Spire Inc (SR) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Spire Q3 FY25 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Spire Q3 FY25 收益電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Megan McPhail, Managing Director, Investor Relations. Please go ahead.

現在，我想將會議交給投資人關係董事總經理梅根‧麥克菲爾 (Megan McPhail)。請繼續。

Morning, and welcome to Spire's fiscal 2025 third quarter earnings call. On the call with me today is Scott Doyle, President and CEO; and Adam Woodard , Executive Vice President and CFO.

早安，歡迎參加 Spire 2025 財年第三季財報電話會議。今天與我一起通話的是總裁兼執行長 Scott Doyle 和執行副總裁兼財務長 Adam Woodard。

We issued an earnings news release this morning, and you may access it on our website spireenergy.com under Newsroom. There's a slide presentation that accompanies our webcast, which can be downloaded from our website under Investors and then Events and Presentations.

我們今天早上發布了一份收益新聞稿，您可以在我們網站 spireenergy.com 的新聞編輯室中訪問它。我們的網路廣播隨附幻燈片演示，可從我們網站的「投資者」下的「活動和演示」下載。

Before we begin, let me cover our Safe Harbor statement and use of non-GAAP earnings measures. Today's call, including responses to questions, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although our forward-looking statements are based on reasonable assumptions, there are various uncertainties and risk factors that may cause future performance or results to be different than those anticipated.

在我們開始之前，讓我先介紹一下我們的安全港聲明和非公認會計準則收益指標的使用。今天的電話會議，包括對問題的回答，可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。儘管我們的前瞻性陳述是基於合理的假設，但仍存在各種不確定性和風險因素，可能導致未來的績效或結果與預期不同。

These risks and uncertainties are outlined in our quarterly and annual filings with the SEC. In our comments, we will be discussing non-GAAP measures used by management when evaluating performance and results of operations. Explanations and reconciliations of these measures to their GAAP counterparts are contained in both our news release and slide presentation.

這些風險和不確定性在我們向美國證券交易委員會提交的季度和年度文件中都有概述。在我們的評論中，我們將討論管理階層在評估績效和營運成果時所使用的非公認會計準則指標。我們的新聞稿和幻燈片簡報中都包含這些指標與 GAAP 指標的解釋和對照組。

Now, here's Scott, who will start on page 4 of the presentation.

現在，請斯科特從簡報的第 4 頁開始發言。

Thank you, and good morning. We are pleased to have you join us today on our fiscal third quarter earnings conference call for an update on recent developments and a review of our quarterly performance outlook. Before we dive into results, I want to take a moment to recognize and thank our employees for their unwavering commitment to safety and service throughout the quarter, especially in the aftermath of the devastating tornadoes that struck the St. Louis community on May 16.

謝謝，早安。我們很高興您今天能參加我們的第三財季財報電話會議，了解最新進展並回顧我們的季度業績前景。在我們深入討論結果之前，我想花點時間表彰並感謝我們的員工在整個季度對安全和服務的堅定承諾，特別是在 5 月 16 日襲擊聖路易斯社區的毀滅性龍捲風之後。

Our team rose to the occasion in extraordinary ways. We received nearly 1,300 emergency calls and responded to more than 620 emergency orders during the days that followed. Beyond restoring service, our employees supported disaster response and recovery efforts by volunteering their time and talents to ensure neighborhoods were safe and accessible.

我們的團隊以非凡的方式應對了這項挑戰。在接下來的幾天裡，我們接到了近1300通緊急電話，並回應了620多個緊急命令。除了復原服務之外，我們的員工還自願貢獻時間和才智，支持災難應變和復原工作，以確保社區安全且通行。

Through our customer relief initiatives, assistance programs and community support, we demonstrated what it means to care for the people in places we serve. I'm incredibly proud of what we accomplished together, and I want to thank each of you for your dedication, resilience, and compassion.

透過我們的客戶救濟計劃、援助計畫和社區支持，我們展示了關懷我們服務地區人民的意義。我為我們共同取得的成就感到無比自豪，我要感謝你們每個人的奉獻精神、韌性和同情心。

Our commitment to service and operational excellence also positions us for long-term growth. A clear example is our recently announced acquisition of the Piedmont Natural Gas Tennessee business from Duke Energy, a strategic investment I'll expand on shortly.

