桑普拉能源 (SRE) 2025 Q3 法說會逐字稿

Good day, and welcome to Sempra's Third Quarter Earnings Call. Today's conference is being recorded.

大家好，歡迎參加森普拉第三季財報電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Louise Bick. Please go ahead.

此時，我想把會議交給路易絲‧比克。請繼續。

Good morning, and welcome to Sempra's Third Quarter 2025 Earnings Call. A live webcast of this teleconference and slide presentation are available on our website under the Events and Presentations section.

早安，歡迎參加森普拉公司2025年第三季財報電話會議。本次電話會議的現場網路直播和投影片簡報可在我們網站的「活動與簡報」版塊查看。

We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer; Karen Sedgwick, Executive Vice President and Chief Financial Officer; Justin Bird, Executive Vice President of Sempra and Chief Executive Officer of Sempra Infrastructure; Caroline Winn, Executive Vice President of Sempra; Allen Nye, Chief Executive Officer of Oncor; and other members of our senior management team.

今天我們管理團隊的幾位成員也來到了現場，包括董事長兼首席執行官傑夫·馬丁；執行副總裁兼首席財務官凱倫·塞奇威克；森普拉執行副總裁兼森普拉基礎設施首席執行官賈斯汀·伯德；森普拉執行副總裁卡羅琳·溫；昂科首席執行官艾倫·奈；以及我們高級管理團隊的其他成員。

Before starting, I'd like to remind everyone that we'll be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in any forward-looking statements we make today. The factors that could cause our actual results to differ materially are discussed in the company's most recent 10-K and 10-Q filed with the SEC.

在開始之前，我想提醒大家，我們將討論1995年《私人證券訴訟改革法案》所指的前瞻性陳述。實際結果可能與我們今天所作的任何前瞻性聲明中預測的結果有重大差異。可能導致我們實際業績與預期業績有重大差異的因素已在公司最近向美國證券交易委員會提交的 10-K 和 10-Q 文件中進行了討論。

Earnings for common share amounts in our presentation are shown on a diluted basis, and we'll be discussing certain non-GAAP financial measures. Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We'll also encourage you to review our 10-Q for the quarter ended September 30, 2025.

我們在簡報中顯示的普通股收益是稀釋後的，我們將討論一些非GAAP財務指標。請參閱本次電話會議附帶的簡報，以了解與 GAAP 指標的核對情況。我們也鼓勵您查閱截至 2025 年 9 月 30 日的季度 10-Q 報告。

I'd also like to mention that forward-looking statements contained in this presentation speak only as of today, November 5, 2025, and it's important to note that the company does not assume any obligation to update or revise any of these forward-looking statements in the future.

我還想指出，本簡報中包含的前瞻性陳述僅代表截至 2025 年 11 月 5 日的觀點，需要注意的是，本公司不承擔在未來更新或修改任何此類前瞻性陳述的任何義務。

With that, please turn to slide 4, and let me hand the call over to Jeff.

那麼，請翻到第 4 張投影片，然後我把電話交給傑夫。

Thank you all for joining us today. Before discussing today's financial results, I want to spend a moment reviewing how we've positioned our portfolio to deliver significant value to our owners through the end of the decade. Today, our company is situated at the intersection of several important secular trends, including the ongoing electrification of America's energy systems, AI deployment and the growing need to deliver energy safely and reliably.

感謝各位今天蒞臨。在討論今天的財務表現之前，我想花點時間回顧我們如何調整投資組合，以在本十年末為我們的所有者創造巨大價值。如今，我們公司正處於幾個重要長期趨勢的交匯點，包括美國能源系統的持續電氣化、人工智慧的部署以及安全可靠地輸送能源的日益增長的需求。

In order to capitalize on these trends, we've worked closely with our Board of Directors to update our corporate strategy to focus on lower risk and higher value transmission and distribution investments, growing our position as a leader in large economic markets, shifting our capital allocation to fund the growing needs of our US utilities and doing so with a sharp focus on Texas, which is a market that we believe offers the best long-term value proposition for our owners.

