MDU Resources Group Inc (MDU) 2022 Q4 法說會逐字稿

Hello. My name is Lisa, and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group Year-end 2022 Earnings Conference Call. (Operator Instructions).

你好。我叫麗莎，我將擔任你們的會議主持人。此時，我想歡迎大家參加 MDU Resources Group 2022 年年終收益電話會議。 （操作員說明）。

The webcast can be accessed at www.mdu.com. Under the Investor Relations heading, select Events & Presentations and click Year-end 2022 Earnings Conference Call. After the conclusion of the webcast, a replay will be available at the same location. I would now like to turn the conference over to Jason Vollmer Vice President and Chief Financial Officer of MDU Resources Group. Thank you, Mr. Vollmer, you may begin your conference.

可訪問 www.mdu.com 訪問網絡廣播。在“投資者關係”標題下，選擇“活動和演示”，然後單擊“2022 年年終收益電話會議”。網絡廣播結束後，將在同一地點提供重播。我現在想將會議轉交給 MDU Resources Group 副總裁兼首席財務官 Jason Vollmer。謝謝你，Vollmer 先生，你可以開始你的會議了。

Thank you, Lisa, and welcome, everyone, to our year-end 2022 earnings release conference call. You can find our earnings release and supplemental materials for this call on our website at www.mdu.com under the Investor Relations tab.

謝謝麗莎，歡迎大家參加我們的 2022 年年終收益發布電話會議。您可以在我們網站 www.mdu.com 的“投資者關係”選項卡下找到我們的收益發布和本次電話會議的補充材料。

Leading today's discussion along with me will be Dave Goodin, President and CEO of MDU Resources. Also with us today to answer questions following our prepared remarks are Dave Barney, CEO of Knife River Corporation; Jeff Thiede, President and CEO of MDU Construction Services Group; Nicole Kivisto, President and CEO of our Utility Group; Trevor Hastings, President and CEO of WBI Energy; and Stephanie Barth, Vice President, Chief Accounting Officer and Controller of MDU Resources.

與我一起主持今天的討論的是 MDU Resources 總裁兼首席執行官 Dave Goodin。 Knife River Corporation 首席執行官戴夫·巴尼 (Dave Barney) 今天也和我們一起回答了我們準備好的發言後的問題； MDU 建築服務集團總裁兼首席執行官 Jeff Thiede；我們的公用事業集團總裁兼首席執行官 Nicole Kivisto； WBI Energy 總裁兼首席執行官 Trevor Hastings； MDU Resources 副總裁、首席會計官兼財務總監 Stephanie Barth。

During our call, we will make certain forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. Although the company believes that its expectations and beliefs are based on reasonable assumptions, actual results may differ materially. For more information about the risks and uncertainties that could cause actual results to vary from any forward-looking statements, please refer to our most recent SEC filings.

在我們的電話會議中，我們將根據 1934 年證券交易法第 21E 條的含義做出某些前瞻性陳述。儘管公司認為其預期和信念是基於合理的假設，但實際結果可能存在重大差異。有關可能導致實際結果與任何前瞻性陳述不同的風險和不確定性的更多信息，請參閱我們最近提交給美國證券交易委員會的文件。

We may also refer to certain non-GAAP information. For a reconciliation of any non-GAAP information to the appropriate GAAP measure, please refer to our earnings release from this morning. I will start by providing consolidated financial results for 2022 and our initial look at 2023 guidance before handing the call over to Dave Goodin for his formal comments and forward look.

我們也可能會參考某些非 GAAP 信息。如需將任何非 GAAP 信息與適當的 GAAP 衡量標准進行核對，請參閱我們今天上午發布的收益報告。我將首先提供 2022 年的綜合財務業績和我們對 2023 年指導的初步看法，然後將電話轉交給 Dave Goodin 以徵求他的正式評論和前瞻性。

This morning, we announced our 2022 earnings of $367.5 million or $1.81 per share on a GAAP basis compared to 2021 earnings of $378.1 million or $1.87 per share. On an adjusted basis, excluding costs related to our ongoing strategic initiatives, we earned $380.2 million or $1.87 per share in '22. Our combined utility businesses reported earnings of $102.3 million for 2022 compared to earnings of $103.5 million in 2021.

今天上午，我們公佈了 2022 年按 GAAP 計算的收益為 3.675 億美元或每股 1.81 美元，而 2021 年的收益為 3.781 億美元或每股 1.87 美元。在調整後的基礎上，不包括與我們正在進行的戰略計劃相關的成本，我們在 22 年的收入為 3.802 億美元或每股 1.87 美元。我們合併後的公用事業業務報告稱，2022 年的收益為 1.023 億美元，而 2021 年的收益為 1.035 億美元。

The electric utility segment reported earnings of $57.1 million compared to $51.9 million in 2022. The increase was a result of higher retail sales revenue due to interim rate relief in North Dakota and higher net transmission revenues. In addition, retail sales volumes increased 2.2% due to colder weather in the first and fourth quarters of the year. Earnings were favorably impacted by lower operation and maintenance expense, partially associated with the Heskett Station and Lewis & Clark Station plant closures. Partially offsetting the increase were lower investment returns of $4.6 million on nonqualified benefit plans, higher interest expense and higher planned maintenance outage costs at the [Coyote] Station.

電力公用事業部門報告的收益為 5710 萬美元，而 2022 年為 5190 萬美元。這一增長是由於北達科他州的臨時利率減免導致零售銷售收入增加以及淨輸電收入增加所致。此外，由於今年第一和第四季度天氣轉冷，零售額增長了 2.2%。收益受到較低的運營和維護費用的有利影響，部分原因與 Heskett Station 和 Lewis & Clark Station 工廠關閉有關。 [Coyote] Station 的不合格福利計劃的投資回報較低，為 460 萬美元，利息支出較高，計劃維護停運成本較高，部分抵消了這一增長。

Our natural gas utility segment reported earnings of $45.2 million in 2022 compared to $51.6 million in 2021. Results were impacted by higher operation and maintenance expense, primarily from higher subcontractor costs, lower investment returns of $7 million on nonqualified benefit plans and higher interest expense, largely related to higher debt balances and higher interest rates. The decrease in earnings were partially offset by 13.7% higher natural gas retail sales volumes to all customer classes due to colder weather and improved rate relief in certain jurisdictions.

我們的天然氣公用事業部門報告的 2022 年收益為 4520 萬美元，而 2021 年為 5160 萬美元。結果受到運營和維護費用增加的影響，主要是分包商成本增加、不合格福利計劃的投資回報減少 700 萬美元以及利息費用增加，主要與較高的債務餘額和較高的利率有關。由於寒冷的天氣和某些司法管轄區的利率減免改善，所有客戶類別的天然氣零售量增加了 13.7%，部分抵消了收益的下降。

The pipeline business earned $35.3 million in 2022 compared to $40.9 million in 2021. Results were impacted by higher interest expense, lower investment returns of $1.4 million on nonqualified benefit plans and lower nonregulated project margins resulting from lower revenues. The business benefited from increased transportation revenues due largely to the North Bakken expansion project, offset in part by lower allowance for funds used during construction and higher depreciation expense. For 2023, we expect earnings from our regulated energy delivery businesses to be in the range of $140 million to $150 million.