我們對服務和卓越營運的承諾也使我們獲得了長期成長。一個明顯的例子是我們最近宣布從杜克能源公司收購皮埃蒙特天然氣田納西業務，我很快就會詳細介紹這項策略性投資。

But first, let's discuss our quarterly results on page 4. This morning we announced adjusted earnings of $0.01 per share compared to a loss of $0.14 per share a year ago. The year-over-year increase reflects growth across all of our business segments. Our performance was driven by infrastructure investments to modernize our natural gas systems, coupled with our ongoing commitment to disciplined cost management.

但首先，讓我們先討論一下第 4 頁的季度業績。今天上午，我們宣布調整後每股收益為 0.01 美元，而去年同期每股虧損為 0.14 美元。同比增長反映了我們所有業務部門的成長。我們的業績得益於天然氣系統現代化基礎設施的投資，以及我們對嚴格成本管理的持續承諾。

We continue to make meaningful progress managing our expenses through a focused cost reduction and efficiency initiative while capturing O&M benefits from capital investments. These efforts are delivering benefits to our customers, and we remain focused on unlocking additional value on their behalf. Adam will provide a more detailed breakdown of our results in his remarks.

我們透過有針對性的成本削減和效率提升舉措，在管理費用方面繼續取得有意義的進展，同時從資本投資中獲得營運和維護收益。這些努力正在為我們的客戶帶來利益，我們將繼續致力於為他們釋放更多價值。亞當將在他的評論中對我們的結果進行更詳細的分析。

Now for an update on regulatory matters. We've continued to work closely with key stakeholders in our Missouri rate case. We are pleased to report that a unanimous stipulation and agreement has been filed for an annual revenue increase of $210 million. This resolves all aspects of the case and is pending approval by the Missouri Public Service Commission.

現在來了解一下監理事宜的最新情況。我們繼續與密蘇裡州利率案的主要利害關係人密切合作。我們很高興地報告，已經達成協議，每年增加 2.1 億美元的收入。這解決了案件的所有方面，實際上正等待密蘇裡州公共服務委員會的批准。

In addition, in May, the PSC approved a $19 million revenue increase in our infrastructure system replacement surcharge, or ISRS, requests bringing total annualized revenues recovered through the rider to $72.6 million. These revenues are included in the recently settled rate case.

此外，5 月份，公共服務委員會批准將基礎設施系統更換附加費（ISRS）的收入增加 1,900 萬美元，使透過附加費收回的年度總收入達到 7,260 萬美元。這些收入包含在最近解決的費率案件中。

After new base rates take effect this October, the ISRS rider will be available again to recover investments in system modernization. We remain focused on achieving consistent and constructive regulatory outcomes in all of our jurisdictions, leading to a more sustainable financial performance trajectory.

今年 10 月新的基準利率生效後，ISRS 附加條款將再次可用來收回系統現代化的投資。我們將繼續致力於在所有司法管轄區內實現一致且建設性的監管成果，從而實現更永續的財務表現軌跡。

In Alabama, we are pleased to welcome President Almond as the new President of the state's Public Service commission and look forward to collaborating with her and the entire commission and staff in the future. We extend our sincere thanks to President Cavanaugh for her dedicated service to the commission. Her leadership and commitment to fair regulation have made a lasting impact on Alabama's energy future.

在阿拉巴馬州，我們很高興歡迎阿蒙德總統擔任州公共服務委員會新任主席，並期待未來與她以及整個委員會和工作人員合作。我們向卡瓦諾主席為委員會所做的奉獻表示誠摯的感謝。她的領導能力和對公平監管的承諾對阿拉巴馬州的能源未來產生了持久的影響。

Looking ahead, we are reaffirming our long-term EPS growth target of 5% to 7%. This is supported by our 10-year $7.4 billion capital investment plan, and we expect to deliver within our fiscal 2025 earnings guidance of $4.40 to $4.60 per share.