為了利用這些趨勢，我們與董事會密切合作，更新了公司策略，專注於風險較低、價值較高的輸配電投資，鞏固我們在大型經濟市場的領導地位，調整資本配置以滿足美國公用事業公司不斷增長的需求，並重點關注德克薩斯州，我們相信該市場能為我們的所有者提供最佳的長期價值主張。

Next, let me turn to our financial results. Earlier this morning, we reported third quarter 2025 adjusted EPS of $1.11, which compares favorably with the prior period's results of $0.89. Also, with the strength of our year-to-date results, we're affirming full year 2025 adjusted EPS guidance range of $4.30 to $4.70 while also affirming our 2026 EPS guidance range of $4.80 to $5.30. And finally, we're affirming our projected long-term EPS growth rate as shown on this slide.

接下來，讓我來看看我們的財務表現。今天早些時候，我們公佈了2025年第三季調整後每股收益為1.11美元，較上一季的0.89美元有所增長。此外，鑑於年初至今的強勁業績，我們維持2025年全年調整後每股收益預期區間為4.30美元至4.70美元，同時維持2026年每股收益預期區間為4.80美元至5.30美元。最後，我們確認了本頁所示的​​長期每股盈餘成長率預期。

Please turn to the next slide, where I'll provide an update on our 2025 value creation initiatives. You'll recall that earlier this year, we announced a company-wide campaign focused on five initiatives to create value for owners. First, we set a goal of investing approximately $13 billion this year with the vast majority being allocated to our US utilities.

請翻到下一張投影片，我將在那裡介紹我們 2025 年價值創造計畫的最新進展。您可能還記得，今年早些時候，我們宣布了一項全公司範圍的活動，重點是五項旨在為所有者創造價值的舉措。首先，我們設定了今年投資約 130 億美元的目標，其中絕大部分將分配給我們的美國公用事業公司。

Through the first three quarters, I'm pleased to report that we've successfully deployed nearly $9 billion of capital and remain on track to meet or exceed our year-end goal of $13 billion. Moreover, at Sempra Texas, we're benefiting from improving returns, primarily attributable to increased capital efficiency at Oncor, which is associated with the newly implemented unified tracker mechanism.

我很高興地報告，在前三個季度，我們已成功部署了近 90 億美元的資金，並有望實現或超過我們 130 億美元的年終目標。此外，在 Sempra Texas，我們正受益於收益的提高，這主要歸功於 Oncor 資本效率的提高，而這與新實施的統一追蹤機制有關。

Moving to the second initiative. We're pleased with our recent announcement to sell a 45% stake in Sempra Infrastructure Partners for $10 billion. We view that transaction as a major catalyst in unlocking Sempra Infrastructure's franchise value while also benefiting Sempra in numerous ways, including: number one, improving our business growth profile as the mix of regulated earnings significantly increases; number two, unlocking reinvestment capital for our US utilities; number three, adding an average of $0.20 to EPS accretion over the five-year period starting in 2027; and number four, fortifying our balance sheet, deconsolidating Sempra Infrastructure Partners' debt and paving the way for improved credit metrics.

接下來是第二項舉措。我們很高興地宣布，將以 100 億美元的價格出售 Sempra Infrastructure Partners 45% 的股份。我們認為，此交易是釋放 Sempra Infrastructure 特許經營價值的重要催化劑，同時也將使 Sempra 在諸多方面受益，包括：第一，隨著受監管收益佔比大幅提高，我們的業務增長前景得到改善；第二，為我們在美國的公用事業業務釋放再投資資本；第三，從 2027 年開始的五年內，平均每股資產增長 0.的債務從合併報表中移除，並為改善信用指標鋪路。

In parallel, the ongoing sales process for Ecogas continues to generate a lot of interest from a number of prospective buyers, and we're expecting to receive final bids before the end of the year. Both transactions are expected to close by the middle of 2026.

