New Jersey Resources Corp (NJR) 2024 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Jessica, and I will be your conference operator today.

我叫潔西卡，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the New Jersey Resources fiscal 2024 first quarter conference call.

此時此刻，我歡迎大家參加新澤西資源公司 2024 財年第一季電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Adam Prior, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Adam Prior。

Please go ahead.

請繼續。

Thank you.

謝謝。

Welcome to New Jersey Resources' fiscal 2024 first quarter conference call and webcast.

歡迎參加新澤西資源公司 2024 財年第一季電話會議和網路廣播。

I'm joined here today by Steve Westhoven, our President and CEO; Roberto Bel, our Senior Vice President and Chief Financial Officer; as well as other members of our senior management team.

今天我們的總裁兼執行長 Steve Westhoven 也來到這裡。 Roberto Bel，我們的資深副總裁兼財務長；以及我們高階管理團隊的其他成員。

Certain statements in today's call contain estimates and other forward-looking statements within the meaning of the securities laws.

今天電話會議中的某些陳述包含證券法含義內的估計和其他前瞻性陳述。

We wish to caution listeners of this call that the current expectations, assumptions, and beliefs forming the basis of our forward-looking statements include many factors that are beyond our ability to control or estimate precisely, which could cause results to materially differ from our expectations as found on slide 1.

我們希望提醒本次電話會議的聽眾，構成我們前瞻性陳述基礎的當前預期、假設和信念包括許多超出我們精確控製或估計能力的因素，這可能導致結果與我們的預期存在重大差異如幻燈片1所示。

These items can also be found in the forward-looking statements section of today's earnings release furnished on Form 8-K and in our most recent Forms 10-K and 10-Q as filed with the SEC.

這些項目也可以在今天的收益發布的 8-K 表格中的前瞻性陳述部分以及我們向 SEC 提交的最新 10-K 和 10-Q 表格中找到。

We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statements referenced herein in light of future events.

透過包含本聲明，我們不承擔根據未來事件審查或修改本文引用的任何特定前瞻性聲明的義務。

We'll also be referring to certain non-GAAP financial measures, such as net financial earnings or NFE.

我們也將提及某些非 GAAP 財務指標，例如淨財務收益或 NFE。

We believe that NFE, net financial loss, utility gross margin, financial margin, adjusted funds from operations, and adjusted debt provide a more complete understanding of our financial performance.

我們相信，NFE、淨財務損失、公用事業毛利率、財務利潤率、調整後的營運資金和調整後的債務可以讓我們更全面地了解我們的財務表現。

However, these non-GAAP measures are not intended to be a substitute for GAAP.

然而，這些非公認會計原則措施並非要取代公認會計原則。

Our non-GAAP financial measures are discussed more fully in item 7 of our 10-K.

我們的非 GAAP 財務指標在 10-K 的第 7 項中進行了更全面的討論。

The slides accompanying today's presentation are available on our website and were furnished on Form 8-K filed this morning.

今天簡報附帶的幻燈片可在我們的網站上獲取，並附在今天早上提交的 8-K 表格中。

Our agenda for today is found on slide 4.

我們今天的議程請見投影片 4。

Steve will begin with this quarter's highlights, followed by Roberto, who will review our financial results.

史蒂夫將首先介紹本季度的亮點，然後羅伯托將回顧我們的財務表現。

Then we will open the call for your questions.

然後我們將打開電話詢問您的問題。

With that, I will turn the call over to our President and CEO, Steve Westhoven.

接下來，我會將電話轉給我們的總裁兼執行長 Steve Westhoven。

Please go ahead, Steve.

請繼續，史蒂夫。

Thanks, Adam.

謝謝，亞當。

Good morning, everyone.

大家，早安。

Fiscal 2024 is off to a good start.

2024 財政年度有一個良好的開始。

We delivered strong performance in the first quarter.

我們在第一季取得了強勁的業績。

Positive momentum continued in the start of the second quarter as, energy services outperformed in January, capitalizing off weather volatility.

第二季初，能源服務業利用天氣波動的優勢，表現出色，一月持續保持正面動能。

As a result, we are announcing a $0.15 increase in our NFEPS guidance to $2.85 to $3 per share.

因此，我們宣布將 NFEPS 指引上調 0.15 美元，至每股 2.85 美元至 3 美元。

Before we discuss our quarterly results and forecast more fully, I'll begin with an update on our sustainability and decarbonization efforts on slide 5.

在我們更全面地討論季度業績和預測之前，我將首先在投影片 5 上介紹我們的永續發展和脫碳工作的最新情況。

Last month, we issued NJR's fiscal 2023 corporate sustainability report, our 15th consecutive report, dating back to 2008.

上個月，我們發布了新日本無線 2023 財年企業永續發展報告，這是我們自 2008 年以來連續第 15 份報告。

This report is an important part of our commitment to transparency with all of our stakeholders in the evolving energy landscape.

本報告是我們在不斷變化的能源格局中與所有利害關係人保持透明度的承諾的重要組成部分。

It details our leadership and accomplishments in emissions reduction and renewable energy, as well as our long-term vision for the role of existing pipeline infrastructure in a lower-carbon future.