展望未來，我們重申5%至7%的長期每股盈餘成長目標。這得歸功於我們為期 10 年、價值 74 億美元的資本投資計劃，我們預計 2025 財年的獲利預期將達到每股 4.40 美元至 4.60 美元。

We'll provide updates to our 10-year capital investment plan and long-term EPS expectations incorporating Tennessee on our year-end call in November. We are committed to delivering strong results in fiscal 2025 and beyond, and are well positioned to achieve our financial and operational goals as we work to grow organically, invest in infrastructure, and drive continuous improvement.

我們將在 11 月的年終電話會議上更新我們的 10 年資本投資計畫和包含田納西州的長期每股盈餘預期。我們致力於在 2025 財年及以後取得強勁業績，並透過努力實現有機成長、投資基礎設施和推動持續改進，為實現財務和營運目標做好了準備。

Let's turn now to page 5 and our recently announced acquisition of the Piedmont Natural Gas business in Tennessee. This is a strategic and accretive acquisition that meaningfully increases our scale and expands our regulated utility footprint into a high quality, high growth jurisdiction.

現在讓我們翻到第 5 頁，看看我們最近宣布收購田納西州皮埃蒙特天然氣業務的消息。這是一次具有戰略意義和增值的收購，它將顯著擴大我們的規模，並將我們受監管的公用事業業務範圍擴展到高品質、高成長的管轄範圍。

Tennessee offers a constructive regulatory environment that supports long-term investment in natural gas infrastructure and aligns well with our discipline growth strategy. The transaction enhances our business mix by adding a new service territory, further diversifying our regulated utility portfolio, and reducing overall business risk while remaining squarely within our core competency of regulated gas distribution.

田納西州提供了建設性的監管環境，支持對天然氣基礎設施的長期投資，並與我們的學科成長策略一致。此交易增強了我們的業務組合，增加了新的服務區域，進一步豐富了我們受監管的公用事業組合，降低了整體業務風險，同時仍保持了我們受監管的天然氣分銷的核心競爭力。

We bring a strong track record of successfully integrating other companies, having completed three prior gas utility acquisitions. Leveraging our mature shared services platform, we're confident in our ability to integrate this business efficiently. The Tennessee business will add an incremental $900 million to our five-year capital plan for a combined $4.4 billion of investment opportunities focused on system modernization, customer growth, and infrastructure resilience.

我們擁有成功整合其他公司的良好記錄，之前已完成三次天然氣公用事業收購。利用我們成熟的共享服務平台，我們有信心能夠有效地整合這項業務。田納西州的業務將為我們的五年資本計畫增加 9 億美元，總計 44 億美元的投資機會將重點放在系統現代化、客戶成長和基礎設施彈性上。

From a financing perspective, we've secured a bridge facility to fund the transaction and are pursuing a permanent capital structure that includes a balanced mix of debt, equity, and hybrid securities. We are also evaluating the sale of non-utility assets such as natural gas storage facilities as a potential source of funds. Our approach is designed to maintain credit quality while supporting long-term adjusted EPS growth of 5% to 7% and continued dividend growth, reinforcing our commitment to delivering sustainable value for shareholders.

從融資角度來看，我們已經獲得了一筆過橋貸款來為交易提供資金，並且正在尋求一種包括債務、股權和混合證券的平衡組合的永久資本結構。我們也正在評估出售天然氣儲存設施等非公用事業資產作為潛在資金來源。我們的方法旨在維持信貸質量，同時支持長期調整後每股收益成長 5% 至 7% 和持續的股息成長，從而加強我們為股東提供可持續價值的承諾。

The map on the right side of the page illustrates our expanded footprint, including the newly acquired Tennessee territory adjacent to our existing infrastructure in Missouri, Alabama, and Mississippi. As you can see, this is a natural fit within our existing utility footprint. We expect to file for regulatory approval with the Tennessee Public Utility Commission within 45 days of the announcement and anticipate closing in the first quarter of calendar 2026.

頁面右側的地圖展示了我們擴大的足跡，包括新獲得的田納西領土，該領土毗鄰我們在密蘇裡州、阿拉巴馬州和密西西比州的現有基礎設施。如您所見，這與我們現有的實用空間非常契合。我們預計將在公告發布後 45 天內向田納西州公共事業委員會申請監管部門批准，並預計將於 2026 年第一季完成。

Let's turn to page 6 for an update on our Missouri rate case. Following a collaborative and constructive regulatory process, we are pleased with the unanimous stipulation and agreement reached yesterday with all parties involved. This agreement supports an annual revenue increase of $210 million, of which $72.6 million are already being recovered through the ISRS. The increase is based on a $4.4 billion rate base, though the agreement does not specify an allowed return on equity or capital structure.