同時，Ecogas 的持續銷售過程繼續引起許多潛在買家的濃厚興趣，我們預計將在年底前收到最終報價。預計這兩筆交易將於 2026 年中完成。

The last initiative shown here at the bottom of the slide is aimed at improving community safety and driving operational excellence across the organization. This includes efforts to improve the regulatory environment with a view toward reducing enterprise risk. A great example is California SB 254, which strengthened the long-term stability of the state's wildfire fund while also improving claims liquidity.

幻燈片底部顯示的最後一項措施旨在提高社區安全，並推動整個組織的卓越運作。這包括努力改善監管環境，以降低企業風險。加州 SB 254 法案就是一個很好的例子，它加強了該州野火基金的長期穩定性，同時也提高了索賠流動性。

The key takeaway on this slide is that progress on these initiatives is translated into improved financial and operational results, and I cannot be more proud of our employees who have embraced our commitment to both modernize and scale our organization, improve our cost structure and better serve all of Sempra's stakeholders.

這張投影片的關鍵訊息是，這些舉措的進展轉化為財務和營運績效的改善，我為我們的員工感到無比自豪，他們積極響應我們致力於實現組織現代化和規模化、改善成本結構以及更好地服務於森普拉所有利益相關者的承諾。

Please turn to the next slide where Karen will walk through business updates.

請翻到下一張投影片，Karen 將在投影片中介紹業務最新進展。

Thanks, Jeff. At Sempra, California, SB 254 was enacted, which is a significant derisking event for the California electric utilities. Jeff mentioned it earlier that the bill calls for an even split of funding between the California IOUs and their customers with no upfront contributions. Importantly, SDG&E share of the various contributions is a modest 4.3% for what amounts to just under $13 million per year through 2045, with additional future contingent contributions being required only if needed.

謝謝你，傑夫。加州森普拉市通過了 SB 254 法案，這對加州電力公司來說是一個重要的風險降低事件。傑夫之前提到過，該法案要求加州的公用事業公司與其客戶平分資金，而無需預先繳納任何費用。值得注意的是，SDG&E 在各項捐款中所佔份額僅為 4.3%，相當於到 2045 年每年不到 1300 萬美元，未來只有在需要時才需要追加或有捐款。

Continuation account also strengthens the cap on reimbursement in the event of a finding of imprudence. It's also important to note that any contributions made by IOU shareholders to the continuation account may be also counted as prepaid credits against potential reimbursement amounts in the future.

延續帳戶也加強了在發現不謹慎行為時對賠償金額的上限。值得注意的是，IOU 股東向延續帳戶繳納的任何款項也可計入未來可能償還的款項的預付額度。

Taken together, we believe these measures, which are outlined on slide 15 in the appendix, significantly strengthened the financial safeguards for electric utilities, an important achievement for all of California. As we approach year-end, we're tracking several regulatory matters in California that we hope to wrap up, including Track 2 of the GRC, the 206 proceeding at FERC and the CPUC's cost of capital proceeding.

我們認為，附錄第 15 頁概述的這些措施，共同加強了電力公司的財務保障，這對加州來說是一項重要的成就。隨著年底臨近，我們正在追蹤加州的幾項監管事項，希望能夠盡快完成，包括 GRC 的第二階段、FERC 的 206 程序以及 CPUC 的資本成本程序。

Moving to Sempra Infrastructure. We previously announced a definitive sales agreement that's expected to reduce our ownership percentage to 25% will be accretive to EPS forecast and credit. And following the close of the transaction, we expect to maintain a solid cushion above our FFO to debt thresholds. Among other benefits, a lower equity stake will also improve our regulated earnings mix, while allowing Sempra to deconsolidate Sempra Infrastructure debt from our GAAP financials.

遷移至森普拉基礎設施公司。我們先前宣布了一項最終銷售協議，預計將使我們的持股比例降至 25%，這將提高每股盈餘預測和信用評級。交易完成後，我們預計將保持高於 FFO 與債務門檻的充足緩衝。除其他好處外，降低股權比例還將改善我們受監管的收益結構，同時允許 Sempra 將 Sempra Infrastructure 的債務從我們的 GAAP 財務報表中剔除。

In our LNG business, Port Arthur LNG Phase 1 continues to make notable headway with Train 1 expected to reach COD in 2027. We're on schedule and on budget with over 1/3 of piping installation complete on Train 1. Recently, we also completed the Tank A Roof Air Race, which is another important milestone for the project.

