們相信，我們嚴格的投資將繼續推動未來的獲利表現躋身前四分之一。

In addition to the transformative projects we initiated and completed in 2023.

除了我們於 2023 年啟動並完成的變革性專案。

We continue to take a customer-centric view of our energy delivery mission and are excited about our initiatives to enhance the customer experience.

我們繼續以客戶為中心來看待我們的能源交付使命，並對我們增強客戶體驗的舉措感到興奮。

Altogether, Chesapeake Utilities is an attractive investment opportunity our shareholders benefit from an energized team that is focused on customers and investments to serve those customers in growing service areas.

總而言之，切薩皮克公用事業公司是一個有吸引力的投資機會，我們的股東受益於一個充滿活力的團隊，該團隊專注於客戶和投資，為不斷增長的服務領域的客戶提供服務。

We are very committed to continuing our long-term history of superior performance.

我們非常致力於延續我們長期卓越績效的歷史。

With that, we'll take your questions.

接下來，我們將回答您的問題。

Thank you, operator.

謝謝你，接線生。

(Operator Instructions)

（操作員說明）

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Thank you very much and congratulations on a great quarter on I guess my first question is, do you have a sense of when you would file a full general rate case in Florida?

非常感謝您，並祝賀您度過了一個美好的季度，我想我的第一個問題是，您是否知道何時會在佛羅裡達州提交完整的一般費率案件？

Well, I can start that off and then Jeff, and Jim feel free to add any additional comments.

好吧，我可以開始，然後傑夫和吉姆可以隨意添加任何其他評論。

You know, Paul, both of the Florida natural gas units, both our own FPU. and Florida City.

保羅，你知道，佛羅裡達州的兩個天然氣單位都是我們自己的 FPU。和佛羅裡達城。

And we just in last year and received rate increases.

我們去年就收到加息了。

And so, you know, as we talked about on the phone, particularly in the case of Florida City and they are have a mechanism that they have available to them.

所以，你知道，正如我們在電話中談到的，特別是在佛羅裡達城的情況下，他們有一個可用的機制。

It enables them to achieve the approved ROE bands that the PSC authorized and that they are allowed to earn.

它使他們能夠達到 PSC 授權並允許他們獲得的批准的 ROE 等級。

And so really for us, our focus on right now is trying to evaluate when will be the appropriate time that we may seek to go in and actually tried to get a portion of the goodwill as an acquisition premium full recovery there.

因此，對我們來說，我們現在的重點是試圖評估何時是我們可能尋求進入的適當時機，並實際上試圖獲得一部分商譽作為收購溢價完全收回。

And so that's really the focus right now and integrating the operations.

因此，這確實是目前的焦點，也是整合營運的關鍵。

So we've not really focused on the requirement for rate increase at this point.

因此，我們目前還沒有真正關注升息的要求。

And as we've talked about a lot on the call.

正如我們在電話中談論了很多。

One of the things that we are really excited about by this transaction, our the opportunities that we see in terms of new investments so out of the gate, that's our focus.

這次交易讓我們真正感到興奮的事情之一是我們在新投資方面看到的機會，所以這是我們的重點。

And those are the areas on the regulatory side that we're really focused on as well.

這些也是我們真正關注的監管方面的領域。

Jeff, I don't know if you want to add anything or Jim and

傑夫，我不知道你是否想補充什麼，吉姆和

I would add a comment that we are taking a look at the rates on our electric operation in Florida.

我想補充一點，我們正在研究佛羅裡達州電力運營的費率。

Well, it's been a while since we've been, and we've made some fairly significant investments in the system.

嗯，我們已經有一段時間沒有這樣做了，而且我們已經對該系統進行了一些相當重大的投資。

And so that might be the next likely Canada to serve the gas unit.

因此，加拿大可能是下一個為該天然氣裝置提供服務的國家。

So we're in very recently and then if I look at slide 17, we identified additional opportunities of that $0.20 to $0.30 primarily represent cost savings synergies in Florida or ITS, something

所以我們最近才進入，如果我看幻燈片 17，我們發現 0.20 美元到 0.30 美元的額外機會主要代表佛羅裡達州或 ITS 的成本節約協同效應，一些

That really, Paul, that really encompasses when you look at slide 18 and you look at I'll call it the doughnut of things that we see across the enterprise.

Paul，當您查看幻燈片 18 時，這確實包含了這一點，我將其稱為我們在整個企業中看到的事物的甜甜圈。

It is some combination of those six areas with the biggest portion of that we've identified in 2024 will certainly come out of that cost and operating synergies and efficiencies as we move forward.