讓我們翻到第 6 頁來了解密蘇裡州利率案例的最新情況。經過協作和建設性的監管程序，我們對昨天與所有相關方達成的一致規定和協議感到高興。該協議支持每年增加 2.1 億美元的收入，其中 7,260 萬美元已透過 ISRS 收回。此次成長是基於 44 億美元的利率基礎，但協議並未具體規定允許的股本回報率或資本結構。

Key objective of this case is the refinement of our weather normalization adjustment mechanism, or WNAR. The agreement incorporates an updated 30-year weather period and revised coefficients to more accurately reflect weather-driven usage. Additionally, the small general service class has now been included in the WNAR mechanism, further strengthening its effectiveness.

本案例的主要目標是完善我們的天氣正常化調整機制（WNAR）。該協議納入了更新的 30 年天氣週期和修訂的係數，以更準確地反映天氣驅動的使用。此外，小型普通服務班現已納入WNAR機制，進一步增強了其有效性。

We are confident that these updates will materially reduce the impact of weather on our volumetric revenues we've experienced since our last rate case. The stipulation and agreement is pending approval by the Missouri Public Service Commission. If approved, new rates will take effect on October 24, 2025. The outcome of this case underscores our continued focus on regulatory transparency, customer affordability, and long-term investment in safe, reliable infrastructure.

我們相信，這些更新將大大減少自上次費率案例以來天氣對我們收入的影響。該規定和協議尚待密蘇裡州公共服務委員會批准。如果獲得批准，新費率將於 2025 年 10 月 24 日生效。此案的結果強調了我們對監管透明度、客戶承受能力以及對安全可靠基礎設施的長期投資的持續關注。

I'll now turn the call over to Adam for a financial review and update on guidance and outlook. Adam?

現在我將把電話轉給亞當，讓他進行財務審查並更新指導和展望。亞當？

Thanks, Scott, and good morning everyone. I'll start with a review of our quarterly results, which are detailed on pages 7 and 8 of our presentation. During the third quarter, we reported adjusted earnings of $4.1 million, an increase of over $8 million compared to last year. The Gas Utility segment had an adjusted loss of $10 million in the third quarter, $1 million better than prior year. This reflects higher contribution margin at Spire Missouri, driven by an increase in ISRS revenues, partially offset by lower Spire Missouri usage net of weather mitigation.

謝謝，斯科特，大家早安。我將首先回顧我們的季度業績，詳情請參閱我們簡報的第 7 頁和第 8 頁。第三季度，我們報告的調整後收益為 410 萬美元，比去年同期增加了 800 多萬美元。天然氣公用事業部門第三季調整後虧損 1,000 萬美元，比去年同期減少 100 萬美元。這反映了 Spire Missouri 的貢獻利潤率有所提高，這得益於 ISRS 收入的增長，但部分被 Spire Missouri 扣除天氣緩解因素後的使用率下降所抵消。

Utility earnings also reflected higher O&M expense and higher depreciation expense. On a year-to-date basis, our O&M run rate is less than 1% higher than the prior year period. Earnings in the Gas Marketing segment were higher by over $4 million as the business was well positioned to create value.

公用事業收益也反映了更高的營運和維護費用以及更高的折舊費用。從年初至今，我們的 O&M 運行率比去年同期高出不到 1%。由於天然氣行銷部門的業務處於有利地位，能夠創造價值，因此該部門的收益增加了 400 多萬美元。

During the quarter, we continue to see strong earnings growth in our Midstream segment, driven by additional capacity and asset optimization at Spire Storage, partially offset by higher operating costs from higher activity. Lastly, other corporate costs were slightly lower, primarily due to higher returns on non-qualified benefit plans, partially offset by higher interest expense.