在我們的液化天然氣業務方面，亞瑟港液化天然氣第一期工程持續取得顯著進展，預計第一條生產線將於 2027 年實現商業化營運。1 號列車的管道安裝工程已完成超過三分之一，目前工程進度和預算均按計畫進行。最近，我們也完成了坦克A屋頂空中競賽，這是該專案的另一個重要里程碑。

Earlier in the quarter, you'll recall that we also reached FID at Port Arthur Phase 2 and issued a full notice to proceed under our fixed-price EPC contract with Bechtel. This is important because it gives us the opportunity to leverage continuous construction at the site and reduce project risk. To date, we placed all high-value orders for long lead plant equipment and also completed the project's first permanent piles for Tank C and Train 3.

在本季早些時候，您可能還記得，我們​​還在亞瑟港二期專案上達成了最終投資決定，並根據我們與貝克特爾簽訂的固定價格EPC合約發出了全面開工通知。這很重要，因為它使我們有機會利用現場的持續施工，降低專案風險。到目前為止，我們已經完成了所有高價值長週期工廠設備的訂單，並且完成了該專案C罐和3號列車的首批永久樁基工程。

I'll also add that the value proposition of Sempra Infrastructure's LNG franchise continues to grow, as the European Council recently backed the EU proposal to end deliveries of pipeline gas and LNG from Russia by the end of 2027.

我還要補充一點，隨著歐洲理事會最近支持歐盟的提案，即到 2027 年底停止從俄羅斯輸送管道天然氣和液化天然氣，森普拉基礎設施公司的液化天然氣特許經營權的價值主張也在不斷增長。

Moving to ECA LNG Phase 1. The project is over 95% complete and pre-commissioning activities are ongoing. Certain systems have moved into the commissioning phase, and we're currently working on repairing an auxiliary turbine designed to increase efficiency. Based on progress at the site, we continue to expect first LNG production in the spring 2026 with commissioning cargoes expected to commence thereafter.

進入ECA LNG一期計畫。該項目已完成95%以上，調試前準備工作正在進行中。某些系統已進入調試階段，我們目前正在修復一台旨在提高效率的輔助渦輪機。根據現場進展情況，我們仍然預計首批液化天然氣將於 2026 年春季生產，調試貨物預計將隨後開始交付。

At Cimarron construction continues to advance with the overall project being approximately 95% complete. And just last week, Cimarron achieved initial synchronization of approximately 1/3 of the turbines that are now online and operational. And importantly, the project remains on target to achieve COD in the first half of 2026.

Cimarron 的建設工作正在繼續推進，整個項目已完成約 95%。就在上週，Cimarron 實現了目前已上線運行的渦輪機中約 1/3 的初始同步運行。更重要的是，該項目仍有望在 2026 年上半年實現商業化營運。

Finally, at Sempra Texas. Oncor's base rate review continues to make considerable progress. In September, a settlement on interim rates was approved that allows Encore to apply the final approved rates back to January 1, 2026, if the case is not finalized by that date. And through October, Oncor has evaluated arguments submitted rebuttal testimony and is actively engaged in settlement discussions with all parties.

最後，在德克薩斯州森普拉。Oncor的基本費率審查工作持續取得顯著進展。9 月，一項關於臨時費率的和解協議獲得批准，該協議允許 Encore 在案件於 2026 年 1 月 1 日之前（如果該日期之前案件尚未最終解決）將最終批准的費率應用於該日期。截至 10 月，Oncor 已對提交的反駁證詞進行了評估，並積極與各方進行和解談判。

Next, the procedural schedule calls for a hearing on the merits to begin the week of November 17. With completion of the base rate review and an updated 2024 test year, together with the opportunity to improve capital efficiency with the UTM, Oncor will be better positioned to support customer growth across its service territory.