管道業務在 2022 年的收入為 3530 萬美元，而 2021 年為 4090 萬美元。結果受到利息支出增加、不合格福利計劃的投資回報減少 140 萬美元以及收入減少導致的非監管項目利潤率降低的影響。該業務受益於運輸收入的增加，這主要歸功於北巴肯擴建項目，部分被建設期間使用的資金準備金減少和折舊費用增加所抵消。到 2023 年，我們預計受監管的能源輸送業務的收益將在 1.4 億美元至 1.5 億美元之間。

Construction services reported record revenues of $2.7 billion and record earnings of $124.8 million compared to revenues of $2.05 billion and earnings of $109.4 million in 2021. EBITDA increased 14.7% on a year-over-year basis to $193.4 million for '22. This business has experienced consistent earnings growth over the past 5 years, growing 18.5% when compounded annually over that time period.

建築服務報告的收入為創紀錄的 27 億美元，收益為 1.248 億美元，而 2021 年的收入為 20.5 億美元，收益為 1.094 億美元。22 年的 EBITDA 同比增長 14.7% 至 1.934 億美元。該業務在過去 5 年中經歷了持續的盈利增長，在此期間每年復合增長 18.5%。

Electrical and mechanical services revenues increased 50% for the year with commercial and renewable projects largely driving the increase. Partially offsetting the higher electrical and mechanical revenues were slightly lower transmission and distribution workloads. This business saw lower margin percentages due mostly to higher operating costs related to inflation, including labor and materials and equipment costs.

電氣和機械服務收入全年增長 50%，其中商業和可再生能源項目在很大程度上推動了增長。輸電和配電工作量略有下降，部分抵消了電氣和機械收入的增加。該業務的利潤率較低，主要原因是與通貨膨脹相關的運營成本較高，包括勞動力、材料和設備成本。

Due to the continuing high demand for construction services, we are establishing the revenue guidance range for 2023 in a range of $2.75 billion to $2.95 billion, with higher margins when compared to 2022, and establishing an EBITDA range of $200 million to $225 million for 2022.

由於對建築服務的持續高需求，我們將 2023 年的收入指導範圍設定為 27.5 億美元至 29.5 億美元，與 2022 年相比利潤率更高，並將 2022 年的 EBITDA 範圍設定為 2 億至 2.25 億美元.

Our construction materials business also reported record annual revenues of $2.53 billion compared to 2021 revenues of $2.23 billion, and earnings of $116.2 million compared to $129.8 million in the prior year. Revenues grew 14% in 2022, primarily due to higher average material pricing across all product lines in response to recent inflationary pressures as well as increased contracting revenues of approximately 17% over the previous year. The impact of recently completed acquisitions had a positive impact on earnings.

我們的建築材料業務還報告了創紀錄的年收入 25.3 億美元，而 2021 年的收入為 22.3 億美元，收益為 1.162 億美元，而上一年為 1.298 億美元。 2022 年收入增長 14%，這主要是由於所有產品線的平均材料價格較高，以應對近期的通脹壓力，以及合同收入比上一年增加了約 17%。最近完成的收購對收益產生了積極影響。

EBITDA at this business increased 4.5% to $306.7 million. Margins decreased as higher operating costs, mostly due to inflation, outpaced pricing increases in the first half of the year. In addition, increased interest expense and lower investment returns of $6.1 million on nonqualified benefit plans also had a net negative impact on the year. Looking forward to 2023, given the strong backlog and continued strong demand for construction materials, we expect revenues in the range of $2.5 billion to $2.7 billion with margins higher when compared to 2022, and EBITDA in the range of $300 million to $350 million for this business.

該業務的 EBITDA 增長 4.5% 至 3.067 億美元。上半年，由於通貨膨脹導致的運營成本上升超過了價格上漲，利潤率有所下降。此外，不合格福利計劃的利息支出增加和投資回報減少 610 萬美元也對這一年產生了淨負面影響。展望 2023 年，鑑於建築材料的大量積壓和持續強勁的需求，我們預計與 2022 年相比，收入將在 25 億美元至 27 億美元之間，利潤率更高，EBITDA 在 3 億至 3.5 億美元之間商業。

As mentioned in the segment discussions earlier, our companies were impacted on a noncash basis by lower returns on nonqualified benefit plan investments. In total, the impact on a year-over-year basis was approximately $21 million or $0.10 per share when compared to the prior year results. The company attributed the change in investment returns to significant fluctuations experienced in the financial markets in 2022.

正如前面部分討論中提到的，我們的公司受到非合格福利計劃投資回報率較低的非現金影響。總的來說，與上一年的結果相比，同比影響約為 2100 萬美元或每股 0.10 美元。公司將投資回報的變化歸因於2022年金融市場的大幅波動。

Finally, the company continues to maintain a strong balance sheet and ample access to working capital to finance operations through our peak seasons. We continue to make great progress on our strategic initiatives that we announced during 2022. Business momentum is strong as we head into 2023, and we continue -- we'll continue to provide updates regarding our guidance and outlook as we progress through the year. That summarizes the financial highlights for the quarter and the year, and now I'll turn the call over to Dave Goodin for his formal remarks. Dave?

最後，公司繼續保持強勁的資產負債表和充足的營運資金，以在我們的旺季為運營提供資金。我們在 2022 年宣布的戰略舉措方面繼續取得重大進展。進入 2023 年，業務勢頭強勁，我們將繼續——隨著我們在這一年的進展，我們將繼續提供有關我們的指導和展望的最新信息。這總結了本季度和本年度的財務重點，現在我將把電話轉給戴夫古丁，聽取他的正式評論。戴夫？

Well, thank you, Jason, and thank you, everyone, for spending time with us today and for your continued interest in MDU Resources. Our construction businesses each reported record annual revenues and our construction services business also reported record annual earnings in 2022. As expected, we experienced inflationary pressures and also had weather impacts throughout the year. However, we finished the year very strong as pricing increases and other operational adjustments offset inflationary pressures. We are excited by our combined all-time record construction backlog now standing at over $3.1 billion, up 46.5% from 2021, and various growth opportunities at our regulated businesses. We see this momentum continuing into 2023 as we remain focused on safely and efficiently providing essential products and services to our customers while making great progress on our strategic initiatives to create 2 pure-play publicly traded companies.

好吧，謝謝你，Jason，也謝謝大家今天花時間和我們在一起，感謝你們對 MDU Resources 的持續關注。我們的建築業務各自報告了創紀錄的年收入，我們的建築服務業務也在 2022 年報告了創紀錄的年度收益。正如預期的那樣，我們經歷了通貨膨脹壓力，並且全年都受到了天氣影響。然而，由於價格上漲和其他運營調整抵消了通脹壓力，我們以強勁的勢頭結束了這一年。我們對我們目前超過 31 億美元、比 2021 年增長 46.5% 的總和創紀錄的建築積壓以及我們受監管業務的各種增長機會感到興奮。我們認為這種勢頭將持續到 2023 年，因為我們將繼續專注於安全高效地為客戶提供基本產品和服務，同時在創建 2 家純上市公司的戰略計劃方面取得重大進展。

To summarize activity by business unit, I'll start off with our regulated businesses. Natural gas retail sales volumes increased 13.7%, and electric retail sales volumes increased 2.2% in 2022. In addition to volume increases, higher rate relief has a positive impact on the results. The utility saw a rate base growth of approximately 7.8%, along with customer growth of about 1.6%. This business continues to seek regulatory recovery for the investments associated with providing safe and reliable electric and natural gas service to our growing customer base. There are 3 rate cases pending before regulatory agencies, and we anticipate filing 4 additional rate cases in 2023.