它詳細介紹了我們在減排和再生能源方面的領導力和成就，以及我們對現有管道基礎設施在低碳未來中的作用的長期願景。

Just as important, this year's report also shows how the strong culture of innovation in our organization is having a positive impact on how we execute strategies, engage in dynamic partnerships, and deploy cutting-edge technology in new ways.

同樣重要的是，今年的報告也展示了我們組織中強大的創新文化如何對我們執行策略、建立動態合作夥伴關係以及以新方式部署尖端技術產生積極影響。

I'd like to cover just a few of the report's highlights.

我只想介紹該報告的一些要點。

Last year, we invested approximately $60 million in SAVEGREEN, New Jersey Natural Gas's energy efficiency program.

去年，我們向新澤西州天然氣公司 SAVEGREEN 能源效率計畫投資了約 6,000 萬美元。

Clean Energy Ventures continued to innovate, commissioning the largest cap landfill and floating solar arrays in North America.

Clean Energy Ventures 繼續創新，啟用了北美最大的垃圾掩埋場和浮動太陽能電池陣列。

We advanced cutting-edge lower-carbon energy solutions, including the installation of localized carbon capture technology at our Wall, New Jersey headquarters and high-efficiency gas heat pumps at other facilities in the state.

我們先進的低碳能源解決方案，包括在新澤西州沃爾總部安裝本地化碳捕獲技術，並在該州其他設施安裝高效能燃氣熱泵。

And as I mentioned, we engaged in new partnerships with a number of well-known academic and research entities to support our innovation efforts.

正如我所提到的，我們與許多知名的學術和研究實體建立了新的合作夥伴關係，以支持我們的創新努力。

Finally, NJR was recognized by Newsweek as one of America's Most Responsible Companies for the fifth consecutive year.

最後，新日本無線連續第五年被《新聞週刊》評為美國最責任感的公司之一。

We hope that you've all had an opportunity to review the report.

我們希望大家都有機會閱讀該報告。

Moving to the first quarter and year-to-date operating highlights on slide 6.

前往幻燈片 6 上的第一季和年初至今的營運亮點。

We executed our business strategy and delivered net financial earnings of $0.74 per share in the first quarter, which was in line with our expectations.

我們執行了我們的業務策略，第一季實現了每股 0.74 美元的淨財務收益，這符合我們的預期。

At New Jersey Natural Gas, we filed the base rate case to recover capital investments of approximately $850 million since the settlement of our last rate case in 2021.

在新澤西天然氣公司，自 2021 年上次費率案件和解以來，我們提交了基本費率案件，以收回約 8.5 億美元的資本投資。

In addition, New Jersey Natural Gas filed for a new SAVEGREEN program of approximately $482 million, which is the largest energy efficiency filing in our history.

此外，新澤西天然氣公司還申請了價值約 4.82 億美元的新 SAVEGREEN 計劃，這是我們歷史上最大的能源效率申請。

At Clean Energy Ventures, we placed another 4 megawatts into service, and continue to grow and diversify our project pipeline.

在 Clean Energy Ventures，我們又投入了 4 兆瓦的電力，並繼續擴大和多樣化我們的專案管道。

And finally, reported solid contributions from S&T and energy services, in line with expectations.

最後，科技和能源服務業做出了堅實的貢獻，符合預期。

Moving to slide 7.

轉到投影片 7。

In November, we provided NFEPS initial guidance range of $2.70 per share to $2.85 per share.

11 月，我們提供的 NFEPS 初步指引範圍為每股 2.70 美元至 2.85 美元。

And as I mentioned earlier, we benefited from our outperformance in energy services during the January weather event that allowed us to raise our NFEPS 2024 NFEPS guidance by $0.15 to $2.85 to $3 per share.

正如我之前提到的，我們受益於 1 月份天氣事件期間能源服務的出色表現，這使我們能夠將 NFEPS 2024 年 NFEPS 指引提高 0.15 美元至 2.85 美元至 3 美元每股。

As discussed in prior calls, we expect fiscal 2024 to exceed our stated 7% to 9% long-term growth rate.

如同先前電話會議所討論的，我們預期 2024 財年的長期成長率將超過我們規定的 7% 至 9%。

Slide 8 shows the expected NFEPS contribution by business segment for fiscal year 2024, which reflects the AMA contribution, as well as a significant portion of our net financial earnings coming from our utility business.

投影片 8 顯示了 2024 財年按業務部門劃分的預期 NFEPS 貢獻，其中反映了 AMA 貢獻，以及我們淨財務收益的很大一部分來自公用事業業務。

Looking ahead, we feel comfortable with our long-term growth rate in future years.

展望未來，我們對未來幾年的長期成長率感到滿意。

And we expect to return to a more normalized segment contribution in fiscal 2025.

我們預計 2025 財年將恢復到更正常化的細分市場貢獻。

With that, I'll turn to a discussion of our business units, beginning on slide 9.

接下來，我將從投影片 9 開始討論我們的業務部門。

We invested $102 million at New Jersey Natural Gas through a variety of programs in the first quarter of fiscal 2024, with 46% of that CapEx providing near real-time returns.