接下來，程序安排將於 11 月 17 日當週開始進行案情聽證。隨著基本費率審查的完成和 2024 年測試年度的更新，以及透過 UTM 提高資本效率的機會，Oncor 將更好地支持其服務區域內的客戶成長。

And at the end of September, we continue to see strong growth in Oncor's core markets. Oncor's active LC and IQ has increased over 10% from the prior quarter. Further, premise count increased by 16,000 and Oncor also built, rebuilt or upgraded nearly 660 circuit miles of T&D lines during the quarter. As customer growth continues to accelerate, in the transmission expansion plans advance, Oncor anticipates a substantial increase to its 2026 to 2030 capital plan.

截至9月底，Oncor的核心市場持續保持強勁成長。Oncor 的活躍 LC 和 IQ 比上一季成長了 10% 以上。此外，營業場所數量增加了 16,000 處，Oncor 在本季度還新建、重建或升級了近 660 英里的輸配電線路。隨著客戶成長持續加速，輸電擴建計畫不斷推進，Oncor 預計其 2026 年至 2030 年的資本計畫將大幅增加。

Please turn to the next slide. Turning to the Texas 765 transmission expansion. We believe this remains a key growth driver that's underappreciated by the market. Ercot estimates $32 billion to $35 billion to complete the full build-out. And as a reminder, we estimate Oncor's portion of these projects will surpass 50% of the total investment with Permian projects expected to come online by the end of 2030 and non-Permian projects being completed in the 2030 to 2034 time frame.

請翻到下一張投影片。接下來談談德州765號輸電線路擴建計畫。我們認為這仍然是關鍵的成長驅動因素，但市場對其重視程度不足。Ercot 估計完成全部建設需要 320 億至 350 億美元。再次提醒大家，我們估計 Oncor 在這些項目中的投資份額將超過總投資的 50%，其中二疊紀盆地計畫預計將於 2030 年底前上線，非二疊紀盆地計畫將於 2030 年至 2034 年期間完成。

As a result, Oncor is now forecasting an increase of over 30% to its projected 2026 to 2030 capital plan. And though we're still early in our fall planning process, Oncor continues to see substantial upside opportunities to its updated base plan forecast. That's why at Sempra, we're prioritizing the Texas market within our portfolio and assuming a constructive rate case outcome you should expect us to allocate a significantly greater share of investment capital to Sempra Texas in our roll forward plan.

因此，Oncor 目前預測其 2026 年至 2030 年的資本計畫將成長 30% 以上。儘管我們秋季計畫的製定工作還處於早期階段，但Oncor仍然認為其更新後的基本計畫預測具有巨大的上漲空間。因此，在 Sempra，我們優先考慮投資組合中的德州市場，並且假設利率案件結果良好，您應該會期望我們在未來的計劃中為 Sempra Texas 分配更大比例的投資資本。

Please turn to the next slide, where I'll review the third quarter financial results. Earlier today, Sempra reported third quarter 2025 GAAP earnings of $77 million or $0.12 per share. This compares to third quarter 2024 GAAP earnings of $638 million or $1 per share. Note that third quarter 2025 GAAP earnings include a $514 million tax expense related to classifying Sempra Infrastructure Partners as held for sale, which is nonrecurring in nature.

請翻到下一張投影片，我將在那裡回顧第三季的財務表現。今天早些時候，Sempra公佈了2025年第三季GAAP收益為7,700萬美元，即每股0.12美元。相比之下，2024 年第三季 GAAP 收益為 6.38 億美元，即每股 1 美元。請注意，2025 年第三季 GAAP 收益包含與將 Sempra Infrastructure Partners 分類為持有待售資產相關的 5.14 億美元稅費，該稅費屬於非經常性支出。

On an adjusted basis, we're pleased with our strong year-to-date execution, as third quarter 2025 earnings were $728 million or $1.11 per share. This compares favorably to our third quarter 2024 adjusted earnings of $566 million or $0.89 per share. We believe this sets us up well for the remainder of the year as well as next year where we're anticipating strong year-over-year growth from the midpoint of our 2025 guidance.