為了按業務部門總結活動，我將從我們受監管的業務開始。 2022 年天然氣零售量增長 13.7%，電力零售量增長 2.2%。除了銷量增長外，更高的利率減免對業績產生了積極影響。該公用事業公司的費率基數增長率約為 7.8%，客戶增長率約為 1.6%。該業務繼續尋求監管回收與為我們不斷增長的客戶群提供安全可靠的電力和天然氣服務相關的投資。監管機構有 3 起利率案件待決，我們預計 2023 年將另外提交 4 起利率案件。

The pipeline business had record transportation volumes now for the sixth consecutive year, largely from ongoing system growth and steady demand for its services. Higher transportation revenues were largely attributable to the North Bakken Expansion project that was placed into service early in 2022. In 2023, revenues are expected to increase from the North Bakken Expansion project by approximately $10 million, largely due to contracted volume commitment increases of approximately 70% to now 215 million cubic feet per day.

管道業務現在連續第六年創下運輸量記錄，這主要是由於持續的系統增長和對其服務的穩定需求。運輸收入增加主要歸因於 2022 年初投入使用的 North Bakken 擴建項目。到 2023 年，North Bakken 擴建項目的收入預計將增加約 1000 萬美元，這主要是由於合同承諾量增加約 70 % 到現在每天 2.15 億立方英尺。

On January 27, the company filed a rate case with the Federal Energy Regulatory Commission, seeking rate increases for its transport and storage services. The business continues to work on a number of expansion projects that are expected to add incremental natural gas transportation capacity of more than 300 million cubic feet per day as they are completed later in 2023 and into 2024, pending regulatory approvals.

1 月 27 日，該公司向聯邦能源監管委員會提交費率案，要求提高其運輸和倉儲服務的費率。該公司繼續致力於多個擴建項目，這些項目預計將在 2023 年晚些時候和 2024 年完工後每天增加超過 3 億立方英尺的天然氣運輸能力，等待監管部門的批准。

Now I'd like to move on to our construction businesses. Our Construction Services Group had record revenues in 2022 with growth in nearly all of its business lines, highlighting this business' capabilities to perform a diverse range of projects. We experienced strong demand for electrical and mechanical-related work with a 50% increase in revenue for the year, specifically for commercial and renewable projects. We are also encouraged by the increasing demand for utility-related transmission and distribution work.

現在我想繼續我們的建築業務。我們的建築服務集團在 2022 年的收入創下歷史新高，幾乎所有業務線均實現增長，凸顯了該業務執行各種項目的能力。我們經歷了對電氣和機械相關工作的強勁需求，全年收入增長了 50%，特別是商業和可再生能源項目。我們也對與公用事業相關的輸配電工作不斷增長的需求感到鼓舞。

Construction services ended the year with an all-time record backlog of $2.13 billion, up 54% from the prior year. And we have several large projects underway across all of our markets with our ability to successfully attract and retain a skilled workforce of over 8,900 employees across our footprint, we feel we are well positioned to complete these projects safely and efficiently. Earnings momentum is expected to continue into 2023 as sales and margin guidance are higher on a year-over-year basis.

建築服務在年底以 21.3 億美元的歷史記錄積壓，比上年增長 54%。我們有能力在我們的業務範圍內成功吸引和留住超過 8,900 名員工的熟練勞動力，我們在我們所有的市場上都有幾個正在進行的大型項目，我們認為我們有能力安全高效地完成這些項目。由於銷售額和利潤率指引同比更高，預計盈利勢頭將持續到 2023 年。

At our construction materials business, we also had record annual revenues, largely driven by increased product pricing. However, as Jason mentioned earlier, this business experienced inflationary pressures throughout 2022. While performance improved in the second half of the year as pricing increases in response to inflationary pressures took effect. Knife River's full year margins decreased because of higher costs on asphalt oil, labor, fuel and cement along with higher interest expense. The company also experienced unfavorable weather early in the year and during the fourth quarter, effectively shortening the construction season in several Knife River's key markets. We expect to see the benefits from price increases to continue into 2023.

在我們的建築材料業務方面，我們的年收入也創下歷史新高，這主要是由於產品價格上漲所致。然而，正如 Jason 之前提到的，該業務在整個 2022 年都經歷了通脹壓力。下半年業績有所改善，因為應對通脹壓力的定價上漲開始生效。由於瀝青油、勞動力、燃料和水泥的成本增加以及利息支出增加，刀河的全年利潤率下降。該公司在年初和第四季度還經歷了不利天氣，有效縮短了 Knife River 幾個主要市場的施工季節。我們預計價格上漲帶來的好處將持續到 2023 年。

Knife River increased backlog 32% from the prior year, standing at year-end at $935.4 million. Looking forward, both of our construction businesses are well positioned to benefit from increased bidding opportunities. The U.S. national infrastructure is in need of improvement as it received a C- grade from the American Society of Civil Engineers here in 2021. With the funding from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, along with additional state-level funding, demand for our construction businesses excel in completing looks strong as we look to 2023 and beyond.

Knife River 的積壓訂單比上一年增加了 32%，年底達到 9.354 億美元。展望未來，我們的兩個建築業務都處於有利地位，可以從增加的投標機會中受益。美國國家基礎設施需要改進，因為它在 2021 年獲得了美國土木工程師協會的 C 級評級。在基礎設施投資和就業法案和通貨膨脹減少法案的資助下，以及額外的州級資金，在我們展望 2023 年及以後時，對我們建築業務擅長完成的需求看起來很強勁。

This completes our individual business unit discussion. Looking ahead, we are pleased with the substantial progress we have made towards our strategic initiatives of creating 2 pure-play publicly traded companies. The tax free spin-off of Knife River is expected to be completed in the second quarter here in 2023, and in addition, we are well underway with the strategic review of our construction services business, which we also expect to complete in the second quarter. We expect to grow our rate base between 6% and 7% compounded annually over the next 5 years, driven primarily by investments in system infrastructure upgrades and replacements to safely meet growing customer demand.

我們的個別業務部門討論到此結束。展望未來，我們很高興我們在創建 2 家純上市公司的戰略舉措方面取得了實質性進展。 Knife River 的免稅分拆預計將於 2023 年第二季度在這裡完成，此外，我們正在對我們的建築服務業務進行戰略審查，我們也預計將在第二季度完成.我們預計在未來 5 年內，我們的利率基數將以每年 6% 至 7% 的複合增長率增長，這主要是受系統基礎設施升級和更換投資的推動，以安全地滿足不斷增長的客戶需求。

We are encouraged by the robust set of projects at our pipeline business as well, including ongoing system growth and steady demand for pipeline services. Overall, we have $2.5 billion in capital investments planned within our regulated energy delivery business over the next 5 years. As always, MDU Resources is committed to operating with integrity and with a focus on safety while creating superior shareholder value as we continue providing those essential services our customers need while being both a great and safe place to work.