在本季度，我們繼續看到中游部門的強勁盈利增長，這得益於 Spire Storage 的額外產能和資產優化，但因活動增加而導致的運營成本上升部分抵消了這一增長。最後，其他公司成本略有下降，主要由於非合格福利計劃的回報率較高，但部分被較高的利息支出所抵消。

Turning to page 9. We continue to make capital investments to improve reliability, resiliency, and safety for the benefit of our customers. Year-to-date, our CapEx has totaled $700 million with the majority of the spending taking place at our gas utilities. Year over year, Utility CapEx increased nearly 20% as we focus on upgrading distribution infrastructure and connecting more homes and businesses to safe, reliable, and affordable natural gas.

翻到第 9 頁。我們將繼續進行資本投資，以提高可靠性、彈性和安全性，從而使我們的客戶受益。年初至今，我們的資本支出總額已達 7 億美元，其中大部分支出用於我們的天然氣公用事業。由於我們專注於升級配送基礎設施並為更多家庭和企業提供安全、可靠且價格合理的天然氣，公用事業資本支出較去年同期成長近 20%。

Investment in our Midstream segment totaled $99 million year-to-date, largely for the expansion of Spire Storage West. The expansion is now complete and the returns on the project are exceeding our expectations.

今年迄今，我們對中游部門的投資總額已達 9,900 萬美元，主要用於擴建 Spire Storage West。擴建現已完成，專案回報超出了我們的預期。

Our capital investment target for fiscal 2025 has increased to $875 million reflecting a $10 million increase in Midstream and a $25 million increase in Spire Missouri. As a reminder, our long-term investment plan is focused on organic growth at the utilities. Approximately 98% of our 10-year capital expenditure plan is targeted utility spend, driving our growth at rate base.

我們 2025 財年的資本投資目標已增至 8.75 億美元，其中 Midstream 增加 1,000 萬美元，Spire Missouri 增加 2,500 萬美元。提醒一下，我們的長期投資計劃專注於公用事業的有機成長。我們的 10 年資本支出計畫中約有 98% 是針對公用事業的支出，從而推動了我們的費率基礎成長。

Turning now to our growth outlook on page 10. We are confident that our long-term adjusted earnings per share growth target of 5% to 7%. This is reinforced by 7% to 8% rate-based growth at Spire Missouri and steady sustained equity growth at Spire Alabama, coupled with efficient recovery mechanisms.

現在我們來看看第 10 頁的成長展望。我們有信心實現我們長期調整後每股盈餘成長5%至7%的目標。Spire Missouri 的 7% 至 8% 利率成長和 Spire Alabama 的穩定持續股權成長，加上高效的恢復機制，進一步鞏固了這一地位。

We remain committed to executing on our strategy and our affirming our fiscal 2025 adjusted earnings guidance range of $4.40 to $4.60 per share. Our adjusted earnings targets by segment remained the same as provided on the call last quarter. Incorporate results from the third quarter, we expect Utility earnings to be lower in the range and Midstream earnings to be higher in the range. Further, our dividend growth is supported by our long-term adjusted EPS growth targets, and we fulfilled our equity needs for fiscal 2025.

我們將繼續致力於執行我們的策略，並確認 2025 財年調整後的每股盈餘預期範圍為 4.40 美元至 4.60 美元。我們按部門調整後的獲利目標與上個季度電話會議上提出的目標保持一致。結合第三季的業績，我們預計公用事業收益將處於較低水平，而中游收益將處於較高水平。此外，我們的股息成長得到了長期調整後每股收益成長目標的支持，並且我們滿足了 2025 財年的股權需求。

Looking ahead, we'll provide an update on our long-term financing strategy during our year-end call in November. At that time, we'll introduce our fiscal 2026 earnings guidance and provide an update on our long-term adjusted earnings per share growth expectations. We expect to close on the acquisition of the Piedmont Natural Gas Tennessee business in the first calendar quarter of 2026.

展望未來，我們將在 11 月的年終電話會議上提供有關我們的長期融資策略的最新資訊。屆時，我們將推出 2026 財年的獲利指引，並提供長期調整後每股盈餘成長預期的最新資訊。我們預計將於 2026 年第一季完成對 Piedmont Natural Gas Tennessee 業務的收購。

As a result of closing mid-year, we expect to exclude net income related to the business from 2026 adjusted earnings and adjusted earnings per share. Importantly, with new rates in Missouri and the ability to earn closer to our allowed return on equity, we anticipate adjusted earnings at our Utility segment to be meaningfully higher in 2026 compared to recent years. This reflects the strength of our regulatory framework and our continued focus on delivering sustainable earnings growth.