經過調整後，我們對年初至今的強勁業績感到滿意，2025 年第三季收益為 7.28 億美元，即每股 1.11 美元。這與我們 2024 年第三季調整後的 5.66 億美元或每股 0.89 美元相比，情況相當不錯。我們相信這將為今年剩餘時間和明年奠定良好的基礎，我們預計明年將實現強勁的同比增長，達到我們 2025 年業績指引的中點。

We're continuing to expect several regulatory decisions in the next several months and don't want to get ahead of the CPUC. Ultimately, the resolution of these matters will be helpful in determining where our full year financial results come in.

我們預計未來幾個月內會有幾項監管決定出台，因此不想搶在加州公共事業委員會 (CPUC) 之前做出決定。最終，這些問題的解決將有助於確定我們全年的財務表現。

Please turn to the next slide. Variances in the third quarter 2025 adjusted earnings as compared to the same period last year can be summarized as follows: At Sempra, California, we had $76 million primarily from higher income tax benefits, partially offset by higher net interest expense. This included $32 million associated with the election to accelerate deductions for self-developed software expenses authorized under OB3 as well as return to provision impacts and timing of flow-through tax benefits in the quarter. We're also pleased that Sempra California had $47 million from higher CPUC base operating margin, net of operating expenses, partially offset by lower cost of capital.

請翻到下一張投影片。2025 年第三季調整後收益與去年同期相比的差異可概括如下：在加州的 Sempra，我們獲得了 7,600 萬美元，主要來自更高的所得稅優惠，部分被更高的淨利息支出所抵銷。其中包括與加速扣除根據 OB3 授權的自主開發軟體費用相關的 3,200 萬美元，以及本季撥備影響和稅務優惠轉嫁時間安排。我們也很高興地看到，Sempra California 因 CPUC 基本營業利潤率提高（扣除營運費用後）而獲得了 4700 萬美元的收入，但部分被較低的資本成本所抵消。

Turning to Sempra Texas. We had $45 million of higher equity earnings from higher invested capital, Oncor system resiliency plan and unified tracker mechanism, partially offset by higher operating and interest expenses.

轉向森普拉德克薩斯公司。由於投資資本增加、Oncor 系統彈性計劃和統一追蹤機制，我們的股權收益增加了 4,500 萬美元，但部分被更高的營運和利息支出所抵消。

At Sempra Infrastructure, we had $26 million, primarily from higher asset optimization, partially offset by lower transportation results, lower tax benefits and other. At the parent, the $32 million decrease is primarily due to higher net interest expense, lower investment gains and others, partially offset by higher income tax benefits from OB3.

在 Sempra Infrastructure，我們有 2,600 萬美元，主要來自更高的資產優化，部分被較低的運輸表現、較低的稅收優惠和其他因素所抵消。母公司方面，3,200萬美元的減少主要是由於淨利息支出增加、投資收益減少等原因，部分被OB3帶來的更高所得稅優惠所抵銷。

Please turn to the next slide. To conclude our prepared remarks, we continue to execute on our 2025 value creation initiatives and also have delivered solid third quarter and year-to-date financial results. Further, the Sempra Infrastructure Partners transaction is a significant positive catalyst for our company and reinforces our mission of building America's leading utility growth business.

請翻到下一張投影片。最後，我要總結一下，我們將繼續推進 2025 年價值創造計劃，並取得了穩健的第三季和年初至今的財務表現。此外，收購 Sempra Infrastructure Partners 對我們公司而言是一個重要的積極催化劑，並鞏固了我們打造美國領先的公用事業成長型企業的使命。

To accomplish that, we're targeting strong rate base growth in Texas and California with a view towards posting improved and more durable earnings and cash flows in the future. And as we've indicated, we think there are significant incremental capital investment opportunities to do just that over both the near and long term, which is why we feel confident in announcing that Oncor's roll forward capital plan is expected to increase by at least 30% over its current $36 billion base capital plan.