2024 財年第一季度，我們透過各種計畫向新澤西天然氣公司投資了 1.02 億美元，其中 46% 的資本支出提供了近乎即時的回報。

Within that 46% is the SAVEGREEN program, as I mentioned earlier, which helps residential and commercial customers lower their energy usage.

正如我前面提到的，這 46% 是 SAVEGREEN 計劃，它可以幫助住宅和商業客戶降低能源使用。

We spent approximately $13 million in the first quarter to help our customers save money and reduce their carbon footprint.

第一季我們花了約 1300 萬美元來幫助我們的客戶節省資金並減少碳足跡。

Finally, we achieved solid new customer growth during the period, adding approximately 2,100 new customers through the combination of new construction and conversions.

最後，我們在此期間實現了穩健的新客戶成長，透過新建和改造相結合增加了約 2,100 個新客戶。

Slide 10 provides additional detail on our base rate case filings.

投影片 10 提供了有關我們的基本費率案件備案的更多詳細資訊。

On January 31, we requested an increase of base rates of $222.6 million, equivalent to an increase of approximately $159 million in operating income.

1 月 31 日，我們請求將基本費率提高 2.226 億美元，相當於營業收入增加約 1.59 億美元。

Since the conclusion of our last case in 2021, New Jersey Natural Gas has invested nearly $850 million to upgrade and enhance the safety and reliability of our transmission and distribution systems, as well as our IT investments.

自 2021 年結束最後一個案例以來，新澤西天然氣公司已投資近 8.5 億美元來升級和增強我們的輸配電系統以及 IT 投資的安全性和可靠性。

Moving to slide 11, our solar business Clean Energy Ventures followed an exceptional 2023 with continued momentum heading into the new year.

轉向幻燈片 11，我們的太陽能業務清潔能源創投公司 (Clean Energy Ventures) 繼 2023 年的出色業績之後，在新的一年中繼續保持強勁勢頭。

We added 4 megawatts of new solar capacity and continued to grow our pipeline, which now includes approximately 870 megawatts of potential investment options.

我們增加了 4 兆瓦的新太陽能發電容量，並繼續擴大我們的管道，目前包括約 870 兆瓦的潛在投資選擇。

Over the past few years, we have continued to expand our portfolio geographically, with 51% of our pipeline now located outside of New Jersey.

過去幾年，我們不斷擴大投資組合的地理範圍，目前我們 51% 的管道位於新澤西州以外。

Our focus is on delivering solar investment opportunities that provide high single-digit unlevered returns.

我們的重點是提供可提供高個位數無槓桿回報的太陽能投資機會。

With that, I'll turn the call to Roberto for a review of our financial results.

接下來，我將打電話給羅伯托，讓他審查我們的財務表現。

Roberto?

羅伯托？

Thank you, Steve, and good morning, everyone.

謝謝你，史蒂夫，大家早安。

Slide 13 shows the main drivers of our NFE for the first quarter of fiscal 2024.

投影片 13 顯示了 2024 財年第一季 NFE 的主要驅動因素。

We reported NFE of $72.4 million or $0.74 per share, compared with NFE of $110.3 million or a total of $0.14 per share last year

我們報告的 NFE 為 7,240 萬美元，即每股 0.74 美元，而去年的 NFE 為 1.103 億美元，即每股 0.14 美元

(sic - see news release, "$1.14").

（原文如此 - 請參閱新聞稿，「1.14 美元」）。

New Jersey Natural Gas reported NFE in line with expectations.

新澤西天然氣公司公佈的 NFE 符合預期。

A higher utility gross margin were offset by higher depreciation and operating expenses.

較高的公用事業毛利率被較高的折舊和營運費用所抵銷。

Clean Energy Ventures increased NFE by approximately $14.1 million, largely due to the timing of historic revenue for the period.

Clean Energy Ventures 使 NFE 增加了約 1,410 萬美元，這主要是由於該時期收入達到歷史記錄的時間。

Storage and transportation of NFE declined versus Q1 of last year as a result of higher operating revenues related to Winter Storm Elliott in the first quarter of fiscal 2023.

由於 2023 財年第一季與冬季風暴艾利奧特相關的營業收入增加，NFE 的儲存和運輸較去年第一季下降。

Finally, energy services reported NFE of $7.8 million compared to $52.5 million in Q1 of the prior year.

最後，能源服務部門報告的 NFE 為 780 萬美元，而去年第一季為 5,250 萬美元。

As a reminder, the first quarter of last year benefited from increased natural gas price volatility related to Winter Storm Elliott during December 2022.

提醒一下，去年第一季受益於 2022 年 12 月冬季風暴艾利奧特相關的天然氣價格波動加劇。

In addition, AMA revenue recognized in the first quarter of fiscal 2024 was less than that recognized in Q1 of last year.

此外，2024財年第一季確認的AMA收入低於去年第一季確認的收入。

As Steve mentioned earlier, our guidance raise for fiscal 2024 is due to energy service performance in January 2024, which is our current peak of second quarter.

正如 Steve 之前提到的，我們對 2024 財年指導意見的上調是由於 2024 年 1 月的能源服務績效，這是我們目前第二季的高峰。

As we look to the remainder of fiscal 2024, it's important to note that we expect to recognize a significant portion of AMA total revenues later in the year, with the majority being recorded during our fiscal fourth quarter.