由於年中結算，我們預計將從 2026 年調整後收益和調整後每股收益中排除與該業務相關的淨收入。重要的是，隨著密蘇裡州新利率的出台以及盈利能力接近我們允許的股本回報率，我們預計 2026 年公用事業部門的調整後收益將比近年來大幅提高。這反映了我們監管框架的強大程度以及我們對實現永續獲利成長的持續關注。

With that, let me turn it back over to you, Scott.

說完這些，讓我把話題還給你，史考特。

Thanks, Adam. As we look to the remainder of fiscal 2025, our priorities are clear. Operationally, our top priority remains delivering safe, reliable natural gas service to our customers. We're executing on our $875 million capital plan, which is focused on system modernization and long-term infrastructure resilience.

謝謝，亞當。展望 2025 財年剩餘時間，我們的優先事項很明確。在營運方面，我們的首要任務仍然是為客戶提供安全、可靠的天然氣服務。我們正在執行 8.75 億美元的資本計劃，重點是系統現代化和長期基礎設施彈性。

At the same time, we're maintaining a strong focus on customer affordability through discipline cost management. On the regulatory front, we're working to achieve constructive outcomes across our jurisdictions. Strengthening our regulatory recovery mechanisms remains essential to assuring timely cost recovery and supporting continued investment in our systems.

同時，我們透過嚴格的成本管理，高度關注客戶的負擔能力。在監管方面，我們正在努力在各個管轄範圍內取得建設性成果。加強我們的監管恢復機制對於確保及時收回成本和支援對我們系統的持續投資仍然至關重要。

From a financial perspective, we are reaffirming our full year adjusted EPS guidance of $4.40 to $4.60 per share. We remain committed to maintaining a strong balance sheet, which supports both our growth strategy and our long-term shareholder value proposition.

從財務角度來看，我們重申全年調整後每股盈餘預期為 4.40 美元至 4.60 美元。我們仍然致力於維持強勁的資產負債表，這不僅支持我們的成長策略，也支持我們的長期股東價值主張。

And finally, we're making progress on our recently announced acquisition of the Tennessee Piedmont Natural Gas business. We're actively pursuing regulatory approvals and advancing integration planning. Together, these priorities position us to deliver strong operational performance, financial discipline, and long-term growth. We're confident in our path forward and excited about the opportunities ahead.

最後，我們最近宣布的收購田納西皮埃蒙特天然氣業務的計畫正在取得進展。我們正在積極尋求監管部門的批准並推動整合規劃。這些優先事項共同使我們能夠實現強勁的營運業績、財務紀律和長期成長。我們對前進的道路充滿信心，並對未來的機會感到興奮。

Thank you for your continued support and interest in Spire.

感謝您對 Spire 的持續支持和關注。

(Operator Instructions)

（操作員指示）

Richard Sunderland, JP Morgan.

摩根大通的理查桑德蘭。

Hey, good morning. Thanks for the time today.

嘿，早安。感謝您今天抽出時間。

Hey, Rich.

嘿，里奇。

Just one for me. I'm curious about the FFO to debt targets you previously outlined of 15% to 16%. Is that still the right framework to think about going forward? Thank you.

對我來說只有一個。我對您之前概述的 15% 到 16% 的 FFO 與債務目標感到好奇。這仍然是思考未來的正確框架嗎？謝謝。

Thanks, Rich. Yeah, it's Adam. Those definitely are still the right targets to keep in mind, probably a little bit through the transition period of the acquisition, probably a little bit slower to get to those targets, but that's still what we're aiming for.

謝謝，里奇。是的，他是亞當。這些肯定仍然是需要牢記的正確目標，可能在收購的過渡期內需要一點時間，而實現這些目標的速度可能會慢一些，但這仍然是我們的目標。

Great. That's all for me. Thank you.

偉大的。對我來說就這些了。謝謝。

Thank you.

謝謝。

Christopher Jeffrey, Mizuho Securities.