這是這六個領域的某種組合，其中我們在 2024 年確定的最大部分肯定會隨著我們的前進而產生成本、營運協同效應和效率。

That's where I talked a little bit about right as you get into next year and the year after CERTAINLY, those pieces of the pie that are focused on, in know, new in a new capital investment infrastructure programs margin from the value chain as well as regulatory strategy will be a bigger piece, but all of them will play some piece in achieving that $0.20 to $0.30. That's included on Slide 17.

這就是我談到的一點，當你進入明年和後年時，當然，那些專注於新資本投資基礎設施計劃中新的部分從價值鏈以及監管策略將是一個更大的部分，但所有這些策略都將在實現0.20 至0.30 美元的目標中發揮一定作用。這包含在幻燈片 17 中。

And last question for me can you just give us an update on where the propane business and so far in 2020?

最後一個問題，您能為我們介紹一下 2020 年丙烷業務的最新情況嗎？

Yes.

是的。

And while we haven't we haven't really put any information out on that.

雖然我們還沒有真正發布任何相關資訊。

I know you know, certainly with some of the reports that have been out on temperatures and temperatures this year relative to last year were certainly colder on relative to the long-term normal.

我知道你知道，當然，根據一些有關氣溫的報告，今年的氣溫相對於去年來說肯定比長期正常情況要冷。

I think you know, the reports that you see and I don't think it's inconsistent in our service areas overall, I'm still not going back to some of those 10 year normal temperatures that we but again, year-over-year coming out of the gate colder than the prior year.

我想你知道，你看到的報告，我認為我們的服務區域整體上並沒有不一致，我仍然不會回到我們十年來的正常溫度，但每年都會出現出門比去年還冷。

Right.

正確的。

Thank you very much.

非常感謝。

Thank you, Paul, appreciate your feedback.

謝謝你，保羅，謝謝你的回饋。

Yes.

是的。

(Operator Instructions)Brian J. Russo, Sidoti.

（操作員說明）Brian J. Russo，Sidoti。

Hi, good morning.

早安.

Good morning.

早安.

Thanks for all the additional detail.

感謝您提供所有額外的細節。

But just to follow up on the focus on the acquisition, premium adjustment and recovery in Florida and when what's the next step?

但只是為了跟進佛羅裡達州的收購、保費調整和復甦的重點，下一步是什麼時候？

And I assume that's not included in your 2025 and 2028 earnings guidance?

我想這不包括在你們 2025 年和 2028 年的盈利指導中嗎？

So in our As Brian, as we mentioned, we're about three, you know right now about three months into the acquisition.

正如我們所提到的，布萊恩，我們大約進行了三次收購，你知道，現在收購大約三個月了。

And I think certainly in the near term, as we think about 2024 and 2020, as you know, we are evaluating an appropriate time to go for a portion of that.

我認為在短期內，如您所知，當我們考慮 2024 年和 2020 年時，我們正在評估實施其中一部分的適當時機。

I would not at this point.

我現在不會。

We've not heavily factored that in at least in the near term, but it is something if we have that opportunity.

至少在短期內我們還沒有充分考慮這一點，但如果我們有機會的話，這就是一件好事。

I think certainly, Jeff, Cheryl and the team, Jim and the team, we would certainly pursue at the right time, but right now, again, we're focused on getting the business integrated.

我當然認為，傑夫、謝麗爾和團隊、吉姆和團隊，我們肯定會在正確的時間追求，但現在，我們再次專注於業務整合。

We've got the synergies that we've talked about.

我們已經實現了我們已經討論過的協同效應。

We've got the capital investments that Jeff spoke to.

我們已經獲得了傑夫談到的資本投資。

You're going to hear about three of those coming here in the near future, getting those off and running.

在不久的將來，你會聽到其中三人來到這裡，將它們關閉並運行。

And then, you know, there are some things on the regulatory side, particularly from a best practices perspective that we're going to be focused on out of the gate, Jeff and Jim, feel free.

然後，你知道，監管方面有一些事情，特別是從最佳實踐的角度來看，我們將重點關注這些問題，傑夫和吉姆，請放心。

Any additional comments to both, Mike?

麥克，還有什麼其他意見嗎？

Yes, but no, I think that covered it.

是的，但不，我認為這涵蓋了它。

I mean, I would remind folks that it took us a little while to gather the savings data that's really necessary in Florida and to meet to a fire factor test or demonstrating that we can recover parts and pieces of the premium without adversely impacting rate payments so that that's usually a year-long process.