當我們展望 2024 財年剩餘時間時，值得注意的是，我們預計將在今年稍後確認 AMA 總收入的很大一部分，其中大部分是在第四財季記錄的。

Turning to our capital plan in slide 14.

轉向投影片 14 中的資本計畫。

Over the next two years, we expect to invest between $1.2 billion and $1.5 billion across the company.

未來兩年，我們預計在整個公司投資 12 億至 15 億美元。

We did not make any changes to our capital plan compared to our prior calls.

與先前的呼籲相比，我們沒有對我們的資本計劃做出任何改變。

Our capital projections are anchored by strong cash flow from operations.

我們的資本預測以強勁的營運現金流為基礎。

On Slide 15, you can see that we expect cash flow from operations to range between $450 million and $490 million in both fiscal 2024 and fiscal 2025.

在投影片 15 上，您可以看到我們預計 2024 財年和 2025 財年的營運現金流量將在 4.5 億美元至 4.9 億美元之間。

Slide 16 shows our credit metrics.

幻燈片 16 顯示了我們的信用指標。

We continue to project NJR's adjusted FFO to adjusted debt to be between 17% and 18% for the year.

我們繼續預期新日本無線今年調整後的 FFO 與調整後的債務將在 17% 至 18% 之間。

And while we have no plans to issue block equity, our existing new investment program includes a waiver discount feature that allows us to raise equity on an opportunistic basis.

雖然我們沒有計劃發行整體股權，但我們現有的新投資計劃包括豁免折扣功能，使我們能夠在機會主義的基礎上籌集股權。

Finally, on slide 17, we provide a breakout of our long-term debt.

最後，在投影片 17 中，我們提供了長期債務的詳細情況。

As you can see, most of our debt is fixed rate in nature and we do not have significant maturities in any particular year.

正如您所看到的，我們的大部分債務本質上都是固定利率，而且我們在任何特定年份都沒有顯著的到期日。

Our NFEPS guidance for fiscal 2024 and our long-term NFEPS growth guidance assume high interest rates for the foreseeable future.

我們的 2024 財政年度 NFE​​PS 指引和長期 NFEPS 成長指引均假設可預見的未來利率較高。

So we have substantial liquidity at both NJR and NJNG.

因此，我們在 NJR 和 NJNG 都擁有大量流動性。

Overall, we are in an outstanding position to fund our growth objectives.

總體而言，我們處於有利地位，可以為我們的成長目標提供資金。

With that, I will turn the call back to Steve.

這樣，我會將電話轉回給史蒂夫。

Thanks, Roberto.

謝謝，羅伯托。

In conclusion, NJR is off to a good start.

總而言之，新日本無線有了一個好的開始。

We expect fiscal 2024 to be a strong year, due to higher NFE contributions from energy services and steady performance from our core businesses.

由於能源服務的 NFE 貢獻增加以及我們核心業務的穩定表現，我們預計 2024 財年將是強勁的一年。

In addition, we've been able to take advantage of the opportunities in energy markets that have resulted in considerable upside for our growth targets in recent years.

此外，我們也能夠利用能源市場的機遇，使我們近年來的成長目標實現了相當大的成長。

And as always, I want to thank all of our employees for their hard work.

一如既往，我要感謝我們所有員工的辛勤工作。

And with that, I'll now open the call for your questions.

現在，我將開始詢問你們的問題。

(Operator Instructions) Richard Sunderland, JPMorgan.

（操作員指令）Richard Sunderland，摩根大通。

The $0.15 guidance range -- sorry, guidance raise, does that fully reflect the January weather benefit not just at energy services, but anything at S&T or even on the BGSS incentive side to the extent realized?

0.15 美元的指導範圍——抱歉，指導上調了，這是否充分反映了 1 月份天氣帶來的好處，不僅體現在能源服務方面，還體現在科技領域甚至 BGSS 激勵方面的任何方面？

Yeah, the financial team did a nice job of really going through everything in our budgets and impacts from weather and tried to put that all into our numbers going forward.

是的，財務團隊做得很好，真正審查了我們預算中的所有內容和天氣的影響，並試圖將所有這些納入我們未來的數據中。

So we believe it does fully reflect the January weather event across all the businesses.

因此，我們相信它確實充分反映了所有企業一月份的天氣事件。

Understood.

明白了。

That's helpful color.

這是有用的顏色。

Thanks.

謝謝。

The big SREC sale number at CEV, I guess largely a timing factor.

CEV 的 SREC 銷售量大，我想很大程度上是時間因素。

Can you unpack that a little bit more?

你能把它再拆開一點嗎？

I was surprised to see that.

看到這一點我很驚訝。

Yeah, you know what, as it goes, SRECs are commodities, depends when the sales take place and we recognize that revenue impact at the time of the sale.

是的，您知道，SREC 是商品，取決於銷售何時進行，我們認識到銷售時的收入影響。

So it's really just dependent on when those transactions really occur.

所以這實際上只取決於這些交易何時真正發生。

So don't read anything into it.

所以不要讀任何內容。

It's just our normal business.