我們也對我們管道業務的一系列強大項目感到鼓舞，包括持續的系統增長和對管道服務的穩定需求。總體而言，我們計劃在未來 5 年內對受監管的能源輸送業務進行 25 億美元的資本投資。一如既往，MDU Resources 致力於誠信經營，注重安全，同時創造卓越的股東價值，因為我們將繼續提供客戶所需的基本服務，同時成為一個優質而安全的工作場所。

I appreciate your interest in and commitment to MDU Resources, and ask now that we open the line to questions. Operator?

我感謝您對 MDU Resources 的興趣和承諾，現在我們打開問題熱線提問。操作員？

(Operator Instructions) Our first question comes from the line of Dariusz Lozny with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Dariusz Lozny。

So maybe just starting on your 2023 guidance. For the energy delivery segment, the range of $140 million to $150 million in earnings, it implies a fairly wide year-over-year rate of change of -- could be plus 2% or up to plus 9%. And just given that you've got the rate base growth that you cited from the higher capital plan that you released last year, absence of drag presumably from the nonqualified plan, some new rates in place that you alluded to. Can you maybe talk about some of the offsets there that might potentially put you at the lower end of that range? And then alternatively, what are the factors that could take you to that upper range -- upper end of that range, if you could?

因此，也許只是從您的 2023 年指南開始。對於能源輸送部門，收入在 1.4 億美元至 1.5 億美元之間，這意味著相當大的同比變化率——可能增加 2% 或高達 9%。鑑於你已經從去年發布的更高資本計劃中引用了利率基礎增長，可能沒有來自不合格計劃的拖累，你提到的一些新利率已經到位。您能否談談那裡的一些抵消可能會使您處於該範圍的低端？然後，如果可以的話，可以將您帶到該範圍上限的因素是什麼 - 該範圍的上限？

Sure. Yes, yes. No, I understand the question. I'll ask Jason to maybe start and I can add to it.

當然。是的是的。不，我明白這個問題。我會讓 Jason 開始發言，我可以補充一下。

Yes, certainly. Thanks, Dariusz. Thanks for the question. There is a little bit of a wide range. So to your point, as you've looked at there, I think the low end of that would include a small amount of growth, but you kind of take the midpoint there, I think it's kind of in line with historically what we've guided to for the most part. So items that could push us above or below, I guess, kind of towards the outlying ends of that range. I think when you think about -- as we go through the year and some of the strategic initiatives that we have underway, we've quantified a little bit of some potential dis-synergy costs were part of the year that we've built into our forecast as we think through the year, we've also built in some higher than what we've typically seen probably interest costs built into some of those numbers as well. So there are some impacts that we're seeing there. To the extent that those costs may come in a bit different than what we've built into our assumptions, I think it could push you to the lower or higher end of that range depending on the directionality of that.

是的，當然了。謝謝，大流士。謝謝你的問題。範圍有點廣。所以就你的觀點而言，正如你在那裡看到的那樣，我認為它的低端將包括少量增長，但你有點像那裡的中點，我認為這有點符合我們的歷史大多數情況下被引導。因此，我猜，可能會將我們推向上方或下方的項目有點接近該範圍的邊緣。我想當你想想——在我們經歷了這一年以及我們正在進行的一些戰略舉措時，我們已經量化了一些潛在的不協同成本，這些成本是我們今年的一部分在我們考慮全年的預測時，我們還建立了一些高於我們通常看到的可能還包括其中一些數字的利息成本。所以我們在那裡看到了一些影響。在某種程度上，這些成本可能與我們假設中的成本略有不同，我認為這可能會將您推向該範圍的較低或較高端，具體取決於它的方向性。

So that's just a couple of variables that are there. I mean, obviously, you have timing impacts as you think about rate cases we have underway and when those could get resolved and some of the items that maybe aren't certain as far as when the impacts would hit during the year. But as we go throughout the year, we'll continue to narrow that up and give a better view of things as we see more clarity later in the year.

所以這只是幾個變量。我的意思是，很明顯，當你考慮我們正在進行的利率案件以及這些案件何時可以得到解決時，你會產生時間影響，以及一些可能不確定影響何時會在一年中發生的項目。但隨著我們全年的進行，我們將繼續縮小範圍，並在今年晚些時候看到更清晰的情況時更好地看待事物。

Great. That's very helpful. If I could ask another one, now looking at the Knife River results from Q4, you delivered higher margins, but some of the volumes looked like they ticked a little bit lower. Can you maybe discuss that a little bit? Was there any kind of weather impact? Are you perhaps seeing different bidding activity from customers? And maybe talk a little bit about how you're seeing volumetric trends potentially trend into next year?

偉大的。這很有幫助。如果我可以問另一個問題，現在看看 Knife River 第 4 季度的結果，你提供了更高的利潤率，但有些交易量看起來有點低。你能稍微討論一下嗎？有什麼天氣影響嗎？您是否看到了來自客戶的不同投標活動？也許談談你如何看待明年可能出現的體積趨勢？

Yes. I'll maybe just start, Dariusz, but then I'll look for Dave Barney, if he'd like to add to it. In my more formal comments earlier, I talked about the shortened construction season. We saw that really early on in the year with the April and May kind of northern tier blizzards that really kind of limited construction activity until well into June. And then we really saw some kind of early winter set in on the northern tier as well. So that certainly was one of the factors. Dave Barney, would you like to add to that? Or do you think that really -- that was kind of the bulk of it, but Dave, anything to add?

是的。 Dariusz，我可能會先開始，但如果 Dave Barney 願意加入，我會找他。在我之前更正式的評論中，我談到了縮短的施工季節。我們在今年年初就看到了這種情況，4 月和 5 月的北部暴風雪一直到 6 月才真正限制了建築活動。然後我們真的看到北層也出現了某種初冬。所以這當然是因素之一。 Dave Barney，你想補充一下嗎？或者你認為真的 - 這就是其中的大部分，但是戴夫，有什麼要補充的嗎？

Dave, you covered most of it. I mean our record backlog, we got a good bid schedule. Volumes look good for next year. Our volumes are down, but when you look at our pricing, it's quite a bit up over the beginning of the year. So it looks good for us for us for 2023 for volumes. We're a little low on ready-mix volumes, so that's probably due more to the slowdown in the housing market, but everything else looks strong.

戴夫，你涵蓋了大部分內容。我的意思是我們創紀錄的積壓，我們有一個很好的投標時間表。明年的銷量看起來不錯。我們的銷量下降了，但當您查看我們的定價時，它比年初上漲了很多。因此，2023 年的銷量對我們來說看起來不錯。我們的預拌卷銷量有點低，所以這可能更多是由於房地產市場放緩，但其他一切看起來都很強勁。

Dariusz?

達留斯？

Great. Really helpful. If I could sneak in one more here. This is just on some of the language that you used in your 2023 guidance. I know in the past, when you guys have adjusted guidance midyear, you've used the terminology slightly higher or slightly lower with respect to margins. And this time around, you're saying, you're expecting higher margins both at Knife River and Services Group. Is there any possibility to quantify that? Does higher imply 1% or more and slightly higher would be perhaps 0% to 1%? Or any possibility to give a range around what that language entails?