我的意思是，我想提醒大家，我們花了一些時間來收集佛羅裡達州真正必要的儲蓄數據，並滿足火災因素測試或證明我們可以收回部分保費而不會對費率支付產生不利影響，因此這通常是一個長達一年的過程。

And then we would likely look to recover something.

然後我們可能會尋求恢復一些東西。

We began a filing process potentially next year.

我們可能會在明年開始備案流程。

There may be some other sort of small-scale things we can do along the way.

在過程中我們可能還可以做一些其他小規模的事情。

Our primary focus, frankly, is Germany is growing through all of that and we think we've got a pretty good plan in place to do it.

坦白說，我們的主要關注點是德國正在經歷這一切的成長，我們認為我們已經制定了一個非常好的計劃來做到這一點。

Okay, great.

好的，太好了。

And then just to clarify, the the CapEx multiyear table that you've laid out, is that all accounted for in terms of investments and projects that triangulates with the longer term, our guidance.

然後澄清一下，您所列出的多年資本支出表是根據我們的指導的長期三角測量的投資和項目來計算的。

So for example, if you were to announce another propane acquisition, is that incremental to the existing capital budget that you've laid out?

例如，如果您要宣布另一項丙烷收購，這是否會增加您已製定的現有資本預算？

That's a great question, Brian.

這是一個很好的問題，布萊恩。

What I would say is given short history, they will do some.

我想說的是，鑑於歷史較短，他們會做一些事情。

They've done some small acquisitions in on the propane side of our five years projection that we've given you on the capital would include some potential very, very small, small propane type transactions, certainly not larger.

他們在我們五年預測的丙烷方面進行了一些小型收購，我們為您提供的資本將包括一些潛在的非常非常小的丙烷類型交易，當然不是更大的交易。

The larger one that we did a couple of years ago.

我們幾年前做過的較大的一個。

We don't factor those types of things in, but our track record and knowing the service territories and small opportunities that may be out there now with our expanded footprint, that would be something that we might be comfortable, including because they're very small beyond and the projects that we have in here, you know, you're familiar with our strategic planning process that we've talked about many times in that.

我們不會考慮這些類型的事情，但我們的業績記錄和了解服務領域以及隨著我們的足跡擴大而可能出現的小機會，這將是我們可能會感到舒服的事情，包括因為它們非常除了我們這裡的專案之外，您知道，您熟悉我們已經多次討論過的策略規劃流程。

But we take a look at all the different projects that we're working on.

但我們會看看我們正在進行的所有不同項目。

Some of them certainly five years out, you have it locked in, but what you will, our the opportunities that are out there.

其中一些肯定是五年後的事，你已經鎖定了它，但無論你願意，我們的機會都在那裡。

You look at the run rate of the projects that you've achieved, you will look at what capacity needs are going to be in each of our service territories.

您將查看已實現的專案的運作率，您將了解我們每個服務區域的容量需求。

And we have a good handle on that now certainly with Delmarva FPU, but now with Florida City.

我們現在在 Delmarva FPU 和佛羅裡達城都能很好地處理這個問題。

And so that gives us real comfort into some of the dollars that we're putting out there and the things that we're thinking about, particularly on the regulation.

因此，這讓我們對我們投入的一些資金和我們正在考慮的事情，特別是在監管方面感到真正的安慰。

Okay, great.

好的，太好了。

And then just lastly, on your outlook for distribution customer growth in Delmarva and Florida, it seemed as if it's up below what the I guess, the trailing 12 months was it looks like you're forecasting 3% in Florida versus 3%, Florida versus 4% in 2023 and the same with Delmarva 4% over the next five years versus the 5% that you reported in 2023.

最後，關於您對德爾馬瓦和佛羅裡達州分銷客戶成長的展望，似乎低於我的猜測，過去 12 個月，您預測佛羅裡達州為 3%，而佛羅裡達州為 3% 2023 年為4%，Delmarva未來五年為4%，而您在2023 年報告的為5%。

Just give a little bit more insight while still well above the national average and clearly a differentiator.

只需提供更多一點的見解，同時仍遠高於全國平均水平，並且顯然是一個差異化因素。

Just curious what you're seeing there points?

只是好奇你在那裡看到了什麼？

Sure.

當然。

Great question, Brian.

好問題，布萊恩。

We we came up with those estimates based upon what is in our current backlog and what we've signed.

我們根據目前積壓的訂單和已簽署的內容得出了這些估計值。

So what we've not included in our numbers are, for example, potential developments that might utilize natural gas that we're talking with, but they're not under contract.