這只是我們的正常業務。

Understood.

明白了。

And then I know you've put a spotlight on the AMA benefits this year, now the weather benefits from January versus that long-term growth rate.

然後我知道您重點關注了今年的 AMA 效益，現在是 1 月份的天氣效益與長期增長率的比較。

I guess turning to the base growth though in '25, could you provide any color around the shape to that, meaning do you expect it on a base business basis to be linear?

我想轉向 25 年的基礎成長，你能否提供圍繞形狀的任何顏色，這意味著你期望它在基礎業務基礎上是線性的嗎？

Or should there be a bigger step-up in '25, given the rate case will be coming in that year?

或者考慮到當年的利率狀況，25 年是否應該有更大的提升？

I think this is really the power of the portfolio of companies.

我認為這確實是公司投資組合的力量。

We're going through a rate case cycle now, and that should be settled by the time we get to '25.

我們現在正在經歷一個費率案件週期，到 25 年前應該會解決。

And you've got the slight changes in percentage contribution.

貢獻百分比略有變化。

We've given -- we shared with the financial community our growth rate in the company over the period, as well as our segment contributions, and we expect those to be intact.

我們已經與金融界分享了公司在此期間的成長率以及我們的部門貢獻，我們希望這些內容保持不變。

And as we said before, we expect them to normalize as we go into the future.

正如我們之前所說，我們預計隨著未來的發展，它們會正常化。

So I hope that answers your question.

所以我希望這能回答你的問題。

Very helpful color as always, and thanks for the time today.

一如既往的非常有用的顏色，感謝今天的時間。

All right.

好的。

Thanks, Rich.

謝謝，里奇。

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

So just real quick on the '24 financing plans.

因此，請盡快執行「24 年融資計畫」。

Obviously you guys now expect to issue slightly less debt, but then also raised your equity issuance guidance, despite that unexpected inflow from energy services.

顯然，你們現在預計發行的債務略有減少，但隨後也提高了股票發行指導，儘管能源服務業出現了意外的流入。

I guess just want to -- what's driving the higher equity and plan?

我想只是想——是什麼推動了更高的股本和計劃？

Hey, Shar, it's Roberto.

嘿，莎爾，我是羅伯托。

The increase in [and it's a brief loan] increase in equity by the way is related to our [great] program.

順便說一句，股權的增加[這是一筆簡短的貸款]與我們的[偉大的]計劃有關。

As you know, as part of our in equity buyback program, our -- I'm sorry, as part of our [three] program, we have the option to issue a little bit of equity.

如您所知，作為我們的股權回購計劃的一部分，我們的—對不起，作為我們的[三]計劃的一部分，我們可以選擇發行一點股權。

And from time to time, we exercise that option.

我們有時會行使這個選擇權。

So that's really what you're seeing there.

這就是你所看到的。

Okay.

好的。

Okay.

好的。

Got it.

知道了。

And then just -- I know, obviously -- highlighted a little bit, peak earnings from the asset management agreement you struck in 2020.

然後——我知道，顯然——強調了你們在 2020 年達成的資產管理協議的峰值收益。

Just I guess, remind us what the remaining years look like in terms of earnings and cash contributions, sort of the cadence, especially as we're thinking about '25 and beyond?

只是我想，提醒我們剩餘的幾年在收入和現金貢獻方面是什麼樣子，節奏，特別是當我們考慮'25及以後的時候？

Just maybe just elaborate a little bit on the prepared remarks.

也許只是對準備好的評論進行一些詳細說明。

Thanks.

謝謝。

Yeah, it is Roberto again, Shar.

是的，又是羅伯托，莎爾。

So as you know, this is going to be the peak year for the AMA in terms of our yearly contributions.

如您所知，就我們的年度捐款而言，今年將是 AMA 的高峰年。

From here on, between '25 and '31, we will talk a step down in terms of the earnings from a year.

從現在開始，在 25 年到 31 年之間，我們將討論一年的收入下降。

And every year, they become, in terms of revenues, around $15 million to $20 million.

每年，他們的收入約為 1500 萬至 2000 萬美元。

Okay, got it.

好，知道了。

And Steve, let me just -- I know this was asked from the prior question, but I just want to maybe hit it a little bit more accurately.

史蒂夫，讓我——我知道這是從之前的問題中提出的，但我只是想更準確地回答。

Are you -- would the step downs that you're seeing with AMA and maybe the energy services business go into a little bit more of a recurring figure versus what you're seeing now?

您是否會看到 AMA 以及能源服務業務的下降與您現在看到的相比會更加頻繁？

Are you just confident that you can hit the midpoint of that guidance range, at least to show linear?

您是否有信心能夠達到該指導範圍的中點，至少顯示出線性？

Or should we just assume some gyrations?

或者我們應該假設一些迴轉？

I know that was sort of the impetus of the prior question, but I didn't get a sense on whether you still assume there's going to be linearity despite some of the step down in earnings we should be expecting in the near term.

我知道這是前一個問題的推動力，但我不知道你是否仍然認為會出現線性，儘管我們應該預期短期內收益會有所下降。

Yeah, we'll confirm our long-term growth range.