偉大的。真的很有幫助。如果我能在這裡再偷偷溜進來一個就好了。這只是您在 2023 年指南中使用的一些語言。我知道過去，當你們在年中調整指導時，你們使用的術語是關於利潤率略高或略低。而這一次，您是說，您期望 Knife River 和 Services Group 的利潤率更高。有沒有可能量化它？更高是否意味著 1% 或更多，稍高可能是 0% 到 1%？或者是否有可能圍繞該語言的含義給出一個範圍？

Yes. Yes. No. I understand the question, Dariusz. And I think noteworthy for us as the language was different. When we said higher year-over-year, both at services and at materials, noting that other years we've said, comparable to slightly increasing or -- so in short, I'm not going to define what higher means. It's just obviously something that's incremental to what we've said in the past. And so I think that also gives us some confidence as we look into 2023. And then you combine that with over $3.1 billion in backlog between the 2 businesses, it kind of gives us some visibility into 2023 and then the margins being higher on a year-over-year.

是的。是的。不，我理解這個問題，Dariusz。我認為對我們來說值得注意，因為語言不同。當我們說服務和材料方面的同比增長時，請注意我們說過的其他年份，相當於略有增加，或者 - 簡而言之，我不會定義更高的含義。這顯然是對我們過去所說內容的補充。所以我認為這也給了我們一些信心，因為我們展望 2023 年。然後你將其與兩家企業之間超過 31 億美元的積壓結合起來，這讓我們對 2023 年有了一些了解，然後一年的利潤率更高-超過一年。

Your next question comes from the line of Brian Russo with Sidoti.

你的下一個問題來自 Brian Russo 與 Sidoti 的對話。

Just some follow-ups on the prior questions. The 2023 guidance and energy delivery, you noted the range. You have 3 rate cases ongoing, one in North Dakota, Montana and Idaho. Any idea when new rates will be effective in those 3 jurisdictions? And then secondly, what jurisdictions are the 4 rate cases you alluded to going to be filed in 2023, and when? Trying to get a sense of where we could see a full year of rate relief, which seems to be nearly all of your jurisdictions by 2024?

只是對先前問題的一些跟進。 2023 年的指導和能源輸送，您注意到了範圍。您有 3 個費率案例正在進行中，一個在北達科他州、蒙大拿州和愛達荷州。知道新費率何時會在這 3 個司法管轄區生效嗎？其次，您提到的 4 費率案件將在 2023 年提交哪些司法管轄區，以及何時提交？試圖了解我們在哪裡可以看到一整年的利率減免，到 2024 年這似乎幾乎是您所有的司法管轄區？

Right. Right. I'll ask Nicole to go through that because she's really front and center on each of those cases to talk about the 3 that are currently and then the 4 that we have planned in addition to that here in '23. Nicole?

正確的。正確的。我會請 Nicole 來解決這個問題，因為她確實是每個案例的前沿和中心，談論當前的 3 個案例，然後是我們計劃的 4 個案例，以及 23 年的案例。妮可？

Yes. Thanks for the question. So essentially, you alluded to the North Dakota and Montana electric cases and then Idaho gas. So those are the ones we currently have filed. We do have hearing dates for 2 of those in May and June. So depending on the outcomes there, we would hope for final rates following those dates. We do have interim in place in both North Dakota and Montana currently.

是的。謝謝你的問題。所以從本質上講，你提到了北達科他州和蒙大拿州的電力案例，然後是愛達荷州的天然氣。這些就是我們目前提交的文件。我們確實在 5 月和 6 月安排了其中 2 人的聽證會日期。因此，根據那裡的結果，我們希望在這些日期之後獲得最終利率。我們目前在北達科他州和蒙大拿州都有臨時安排。

And then I think your second question was, as it relates to what we are pursuing in 2023 for filings, we are pursuing rate cases in 4 of our jurisdictions, basically in line with the rate base growth that you heard Dave comment on. We've had a historic track record of about 7% growth on a year-over-year basis. And in 2022 alone, 7.8%. So good rate base growth as we look at serving our customers' needs and that would require then a rate case in South Dakota on the electric and gas side of the business, a North Dakota gas case and then in Washington, we intend to file a case next year as well.

然後我認為你的第二個問題是，因為它與我們在 2023 年追求的申請有關，我們正在我們的 4 個司法管轄區追求利率案件，基本上與你聽到 Dave 評論的利率基礎增長一致。我們的歷史記錄是同比增長約 7%。僅在 2022 年，就達到了 7.8%。在我們著眼於滿足客戶需求的過程中，利率基礎增長如此之好，這將需要在南達科他州的電力和天然氣業務方面提出一個費率案例，一個北達科他州的天然氣案例，然後在華盛頓，我們打算提交一個明年也是如此。

Okay. Great. So given that the active regulatory calendar, it's safe to -- is it fair to say that your guidance for 2023 assumes meaningful regulatory lag? And once you -- once those new rates go into effect, you should see improving earned returns on a higher rate base?

好的。偉大的。因此，鑑於活躍的監管日曆，可以安全地 - 可以說你對 2023 年的指導假設有意義的監管滯後嗎？一旦你 - 一旦這些新利率生效，你應該看到更高利率基礎上的收益增加？

I think the short answer there is, Brian, I would agree with that. I would also point you to the comments that Jason provided earlier is that we do have -- as we go through our strategic initiatives this year, we've tried to forecast what we believe might be some modest dis-synergies and also increased interest expense as well. So there's moving parts in both directions, but I'd like to believe the takeaway here should be is, our utility management team is very focused on timely rate recovery given the kind of the frequency and the number of general rate cases being filed.

我認為簡短的回答是，布賴恩，我同意這一點。我還要向您指出 Jason 早些時候提供的評論，我們確實有——在我們今年的戰略舉措中，我們試圖預測我們認為可能會出現一些適度的協同效應，並且還會增加利息支出以及。因此，兩個方向都有移動部分，但我想這裡的要點是，我們的公用事業管理團隊非常注重及時恢復費率，考慮到提交的一般費率案件的類型和數量。

Okay. Great. And then quickly on the pipeline, the $10 million of revenue increase related to the North Bakken Expansion project, that is separate from revenue and/or margin you expect from the FERC rate case.

好的。偉大的。然後很快，與 North Bakken Expansion 項目相關的 1000 萬美元收入增加，與您從 FERC 利率案例中預期的收入和/或利潤分開。

Yes. Brian, this is Trevor. That's correct.

是的。布賴恩，這是特雷弗。這是正確的。

Those are based on those contracted volumes of increasing our capacity about 70% on that pipe from '22 levels to '23.

這些是基於將我們的管道容量從 '22 水平增加到 '23 的合同量約 70%。

Okay. Got it. And then switching to the construction materials. You mentioned the unfavorable weather in the early winter. Are you referring to winter storm Elliott in the mid and upper Midwest? And/or -- and then what was the impact of the well above-average precipitation in California during the month of December, where you have a pretty big vertically integrated footprint?