因此，我們沒有包括在我們的數字中，例如，我們正在討論的可能利用天然氣的潛在開發項目，但它們沒有簽訂合約。

So you're absolutely right going to a place of could there be a higher growth rate?

所以你去一個成長率更高的地方是絕對正確的？

Absolutely.

絕對地。

If we sign up additional developments and they become part of our backlog, but we don't what we don't want to do is come out and speculate on things that are not under contract.

如果我們簽署了額外的開發項目，它們就成為我們積壓的一部分，但我們不想做的就是出來推測合約之外的事情。

The other thing that I would point out is in particular, if you will information, you know that we have around natural gas distribution margin growth, that core growth, particularly in Florida.

我要特別指出的另一件事是，如果您願意了解信息，您知道我們圍繞天然氣分銷利潤增長，即核心增長，特別是在佛羅裡達州。

What you see is there's a very significant portion that's also being driven by commercial and industrial growth.

你看到的是，有很大一部分也是由商業和工業成長所推動的。

And so that's another key component here that should stay strong as well.

因此，這是這裡的另一個關鍵組成部分，也應該保持強勁。

But we what we tried to do was build our ranges based on what we've signed and what we know is out there in terms of development where you know, service can still be corrected.

但我們試圖做的是根據我們已簽署的內容以及我們所知道的開發範圍來建立我們的產品範圍，您知道，服務仍然可以糾正。

I would add nine that we have been trying to be relatively conservative in some of these estimates as is not not unusual for us and thinking about the mortgage interest rate increases that have occurred that haven't really dampened construction activity in our service areas, but we keep expecting that it might it might.

我想補充九點，我們一直試圖在其中一些估計中相對保守，這對我們來說並不罕見，並且考慮到已經發生的抵押貸款利率上漲並沒有真正抑制我們服務區域的建築活動，但是我們一直期待著它可能會發生。

We haven't seen much of that yet, but I think we know from our perspective forecasting on the conservative side, there's a long way to go.

我們還沒有看到太多這樣的情況，但我認為從保守預測的角度來看，我們還有很長的路要走。

We may if construction continues at the levels that we've seen over the last two several years, we might well exceed those numbers.

如果建設繼續保持過去兩年的水平，我們可能會超過這些數字。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions) Chris Ellinghaus, Siebert Williams Shank.

（操作員說明）Chris Ellinghaus、Siebert Williams Shank。

Hey, everybody, how are you?

嘿，大家好，你們好嗎？

Good morning.

早安.

Good morning.

早安.

In the margin uplift slide, the uplift for the Florida rate case kind of seems on the small side relative to the way, I would typically think about seasonality for you.

在利潤率提升幻燈片中，佛羅裡達州利率案例的提升似乎相對於方式而言較小，我通常會考慮季節性因素。

Can you just sort of talk about what leads you to your margin expectations for the first quarter in terms of from from Florida City Gas or from the rate case for the stub part in the first quarter?

您能否談談是什麼導致您對第一季的利潤預期（從佛羅裡達州城市天然氣公司或第一季存根部分的費率情況來看）？

Well, keep in mind that for us.

好吧，請記住這一點。

We did not have a full year of permanent rate, but not at the rate increase level.

我們沒有全年的永久利率，但沒有達到利率上漲水準。

And so that's why we have that incremental amount.

這就是我們增加數量的原因。

So going in and actually moving up from $14 million to over $17 million in 2024.

因此，到 2024 年，實際投入將從 1,400 萬美元增加到 1,700 萬美元以上。

So that that's the additional piece that you're seeing come through.

這就是您看到的附加部分。

Okay.

好的。

On the following up on that customer growth question, what sort of looked like in the fourth quarter and there is a little bit of a slowing in customer growth that it economic, you know, slowdown that you're seeing at all.

關於客戶成長問題的後續問題，第四季度情況如何，客戶成長略有放緩，這在經濟上，你知道，你所看到的放緩。

I think that that goes to what Jeff mentioned is that we continue to expect just given where mortgage rates have been, that other might be more of the dampening.

我認為這就是傑夫提到的，我們繼續預期，鑑於抵押貸款利率的水平，其他因素可能會受到更多抑制。

I know when we look at our backlogs and the number of customers that are in there and you know, it certainly seems like growth is going to continue, but there could be some of that that causes it to back off a little bit if that does pick up, Jeff, I don't know if there's anything else you might want to add to that.