是的，我們將確認我們的長期成長範圍。

That's kind of the best I can do: normalize it to history.

這就是我能做的最好的事情：將其標準化為歷史。

You have slight and you expect some other business units to contribute more going forward, so you expect the percentage to normalize, but yeah, we're confirming our long-term growth rate.

您有輕微的成長，並且您預計其他一些業務部門將在未來做出更多貢獻，因此您預計該百分比將正常化，但是，是的，我們正在確認我們的長期成長率。

Just to clarify, Shar, I will retain our earnings presentation.

Shar，為了澄清，我將保留我們的收益報告。

You should take our initial 2022 guidance and then basically grow that between 7% and 9% every year to find what our normalized expected earnings are going to be every year.

您應該採用我們最初的 2022 年指導，然後每年將其成長 7% 到 9%，以找出我們每年的標準化預期收益。

All right.

好的。

Let me let me take the rest offline.

讓我把剩下的部分離線。

I appreciate it, guys.

我很感激，夥計們。

Thank you.

謝謝。

Chris Ellinghaus, Siebert Williams.

克里斯埃林豪斯、西伯特威廉斯。

Have you guys got any color at this point in terms of the solar CapEx range where you think you might be landing this year?

你們對今年可能達到的太陽能資本支出範圍有什麼看法嗎？

Yes, it is what we're showing in the presentation, so we're not deviating from that.

是的，這就是我們在演示中展示的內容，所以我們不會偏離這一點。

So for this year, what we expect for solar is to be between $140 million and $200 million, roughly.

因此，今年我們對太陽能的預期約為 1.4 億至 2 億美元。

Have you got a number or some thoughts on what you're seeing for solar costs, all in per watt, at this point?

目前，您對太陽能成本（全部以每瓦為單位）是否有一些數字或想法？

Nothing that deviates significantly than what we've had historically.

沒有什麼與我們歷史上的情況有很大不同。

I know there's been some inflationary pressures, we've had some hedging in some of our solar panels as well.

我知道存在一些通膨壓力，我們也對一些太陽能電池板進行了一些對沖。

But we're continuing to install solar.

但我們正在繼續安裝太陽能。

That's probably around that $2 a watt-type range, give or take a few pennies.

這可能大約是每瓦 2 美元的範圍，相差幾美分。

So hopefully, that helps.

希望這會有所幫助。

Yeah, that helps.

是的，這有幫助。

Through the CSI process this year, have you guys gleaned anything that's valuable?

透過今年的CSI過程，你們有沒有收集到什麼有價值的東西？

I don't think the CSI process has been that robust.

我認為 CSI 流程並沒有那麼穩健。

There's been some changes at the BPU and things like that, so a number of these initiatives have been drawn out a little bit.

BPU 發生了一些變化以及類似的事情，因此其中一些舉措已經被推遲了一些。

They're still working through it.

他們仍在努力解決這個問題。

I believe that the bids are all due in February, and then there's going to be some time to analyze this.

我相信投標將於二月份到期，然後會有一些時間對此進行分析。

So continuing to move along, but really nothing to share as far as a milestone event or some sort of a change or insight into what's happening next.

所以繼續前進，但就里程碑事件或某種變化或對接下來發生的事情的洞察而言，實際上沒有什麼可分享的。

Okay.

好的。

One last thing, as far as the rate case goes, is there anything that you're aware of in the BPU environment ecosystem that would suggest a traditional settlement is unlikely?

最後一件事，就費率情況而言，您在 BPU 環境生態系統中是否意識到有任何事情表明傳統解決方案不太可能實現？

Hey Chris, this is Pat Migliaccio.

嘿克里斯，我是派特·米利亞喬。

As we've talked, really for quite some time now, this is a vanilla rate case.

正如我們已經討論過的，實際上已經有一段時間了，這是一個普通的利率案例。

We're seeking recovery of investments in safety and reliability, so think pre-70s pipe and other, as well as some minor recovery for IT investments.

我們正在尋求安全性和可靠性方面的投資回收，例如 70 年代之前的管道和其他投資，以及 IT 投資的一些小額回收。

I think if you look across the outcomes that have occurred at right of the rate cases, they've been constructive, our historical rate cases have been constructive.

我認為，如果你看看利率案例右邊發生的結果，它們是建設性的，我們的歷史利率案例也是建設性的。

So I would not expect any deviation from that.

所以我預計不會有任何偏差。

Okay, great.

好的，太好了。

That's helpful.

這很有幫助。

All right.

好的。

Thanks a lot.

多謝。

Appreciate it.

欣賞它。

(Operator Instructions) Roger Liddell, Clear Harbor Asset Management.

（操作員說明）Roger Liddell，Clear Harbor 資產管理公司。

I wanted to do get some texture on the energy efficiency program.

我想了解能源效率計畫的一些細節。

To me, it's as symmetrically important because it illustrates how far this company has gone beyond the industry standard mindset of in the old days, the customer was the meter.

對我來說，它同樣重要，因為它說明了這家公司已經遠遠超越了過去「客戶就是儀表」的行業標準思維方式。

And you guys have just transformed that kind of old model.