好的。知道了。然後切換到建築材料。你提到了初冬的不利天氣。你指的是中西部中部和上部的冬季風暴埃利奧特嗎？和/或 - 那麼 12 月份加利福尼亞州降水量遠高於平均水平的影響是什麼，在那裡你有相當大的垂直整合足跡？

Yes. Both of those were key. I'll ask Dave Barney because he actually resides in the Pacific Northwest and experienced those kind of historic rains that we saw, too. Dave?

是的。這兩個都是關鍵。我會問戴夫巴尼，因為他實際上居住在太平洋西北部，也經歷過我們看到的那種歷史性降雨。戴夫？

Yes, we definitely saw weather impact just not in December and October and November, in spite of the poor weather we experienced in most of our markets. We did have higher -- we're able to continue to increase our prices in our product line. And we also have that record backlog, but the weather really affected almost all of our regions for Knife River in the fourth quarter.

是的，儘管我們在大多數市場經歷了惡劣的天氣，但我們確實看到了天氣影響，只是在 12 月、10 月和 11 月沒有。我們確實有更高的價格——我們能夠繼續提高產品線的價格。我們也有創紀錄的積壓，但天氣確實影響了第四季度刀河的幾乎所有地區。

Okay. Great. And then a lot of news out of California in early January 2023 with the flooding and a lot of infrastructure restoration efforts that will be needed to the roads, bridges, ports, et cetera. And I'm just wondering, is Knife River and/or CSG seeing incremental activity because of that kind of weather impact, specifically in California?

好的。偉大的。然後是 2023 年 1 月上旬從加利福尼亞傳出的許多消息，包括洪水和道路、橋樑、港口等所需的大量基礎設施恢復工作。我只是想知道，刀河和/或 CSG 是否因為這種天氣影響而看到增量活動，特別是在加利福尼亞州？

Dave, maybe let's start with you. Go ahead.

戴夫，也許讓我們從你開始吧。前進。

Yes. In California, we're definitely starting to see some of this work bid out, and we've already started doing some of the emergency work. And there'll be a lot more work to come out in the future, but it's still pretty wet out here and hard to get to some of these spots, but there's definitely going to be some work from the winter storms. We got 20 inches of rain, which was record rain in California for any month in the history of California.

是的。在加利福尼亞州，我們肯定開始看到其中一些工作競標完成，並且我們已經開始進行一些緊急工作。未來會有更多的工作要做，但這裡仍然很潮濕，很難到達其中一些地方，但冬季風暴肯定會帶來一些工作。我們下了 20 英寸的雨，這是加利福尼亞歷史上任何一個月的降雨記錄。

Okay. Do you see that...

好的。你看到了嗎...

Jeff, could you respond to Brian's question, but then maybe even more broadly, other storm response work that we've been doing?

傑夫，你能回答布賴恩的問題嗎，但也許更廣泛地說，我們一直在做的其他風暴響應工作？

Yes. Thank you, Dave. Thanks for the question, Brian. We did redeploy crews that were working on -- for our normal work assignments in California and helped out with the restoration of some of the power losses within that state. And of course, we've also deployed in other parts of the country, most notably the Eastern part of the United States for other storm work in the past.

是的。謝謝你，戴夫。謝謝你的問題，布賴恩。我們確實重新部署了正在工作的工作人員——為了我們在加利福尼亞的正常工作任務，並幫助恢復了該州的一些電力損失。當然，我們也曾在該國其他地區進行過部署，尤其是美國東部，過去曾進行過其他風暴工作。

Our crews in California continue to be really busy, and we work mostly in this Tier 2 elevated or Tier 3 extreme fire threat districts. We've got equipment, the people and of course, the experience to take on the work that we have and of course, the upcoming undergrounding work, which is I'd like to give you an update on that. We're continuing to see packages come out in engineering and right of way, planning and permitting continues to develop. We are pricing a package now, and we've got a great track record with our utility customer in the northern part of the state, and we're going to get some of that work, and hopefully, it will align up with our resources and our available crews. And it will contribute to our record backlog in the future. We currently don't have any of the undergrounding work in our backlog today.

我們在加利福尼亞的工作人員仍然非常忙碌，我們主要在這個 2 級高架或 3 級極端火災威脅地區工作。我們有設備、人員，當然還有承擔我們現有工作的經驗，當然還有即將進行的地下工作，我想向您介紹一下最新情況。我們繼續看到工程和通行權中出現的軟件包，規劃和許可繼續發展。我們現在正在為一個套餐定價，我們與該州北部的公用事業客戶有著良好的往績記錄，我們將進行其中的一些工作，希望它能與我們的資源保持一致和我們可用的船員。它將有助於我們在未來創紀錄的積壓。我們目前積壓的工作中沒有任何地下工作。

Okay. Great. And then lastly, just on the margins in the commentary earlier, both on Knife River and CSG. Would you characterize the 2023 margins as kind of normalized margins? Or do you sense there's still margin improvement to be captured above and beyond what your -- qualitative direction on those margins.

好的。偉大的。最後，就在之前評論的空白處，包括 Knife River 和 CSG。您是否會將 2023 年的利潤率描述為一種標準化的利潤率？或者你是否感覺到在這些利潤率的定性方向之上和之外仍有利潤率的改善。

Sure. Sure. Yes. No, margins are always a key focus in those businesses, and we obviously are very focused on how we can enhance those margins going forward. And so what you're seeing as in our guidance, just increasing margin in both businesses. Dave Barney touched upon pricing increases in virtually all product lines within the aggregates business and the services and the asphalt and et cetera -- ready-mix, et cetera, there.

當然。當然。是的。不，利潤率始終是這些業務的重點，我們顯然非常關注如何提高未來的利潤率。因此，您在我們的指導中看到的只是增加了兩項業務的利潤率。戴夫·巴尼 (Dave Barney) 談到了骨料業務和服務以及瀝青等幾乎所有產品線的價格上漲——預拌料等。

And obviously, given Jeff's backlog, strong workforce, our ability to bid projects, again, margins being increasing year-over-year is, I think, also a function of demand that we're seeing out there. So it's really a combination of factors.

顯然，鑑於傑夫的積壓、強大的勞動力、我們投標項目的能力，我認為，利潤率逐年增加也是我們在那裡看到的需求的一個函數。所以這真的是多種因素的結合。

Your next question comes from the line of Chris Ellinghaus, Siebert Williams Shank.

您的下一個問題來自 Chris Ellinghaus 和 Siebert Williams Shank。

I was just wondering if Jeff could maybe elaborate on what the T&D weakness last year was from.

我只是想知道 Jeff 是否可以詳細說明去年 T&D 弱點的來源。

T&D weakness, Jeff?

T&D 弱點，傑夫？

Yes. We have a project that for the last couple of years has been a struggle. So we've got it captured accurately for GAAP standards, and we're working through completing that job. And we've got our good documentation and hopeful recovery on that side. In addition, we didn't have as much storm work last year as we did in prior years. So those are the 2 biggest factors on the T&D side.