我知道，當我們查看我們的積壓訂單和其中的客戶數量時，您知道，增長似乎肯定會繼續，但如果確實如此，其中一些因素可能會導致其略有回落接起來，傑夫，我不知道你是否還有什麼要補充的。

But no, I mean, we have a general downturn in many of our service territories as you're going to come into the winter early we are in.

但不，我的意思是，我們的許多服務領域普遍陷入低迷，因為我們將提前進入冬天。

So there are some limitations, frankly, in some of the towns that we serve on the operate to construct sort of U.S. loans and those sorts of things during the winter period.

因此，坦白說，在我們服務的一些城鎮中，在冬季期間開展美國貸款等活動存在一些限制。

So they're usually a little bit a little bit of a downturn, but I think the economies has something to do with it as well built into it.

因此，它們通常會出現一點點的低迷，但我認為經濟也與此有關，也與此有關。

Okay.

好的。

On Tom page 14 of the press release you identify reduced demand for CNGL. and GRNG. of a nickel for the fourth quarter.

Tom 在新聞稿第 14 頁發現 CNGL 需求減少。和GRNG。第四季的五分錢。

Are you not ascribing that to weather effects?

您不是將其歸因於天氣影響嗎？

No, that actually had to do Chris was on it.

不，這實際上是克里斯在做的。

If you look at the year, so to speak, the year was pretty flat, but that's why some certain quarters year-over-year were higher than others.

如果你看看這一年，可以說，這一年相當平穩，但這就是為什麼某些特定季度同比高於其他季度的原因。

So there's not really a change from a demand perspective.

因此，從需求角度來看，並沒有真正的改變。

It's more the timing of some of the contracts that Marlin had entered into.

更多的是馬林簽訂的一些合約的時間安排。

And so Marlin continues to have high utilization.

因此，Marlin 的利用率仍然很高。

That hasn't changed again, it's just the timing of when some of the contracts basically came to an end.

這並沒有再次改變，只是一些合約基本上結束的時間。

Okay.

好的。

On you did mention that Marlin has acquired some hydrogen trailers as you do some of these projects like the Boeing Beach project or whatever on the distribution side, is there any capital included in those projects for anything in preparation of hydrogen?

您確實提到馬林已經購買了一些氫氣拖車，因為您正在進行一些項目，例如波音海灘項目或分銷方面的其他項目，這些項目中是否包含用於準備氫氣的任何資本？

Or is it too early for that?

或者現在還太早嗎？

Dan Leonard?

丹·倫納德？

Yes, it's probably a little a little early, although we are in fact, thinking about that being one of the issues that we find in our systems, especially those on Delmarva and certainly in the new construction activity and the developments in Florida, most of that's plastic.

是的，這可能有點早，儘管我們事實上正在考慮這是我們在我們的系統中發現的問題之一，特別是德爾馬瓦的系統，當然還有佛羅裡達州的新建築活動和開發項目，大多數那是塑膠的。

And so we're in decent shape there should we find ourselves down the road in a situation where we're blending hydrogen into natural gas streams.

因此，如果我們發現自己處於將氫氣混合到天然氣流中的情況，我們就處於良好的狀態。

Some of the metal for steel facilities that we have been we're going to have to think a little bit about what that looks like as we keep going.

我們一直在使用一些用於鋼鐵設施的金屬，在我們繼續前進的過程中，我們將不得不稍微考慮一下它們的樣子。

Okay, great.

好的，太好了。

Thanks for the details.

感謝您提供詳細資訊。

Appreciate it.

欣賞它。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

And we have no further questions at this time.

目前我們沒有進一步的問題。

I will now turn the call back to Jeff Householder for any additional or closing remarks.

現在，我會把電話轉回傑夫·豪斯霍爾德（Jeff Householder），請其發表補充或結束語。

Thank you.

謝謝。

We appreciate very much your participation in our call this morning.

我們非常感謝您參加今天早上的電話會議。

We believe we have a solid plan in place to achieve our 2024 guidance plan.

我們相信我們已經制定了可靠的計劃來實現 2024 年指導計劃。

It also lays the groundwork for 2025 and beyond.

它也為 2025 年及以後奠定了基礎。

As always, thank you for your interest in Chesapeake Utilities and goodbye.

一如既往，感謝您對切薩皮克公用事業公司的興趣，再見。

Thank you.

謝謝。

This does conclude today's Chesapeake Utilities Fourth Quarter and Full Year 2023 earnings conference call.

今天的切薩皮克公用事業公司第四季和 2023 年全年收益電話會議到此結束。

Please disconnect your line at this time and have a wonderful day.

請此時斷開您的線路，祝您有美好的一天。