你們剛剛改造了那種舊模式。

And the seriousness, the gravamen of the efficiency offerings to me illustrates that point, so it matters.

對我來說，效率產品的嚴肅性和嚴肅性說明了這一點，所以這很重要。

But I'm looking at the, call it disconnect between the $60 million of energy efficiency investments and the $482 million, which I believe you said, is a three-year program.

但我正在考慮 6000 萬美元的能源效率投資與 4.82 億美元的能源效率投資之間的脫節，我相信你說過，這是一個為期三年的計畫。

So how do we get from the $60 million kinds of levels to the aggregate $482 million?

那我們如何從 6000 萬美元的等級達到 4.82 億美元的總額呢？

And how are you measuring the outcomes of those programs?

您如何衡量這些計劃的成果？

Is it simply on the investment being made?

僅僅取決於正在進行的投資嗎？

Or are there some measurables that you can take back and use for fine-tuning the program?

或者是否有一些可衡量的指標可以收回並用於微調程序？

Hey, good morning, Roger, it's Pat Migliaccio.

嘿，早安，羅傑，我是帕特·米利亞喬。

Thank you for your question and thank you for your long ownership in NJR.

感謝您提出問題，也感謝您長期持有新日本無線。

Good to hear from you.

很高興聽到你的消息。

So appreciate you acknowledging the role that energy efficiency plays in greenhouse gas emissions.

感謝您承認能源效率在溫室氣體排放中所扮演的角色。

We believe it's one of the most important things we can do to help drive a reduction in GHG over time.

我們相信，這是我們可以做的最重要的事情之一，以幫助隨著時間的推移減少溫室氣體排放。

And because we are decoupled, we are able to offer those energy efficiency programs.

因為我們是脫鉤的，所以我們能夠提供這些能源效率計劃。

So that $60 million that you refer to is a significant number because it's our largest-ever investment in energy efficiency, but that was under the old, I'll say old, Triennium 1 or T1, as we refer to it.

因此，您提到的6000 萬美元是一個很大的數字，因為這是我們有史以來在能源效率方面最大的投資，但這是在舊的，我會說舊的，三年期1 或T1 下，正如我們所說的。

And so that was a three-year, roughly $239 million program that that spending is being recovered and invested under.

這是一個為期三年、約 2.39 億美元的計劃，該支出正在根據該計劃進行回收和投資。

The upcoming Triennium 2, which is the $482 million issue referred to, that includes an increase in the size of certain programs that we normally offer.

即將到來的三年期 2，即所提到的 4.82 億美元發行，其中包括增加我們通常提供的某些計劃的規模。

What we refer to as customized energy programs for small and large commercial customers, but also new elements that are related to building decarbonization.

我們所說的為小型和大型商業客戶量身定制的能源計劃，也是與建築脫碳相關的新元素。

And to your point, while we do measure the investment, certainly, saving for our investors, they are also measurable goals related to energy savings that we have to hit, as well as part of that approval of that program.

就您而言，雖然我們確實衡量了投資，當然，為我們的投資者節省了開支，但它們也是與我們必須實現的節能相關的可衡量目標，也是該計劃批准的一部分。

So I hope that answers your question, Roger.

所以我希望這能回答你的問題，羅傑。

Yeah, it does.

是的，確實如此。

Thank you.

謝謝。

A related question is, a year or so ago, the context is hydrogen, your estimate, back then at least, was in the range of $8 an MCF equivalent, and the contrast with the federal objective of around $2.

一個相關的問題是，大約一年前，背景是氫，您的估計，至少在當時，在 MCF 等價值 8 美元的範圍內，與大約 2 美元的聯邦目標形成鮮明對比。

Is there any progress to speak of?

有什麼進步可言嗎？

Has that number drifted the right direction?

這個數字是否偏離了正確的方向？

I think the program is still being put together now, as some of the rules associated with the taxes and how they're going to apply are coming through.

我認為該計劃現在仍在製定中，因為一些與稅收相關的規則及其應用方式正在製定中。

But I think generally speaking, the amount of dollars going towards hydrogen is going to drive down that price of hydrogen.

但我認為一般來說，用於氫的美元數量將壓低氫的價格。

With their target price being around $1 a kilogram, which equates to about $8 in Mbtu, natural gas pumps pricing parity, so we expect it to go in that direction.

由於他們的目標價格約為每公斤 1 美元，相當於約 8 美元的 Mbtu，天然氣價格平價，因此我們預計它會朝這個方向發展。

But those programs are moving forward as we speak, and we'll see in time where it finally ends up.

但就在我們說話的時候，這些計劃正在向前推進，我們會及時看到它最終的結局。

Okay.

好的。

Last question.

最後一個問題。

You mentioned gas-fired heat pumps, and maybe it's better handled offline, but if it's useful for the call, I wasn't really aware that there was a critical mass of technology in the gas-fired heat pump area, could that be a meaningful opportunity?

您提到燃氣熱泵，也許離線處理會更好，但如果它對通話有用，我並沒有真正意識到燃氣熱泵領域有大量的技術，這可能是一個有意義的機會？

Roger, it's Pat Migliaccio again.

羅傑，又是帕特·米利亞喬。

Yes, so gasoline pumps had that available at the commercial level for some time.