是的。我們有一個項目，在過去的幾年裡一直是一場鬥爭。因此，我們已經根據 GAAP 標準準確捕獲了它，並且我們正在努力完成這項工作。我們在這方面有很好的文檔和有希望的恢復。此外，我們去年的風暴工作沒有前幾年那麼多。所以這些是 T&D 方面的兩個最大因素。

Okay. Great. Going into '23, I'm just kind of thinking about hedging for petroleum-related products. I wondered if Dave could maybe address where you stand for '23 hedging.

好的。偉大的。進入 23 年，我只是在考慮對石油相關產品進行套期保值。我想知道 Dave 是否可以解決你對 23 年對沖的立場。

Yes. Dave, do you want to touch on our diesel and our fuel procurement for the fleet there?

是的。戴夫，你想談談我們在那裡的車隊的柴油和燃料採購嗎？

Yes, we've been purchasing in advance, fixed forward fuel contracts and asphalt oil -- winter asphalt oil by a lot more this year than we did last year to protect ourselves from that inflation. So we've been doing a better job on that. And there's been other products whether it's cement or even on the supply chain, buying parts ahead of the problems we saw last year and have bigger inventory on supply.

是的，我們一直在提前購買固定遠期燃料合同和瀝青油——今年冬季瀝青油的採購量比去年多得多，以保護自己免受通貨膨脹的影響。所以我們在這方面做得更好。還有其他產品，無論是水泥還是供應鏈上的產品，在我們去年看到的問題出現之前就購買了零件，並且有更大的供應庫存。

Okay. Lastly, Jason, this is a little different sort of guidance format. Are you thinking that post separation of Knife River, you'll revert back to EPS guidance? Or is this the new normal?

好的。最後，傑森，這是一種有點不同的指導格式。您是否認為在 Knife River 分離後，您會恢復到 EPS 指導？或者這是新常態？

Yes. Thanks, Chris. I would say, our long-term goal will still be to give really kind of similar guidance to what we have previously and really what carries in the industry. And again, as we talk about our future state of being 2 pure-play public entities, I think each one of those businesses will provide guidance that's in line with what you would see in the industry.

是的。謝謝，克里斯。我想說的是，我們的長期目標仍然是為我們以前擁有的以及行業中真正承載的東西提供真正類似的指導。再一次，當我們談論我們成為 2 個純粹的公共實體的未來狀態時，我認為這些企業中的每一個都將提供與您在行業中看到的一致的指導。

So from MDU Resources standpoint, as you think about the forward look, we'll get back to an EPS guidance range at some point. I think that's where investors value regulated businesses at, is based off the earnings side of things. With all the moving parts this year with unknown exact timing of the spin and impacts of what will happen with the strategic review of the services business and timing of all those things, we just didn't really feel like it was a good year to give consolidated guidance to the top level, but we'll definitely get back to that in the future.

因此，從 MDU Resources 的角度來看，當您考慮前瞻性時，我們將在某個時候回到 EPS 指導範圍。我認為這就是投資者重視受監管企業的地方，是基於事物的收益方面。由於今年的所有活動部分都不知道確切的旋轉時間以及服務業務戰略審查和所有這些事情的時間安排會發生什麼的影響，我們真的覺得今年不是給予的好年頭對最高層的綜合指導，但我們肯定會在未來回到這一點。

Your next question comes from the line of Ryan Levine with Citi Bank.

你的下一個問題來自花旗銀行的 Ryan Levine。

In terms of ability to transact on the M&A front, historically, you've made a number of acquisitions on both the materials and service side. Are those -- that deal pipeline continuing in light of the potential strategic transactions? Or is there more of a pause for 2023 there?

就併購方面的交易能力而言，從歷史上看，您在材料和服務方面進行了大量收購。那些 - 鑑於潛在的戰略交易，交易管道是否繼續？還是 2023 年會有更多的停頓？

Yes, Ryan, good question. I would say, we continue to have active business development teams, but at the same time, we're very conscious of the strategic review at CSG along with our work streams associated with the Knife River spin activity. So while we've not stop those activities, I would say, it's maybe taking a little bit of a backseat given the other activity is going on. Clearly, both of those businesses are a product of ongoing M&A over the years, and so it's part of the DNA at both organizations.

是的，瑞安，問得好。我會說，我們繼續擁有活躍的業務開發團隊，但與此同時，我們非常清楚 CSG 的戰略審查以及我們與 Knife River 旋轉活動相關的工作流程。因此，雖然我們沒有停止這些活動，但我想說，鑑於其他活動正在進行，它可能會退居二線。顯然，這兩項業務都是多年來持續併購的產物，因此它是這兩個組織 DNA 的一部分。

Okay. And then within construction service, what's included in the backlog from a T&D perspective? And how are you seeing a meaningful uplift in either of those 2 areas, recognizing the Northern California undergrounding work outside of backlog?

好的。然後在建築服務中，從 T&D 的角度來看，積壓中包括什麼？你如何看待這兩個領域中的任何一個有意義的提升，認識到積壓之外的北加州地下工作？

Sure. Jeff?

當然。傑夫？

Yes. Our backlog in the T&D space is a lot lower than it is in the E&M, of course. And what we're seeing is still strong opportunities. We're in negotiations on updating our MSAs with several of the utilities. And in that, we upgrade our pricing -- increase our pricing based upon fuel, labor. So we still see a line of sight of strong work opportunities and growth. Our transportation backlog is about the same as it was 12 months prior. And then our utility backlog itself is a little bit down, but the work outlook is strong. We expect growth in that area and that's reflected in the contribution that we have in the forecast in our overall revenue and earnings guidance.

是的。當然，我們在 T&D 領域的積壓比 E&M 少很多。我們看到的仍然是強大的機會。我們正在與幾家公用事業公司協商更新我們的 MSA。在這方面，我們升級了我們的定價——根據燃料、勞動力提高我們的定價。所以我們仍然看到了強大的工作機會和增長的視線。我們的運輸積壓與 12 個月前大致相同。然後我們的公用事業積壓本身有點下降，但工作前景很好。我們預計該領域會出現增長，這反映在我們對整體收入和收益指引的預測中。

Is that growth more geared towards transmission or distribution? And is there a regional focus in terms of where you're seeing the opportunity?

這種增長更傾向於輸電還是配電？在您看到機會的地方是否有區域重點？

We're seeing not just the strength in the distribution market, but transmission is starting to increase in the Midwest, and also in the West, we also see a strong market for communications in Montana, the Rocky Mountain region, we're doing quite a bit of communication work in addition to the distribution work. And we also have underground gas services that is still strong, despite the challenges and the pressures on gas. We still have a lot of change -- upgrades and change outs and services to a number of our customers. So we are positioned for the undergrounding work, as I mentioned earlier, and we're doing some undergrounding work in Southern California right now. And we'll look to see if we can add that to our backlog in the future.

我們不僅看到配電市場的實力，而且在中西部和西部的傳輸也開始增加，我們還看到蒙大拿州落基山脈地區的通信市場強勁，我們正在做除了分發工作外，還有一些通信工作。儘管面臨挑戰和天然氣壓力，我們也有仍然強大的地下天然氣服務。我們仍然有很多變化——升級和改變以及為我們的一些客戶提供的服務。因此，正如我之前提到的，我們已經做好了地下工作的準備，我們現在正在南加州進行一些地下工作。我們會看看將來是否可以將其添加到我們的積壓工作中。

And then you highlighted the Northern California undergrounding work. Do some of the forecast there have come in a little bit in terms of what their planning for from a 5-year planning per mileage plans? Does that have any implications for MDU? And does that change your bidding strategy as the near-term line of sight may be less than what was anticipated a few months ago?