瑞穗證券的克里斯多福·傑弗裡。

Congratulations on the strong quarter. Just a point of clarification, just wondering in the Midstream results, how much of that is -- how much is the expansion of storage reflected in the full quarter? And maybe kind of just going forward, should we think of this quarter as a reasonable run rate for the business?

恭喜本季業績強勁。只是需要澄清一點，只是想知道在中游結果中，其中有多少是 - - 整個季度反映了多少存儲的擴展？也許只是展望未來，我們是否應該將本季視為業務的合理運行率？

Yeah, hey, Chris, it's Adam. We did -- on the Midstream segment in particular, we did see a very strong year-over-year growth, obviously with storage coming on. About 90% of the increase in storage year over year was attributable, in midstream is attributable to storage. That would cut on a net income basi,s 75% to 25% storage to the pipeline.

是的，嘿，克里斯，我是亞當。我們確實看到了——特別是在中游領域，我們確實看到了非常強勁的同比增長，顯然是由於存儲的增加。約有 90% 的儲存量較去年同期成長是由於中游儲存的增加。這將使管道儲存的淨收入從 75% 削減至 25%。

Okay. Great. And then maybe just sticking on the Midstream just curious, more on the pipeline side, just maybe given some trends we're seeing in Missouri comments from the electric utilities there in terms of load growth, is Spire seeing any opportunities just in terms of capacity on various pipelines?

好的。偉大的。然後也許只是停留在中游，只是好奇，更多的是在管道方面，也許考慮到我們在密蘇裡州看到的一些趨勢，從那裡的電力公司對負載增長的評論來看，Spire 是否在各種管道的容量方面看到了任何機會？

Yeah, Chris, hey, this is Scott. Yes, that -- as we see what's taking place in Missouri, particularly around the IRPs associated with the electric businesses, those are creating some opportunities for us they're in future years. Our ability to serve them is good and low CapEx needs associated with serving those needs at this time.

是的，克里斯，嘿，這是史考特。是的，正如我們所見，密蘇裡州正在發生的事情，特別是與電力企業相關的 IRP，這些都為我們未來幾年創造了一些機會。我們為他們提供服務的能力很好，並且目前滿足這些需求所需的資本支出較低。

Great. And maybe just one more if I could. Just maybe any color on the strong marketing results in the quarter and maybe as we think of 4Q, can we expect the same seasonal strong end of the fiscal year there or should we kind of think of those results as being pulled into 3Q a bit?

偉大的。如果可以的話，也許再多一個。也許這只是本季強勁的營銷業績的一個縮影，當我們想到第四季度時，我們是否可以期待本財年末出現同樣的強勁季節性表現，或者我們是否應該認為這些業績會被稍微拖入第三季度？

Hey, Chris, it's Adam again. I think they were very well positioned coming into this quarter. It tends to be a little quieter quarter as you get into the summer. I really no comment on what we see going into the fourth quarter, but we feel pretty good about the operations of that business and what they're doing and hitting the targets that we've outlined for the year end.

嘿，克里斯，又是亞當。我認為他們在本季度處於非常有利的位置。進入夏季後，這個季度往往會變得更加安靜。我真的對第四季度的情況不做評論，但我們對該業務的運營以及他們所做的事情以及實現我們為年底制定的目標感到非常滿意。

Okay, great. Thanks everyone.

好的，太好了。謝謝大家。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Dylan Lipner, Ladenburg Thalmann.

狄倫‧利普納 (Dylan Lipner)、拉登堡‧塔爾曼 (Ladenburg Thalmann)。

Hey guys, congrats on a really good quarter.

嘿夥計們，恭喜你們取得了非常好的季度業績。

Thank you. Hey, morning.

謝謝。嘿，早安。

Good morning. I just want to kind of piggyback off of one of Chris's questions about the Storage segment. Maybe if you guys can discuss the year-over-year changes in margins at the Storage business that might be driving revenue up for you guys.

早安.我只是想順便回答一下克里斯關於存儲部分的一個問題。也許你們可以討論一下儲存業務利潤率的同比變化，這可能會推動你們的收入成長。

Yeah. Hey, Dylan, it's Adam. A lot of that's just the expansion that's coming on online there and we are seeing similar as we talked about last quarter, not only a realization of that expansion, but also some additional optimization on top of that, but that's really the story. We do include some more specific information in the queue as it'll be filed shortly.