是的，所以汽油泵在商業層面上已經存在了一段時間了。

There are a number of vendors and manufacturers that have, I'll call them early stage but commercially available residential gas heat pumps.

有許多供應商和製造商擁有（我稱之為早期但商用的住宅燃氣熱泵）。

Some are being used in the European market, not broadly here yet in North America.

有些已在歐洲市場使用，但在北美尚未廣泛使用。

But those heat pumps get an equivalent efficiency of north of 130%.

但這些熱泵的等效效率高達 130% 以上。

And so they represent an improvement over a high-efficiency natural gas furnace today.

因此，它們代表了對當今高效天然氣爐的改進。

And so we do think that moving into the future, that represents an opportunity for us to continue to drive efficiency gains in natural gas heating appliances.

因此，我們確實認為，進入未來，這為我們提供了繼續提高天然氣加熱設備效率的機會。

Great.

偉大的。

And thank you, and thank you all for the execution that you deliver again and again.

謝謝你們，謝謝你們一次又一次的執行力。

Thanks, Roger.

謝謝，羅傑。

Thanks for the questions.

感謝您的提問。

(Operator Instructions) Gabe Moreen, Mizuho.

（操作員指示）Gabe Moreen，Mizuho。

Just had a question on the CEV backlog additions.

剛剛有一個關於 CEV 積壓訂單添加的問題。

It seems like you had success in adding to the backlog and it's skewed heavily towards out of New Jersey.

看起來你已經成功地增加了積壓的訂單，而且它嚴重偏向新澤西州以外的地方。

I'm just wondering if anything happened in changing in the competitive landscape to make that happen this past quarter.

我只是想知道上個季度競爭格局是否發生了變化，以實現這一目標。

And also just longer term, how you envision, I guess the breakup between New Jersey and non-New Jersey projects, kind of shaking down if there's an ideal target that you're targeting.

而且從長遠來看，如果你有一個理想的目標，我想新澤西州和非新澤西州計畫之間的分裂會有所動搖。

So we thought, for a long time, Gabe, about diversifying outside of state New Jersey and heading towards jurisdictions that we believe have the similar risk profile.

因此，加布，我們長期以來一直在考慮在新澤西州以外的地區進行多元化投資，並轉向我們認為具有類似風險狀況的司法管轄區。

And what you see in that number is essentially just executing that plan.

你在這個數字中看到的本質上只是執行該計劃。

So do we have a target on a percentage split?

那我們有一個百分比分割的目標嗎？

No, I don't think so.

不，我不這麼認為。

At this point, it's really, where's the jurisdiction that's friendly towards solar, and worth if we make the investments?

在這一點上，實際上，哪裡是對太陽能友好且值得我們投資的司法管轄區？

And where is it the best for the deals that we're able to put together?

我們能夠達成的最佳交易在哪裡？

But we're happy to see that number growing, that project pipeline.

但我們很高興看到這個數位和專案管道不斷成長。

And our available investments in that space continue to increase and support our continued investment in solar going forward.

我們在該領域的可用投資持續增加，並支持我們未來對太陽能的持續投資。

Thanks, Steve.

謝謝，史蒂夫。

And I thought I could maybe every quarter, but any update on a potential Leaf River expansion?

我想也許每個季度都可以，但是有關葉河潛在擴張的最新消息嗎？

I'm also just curious, with more winter weather under your belt at Adelphia, how that asset's been performing and whether there's any room to squeeze more capacity out?

我也很好奇，隨著阿德爾菲亞的冬季天氣越來越多，該資產的表現如何以及是否有空間擠出更多產能？

So I'll take the first one.

所以我會選第一個。

So we're continuing to look at Leaf River.

所以我們將繼續關注葉河。

And like I keep saying, we're working on new transactions.

就像我一直說的，我們正在進行新的交易。

We don't have anything to update at this point in time, but certainly, the market is supportive.

目前我們沒有任何資訊可以更新，但市場肯定是支持的。

And yeah, Leaf River's around -- Adelphia Gateway's doing well.

是的，Leaf River 就在附近——Adelphia Gateway 做得很好。

I know throughput year on year is up by a significant percentage.

我知道吞吐量比去年同期成長了很大的百分比。

And we're continuing to watch that asset and see where we can pursue organic growth opportunities, just like we are across the whole company.

我們將繼續關注該資產，看看我們可以在哪裡尋求有機成長機會，就像我們在整個公司一樣。

Okay.

好的。

Thanks, Steven.

謝謝，史蒂文。

All right.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes our Q&A session for today.

我們今天的問答環節到此結束。

And with that, I will pass it back over to Adam for some closing remarks.

接下來，我將把它轉交給 Adam，讓他發表一些結束語。

Thanks, Jessica.

謝謝，傑西卡。

Thanks, everyone, for joining us this morning.

謝謝大家今天早上加入我們。

As a reminder, a recording of this call is available for replay on our website.

請注意，本次通話的錄音可在我們的網站上重播。

And as always, we appreciate your interest and investment in NJR.

一如既往，我們感謝您對新日本無線的興趣和投資。

Thanks, everyone.

感謝大家。

Have a good morning.

祝你早安。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。