然後你強調了北加州的地下工程。那裡的一些預測是否與他們從每英里計劃的 5 年計劃中的計劃有關？這對 MDU 有什麼影響嗎？這是否會改變您的出價策略，因為近期的視線可能低於幾個月前的預期？

There's still a tremendous amount of work with that customer, and the undergrounding will be part of our work going forward, but we're diversified in not just that market with that utility, but up and down the West Coast. So those changes and updates of work packages coming out is not a concern of ours. We're positioned well to do that work and as well as the other work that we're exceptional at doing. And we'll continue to put forward the crews to be able to work safely and productively and with the quality that exceeds our customers' expectations.

與該客戶仍有大量工作，地下工程將是我們未來工作的一部分，但我們不僅在擁有該公用事業的那個市場，而且在西海岸上下實現多元化。因此，工作包的那些更改和更新不是我們關心的問題。我們有能力做好這項工作以及我們擅長做的其他工作。我們將繼續推動船員能夠安全、高效地工作，並以超出客戶期望的質量。

And then regarding the diesel comments made earlier, more broadly for margin expectations for 2023, is that a meaningful driver of the improved margin expectations for any of the segments? Or how should we be thinking about that as a driver for the outlook?

然後關於早些時候發表的柴油評論，更廣泛地針對 2023 年的利潤率預期，這是否是任何細分市場利潤率預期提高的有意義的驅動因素？或者我們應該如何將其視為前景的驅動力？

Yes. Well, I would say, Ryan, it's a component of, but it's not the only part of as we think about our margins on a year-over-year basis. So it'd be part of, but again, it kind of goes into our overall bidding strategy that we have put in place as well.

是的。好吧，我會說，Ryan，它是其中的一個組成部分，但它不是我們考慮同比利潤率的唯一部分。所以它會成為我們已經制定的整體投標策略的一部分，但同樣。

Your next question comes from the line of Brent Thielman with D.A. Davidson.

你的下一個問題來自 Brent Thielman 和 D.A.戴維森。

Just on CSG, I was wondering if you could talk about what bottlenecks you may be seeing or maybe seeing abate just related to supply chain? Is it tough to procure what you need? Is any of that contributing to delays or pushouts? Or do you feel like the industry is sort of beyond that? Because it seems like there's sort of an incredible amount of demand out there, but still some hiccups in the supply chain. So just curious if you could comment on that.

就 CSG 而言，我想知道您是否可以談談您可能會看到哪些瓶頸，或者可能會看到與供應鏈有關的瓶頸？採購您需要的東西很難嗎？這些是否會導致延誤或延期？或者你覺得這個行業有點超出這個範圍？因為看起來那裡的需求量令人難以置信，但供應鏈中仍然存在一些問題。所以很好奇你是否可以對此發表評論。

Sure. Jeff?

當然。傑夫？

We're seeing some improvements on supply chain, and of course, on the utility side where our customers provide most of the materials. We've seen some improvement there, but still impacts with delays or crews being canceled or repositioned to other parts of our areas. On the E&M side, it has gotten better, but we still have issues, and that does and can impact our schedules with delays and could add to trade stacking. And sometimes, it's not the materials that we are procuring, it could be another trade on a job site, which could impact the labor productivity on a job. So it is improving. Overall, it's gotten better. Yes, it's still not where it was prepandemic.

我們看到了供應鏈的一些改進，當然還有我們的客戶提供大部分材料的公用事業方面。我們在那裡看到了一些改善，但仍然會因延誤或工作人員被取消或重新安置到我們地區的其他地方而受到影響。在 E&M 方面，情況有所好轉，但我們仍然存在問題，這確實並且可能會影響我們的日程安排並造成延誤，並可能增加交易疊加。有時，我們採購的不是材料，可能是工作現場的另一項交易，這可能會影響工作的勞動生產率。所以它正在改善。總的來說，它變得更好了。是的，它仍然不是大流行前的地方。

Yes. Okay. Appreciate that, Jeff. And then just a question on Knife. I know the housing market isn't an especially big market for the business, but just as we think about the guidance for the business for the year, I mean any kind of feel for how you're building that into the -- to your expectations this year?

是的。好的。對此表示讚賞，傑夫。然後只是關於刀的問題。我知道房地產市場對企業來說並不是一個特別大的市場，但正如我們考慮今年的業務指導一樣，我的意思是對你如何將其構建到 - 到你的今年的期望？

Yes. Dave?

是的。戴夫？

Well, Brent, about 9% of our backlog is residential. So we have a slowdown in house in which we expect, we've seen a little bit of that. But most of our markets, the housing market is staying strong. If it's slow, it's slowing down a little bit in Oregon and Idaho, but we don't expect that to be a big pack of our next year's earnings. And when you look at our large backlog, our record backlog and 90% or 80% of it is public works, and we continue to pick up work in that sector. I feel good about 2023.

嗯，布倫特，我們大約 9% 的積壓是住宅。因此，我們預期房屋業務放緩，我們已經看到了一點。但我們的大多數市場，房地產市場都保持強勁。如果它很慢，它在俄勒岡州和愛達荷州會有所放緩，但我們預計這不會成為我們明年收益的很大一部分。當您查看我們的大量積壓訂單時，我們創紀錄的積壓訂單中有 90% 或 80% 是公共工程，我們將繼續在該領域開展工作。我對 2023 年感覺很好。

And that marks the last call for questions. As a reminder, the webcast can be accessed at www.mdu.com under the Investor Relations heading. Select Events & Presentations and click Year-end 2022 Earnings Conference Call. After the conclusion of the webcast, a replay will be available at the same location. At this time, there are no further questions. I would like to turn the conference back over to management for closing remarks.

這標誌著最後一次提問。提醒一下，可以在 www.mdu.com 的“投資者關係”標題下訪問網絡廣播。選擇活動和演示文稿，然後單擊 2022 年年終收益電話會議。網絡廣播結束後，將在同一地點提供重播。目前，沒有進一步的問題。我想將會議轉回管理層作閉幕詞。

Perfect, and thank you. Thank you for taking the time to join us on our year-end 2022 earnings call. We are optimistic about our growth opportunities and future regulated energy delivering projects. We also look forward to connecting with you as we progress through 2023. So again, I'd like to thank you and appreciate your continued interest and support of MDU Resources. And with that, we'll turn the call back to the operator.

完美，謝謝。感謝您抽出寶貴時間參加我們的 2022 年底財報電話會議。我們對我們的增長機會和未來受監管的能源輸送項目持樂觀態度。我們也期待在 2023 年的過程中與您保持聯繫。因此，我再次感謝您並感謝您對 MDU Resources 的持續關注和支持。然後，我們會將電話轉回給接線員。

And this concludes today's MDU Resources Group conference call. Thank you for your participation. You may now disconnect.

今天的 MDU 資源集團電話會議到此結束。感謝您的參與。您現在可以斷開連接。