是的。嘿，迪倫，我是亞當。其中許多只是即將上線的擴展，我們看到了與上個季度討論的類似的情況，不僅實現了擴展，而且還在此基礎上進行了一些額外的優化，但這確實是故事。我們確實在隊列中包含了一些更具體的信息，因為它將很快被歸檔。

Got you. And then when it just comes to, even on the pipes from last year in 2024, so we, assume that they're kind of unchanged going forward into 2025 for the Midstream business in the pipeline?

明白了。那麼，即使是從去年到 2024 年的管道，我們假設到 2025 年，管道中的中游業務的管道狀況不會有太大變化？

Yeah. No, it should be pretty straightforward. Good observation.

是的。不，這應該非常簡單。很好的觀察。

Great, that's all I got. Thank you very much, guys.

太好了，這就是我所得到的全部。非常感謝你們，夥伴們。

Thank you.

謝謝。

Barry Klein, Macquarie.

麥格理的巴里·克萊因。

Hey there, thanks for taking my call. I just wanted to be clear here. Does your long-term 5% to 7% growth rate include the impacts of the recent Missouri rate case settlement and future test year legislation that's been enacted?

嘿，謝謝您接聽我的電話。我只是想在這裡說清楚。您長期的 5% 到 7% 的成長率是否包括最近密蘇裡州利率案件和解以及已頒布的未來考試年立法的影響？

Hey, Barry, it's Adam. So the 5% to 7% is really keyed off of our capital deployment. I think there's a realization on the fact that we had been behind on our recovery in Missouri. And so there would certainly be some catch up there that would be in addition to the 5% to 7%. But the 5% to 7% really keys off of our rates, long term rate-based growth.

嘿，巴里，我是亞當。因此，5% 到 7% 確實取決於我們的資本配置。我認為我們已經意識到我們在密蘇裡州的復甦方面已經落後了。因此，除了 5% 到 7% 之外，肯定還會有一些追趕。但 5% 到 7% 的真正關鍵在於我們的利率，即長期基於利率的成長。

Okay. So it's not -- doesn't have anything to do with if you're able to improve the returns?

好的。所以這與您是否能夠提高回報沒有任何關係嗎？

No, that's right.

不，沒錯。

Got it. Okay, just clarifying. All right, thank you very much for taking my question.

知道了。好的，只是澄清一下。好的，非常感謝您回答我的問題。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Thank you. Good morning. Just real quick for me. On the O&M you guys have done a great job, and I'm just kind of curious how you see that line evolving going forward?

謝謝。早安.對我來說真的很快。在 O&M 方面，你們做得非常出色，我只是有點好奇，你們如何看待這條線路未來的發展？

Yeah, good morning, Salman. Thank you. Yeah, our target is to be at or below the rate of inflation in any given year and just really maybe the headline for us year-to-date is we are below 1% year-to-date on O&M. In the quarter, there was a comparison there from this quarter versus last quarter. There was a one-time benefit in the quarter last year and a one-time expense in the quarter of this year that traded against us along with some other things. But all them we feel good about where we're headed on O&M story.

是的，早上好，薩爾曼。謝謝。是的，我們的目標是在任何一年都保持在通貨膨脹率或以下，而今年迄今為止我們的總體情況可能是，我們的 O&M 率低於 1%。在本季度，我們將本季與上一季進行了比較。去年季度有一筆一次性收益，今年季度有一筆一次性支出，這些都對我們不利，還有一些其他因素。但總而言之，我們對 O&M 故事的發展方向感到滿意。

All right, thank you very much.

好的，非常感謝。

Thanks, Salman.

謝謝，薩爾曼。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back to Megan McPhail for closing remarks.

謝謝。我們的問答環節到此結束。我想請梅根麥克菲爾 (Megan McPhail) 致閉幕詞。

Thank you for joining us on the call today. We look forward to speaking with many of you in the near future. Have a good day.

感謝您今天參加我們的電話會議。我們期待在不久的將來與你們中的許多人交談。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Thank you.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。謝謝。