為了實現這一目標，我們正致力於在德州和加州實現強勁的利率基礎成長，以期在未來獲得更好、更持久的收益和現金流。正如我們所指出的，我們認為在近期和長期內，都有大量的增量資本投資機會來實現這一目標，因此我們有信心宣布，Oncor 的滾動資本計劃預計將在其目前的 360 億美元基本資本計劃的基礎上增加至少 30%。

Looking forward, we expect to officially announce Sempra's 2026 to 2030 capital plan on our fourth quarter call in February, subject to the completion of Oncor's pending base rate review.

展望未來，我們預計將在 2 月的第四季度電話會議上正式宣布 Sempra 的 2026 年至 2030 年資本計劃，但前提是 Oncor 的待決基準利率審查完成。

Thank you for joining us, and I'd now like to open up the line for your questions.

感謝各位的參與，現在想開放提問環節。

(Operator Instructions) Nick Campanella, Barclays.

（操作說明）尼克·坎帕內拉，巴克萊銀行。

So look, you've done a lot to derisk the balance sheet with the transaction that you announced five weeks ago. Obviously, you're talking about this higher CapEx outlook at Oncor. Just with the proceeds that are kind of coming in on a staggered basis, '26 and '27, just how are you kind of viewing balance sheet capacity for this increase? And is it fair to say there should be no equity through '27? Or just how are you kind of thinking about that?

所以你看，你五週前宣布的那筆交易已經為降低資產負債表風險做了很多工作。顯然，你指的是Oncor更高的資本支出預期。鑑於收益是分階段到帳的，分別是 2026 年和 2027 年，您如何看待此次成長的資產負債表容量？那麼，是否可以說到 2027 年之前都不應該有公平可言？或者說，你對這件事是怎麼想的？

Yes. Thank you, Nick. Let me take the equity question first, and then I'll pass it over to Karen to give more color on the balance sheet. But I would just start on the equity side and just say we're in great shape on this front, right? As you indicated, the proceeds from the transaction are expected to eliminate 100% of the common equity that was previously in the 2025 to 2029 financing plan.

是的。謝謝你，尼克。我先來解答權益方面的問題，然後再把這個問題交給凱倫，讓她更詳細地分析資產負債表。但我首先要說的是股權方面，我們在這方面做得很好，對吧？如您所指出的，此次交易所得款項預計將消除 2025 年至 2029 年融資計畫中先前存在的 100% 普通股權益。

It also sets us up well as we look to roll the plan forward to 2030, which we expect to discuss in February. But with the proceeds that you talked about being staggered and coming into us in 2026 and 2027, I think one of the key takeaways is we're in a great position to fortify our balance sheet, which Karen will talk about momentarily.

這也為我們把計劃推進到 2030 年奠定了良好的基礎，我們預計將在 2 月討論這個問題。但正如您所說，收益將分階段支付，分別在 2026 年和 2027 年到賬，我認為其中一個關鍵點是，我們處於一個非常有利的位置來鞏固我們的資產負債表，凱倫稍後會談到這一點。

We have more work to be done this fall, but Karen and I are committed to maintaining a strong balance sheet to efficiently fund growth. And as we have in the past, Nick, we'll use all the tools we have available to grow the business in a thoughtful way. Now let me turn to the balance sheet briefly.

今年秋天我們還有更多工作要做，但我和凱倫致力於保持穩健的資產負債表，以便有效地為成長提供資金。尼克，就像我們過去所做的那樣，我們將利用一切可用的工具，以深思熟慮的方式發展業務。現在讓我簡單地看一下資產負債表。

One of the things our management team does from time to time is we spend time discussing how we create a competitive advantage in every market cycle. And in today's market cycle, One of the things that we've identified with our Board of Directors is the importance of maintaining balance sheet strength, and that was a central part of the thesis that was behind the SI transaction and while we're taking a series of steps over the next 12 months to fortress our balance sheet to support the strong growth in our utilities.

我們的管理團隊會不時花時間討論如何在每個市場週期中創造競爭優勢。在當今的市場週期中，我們與董事會共同確定的一點是保持資產負債表穩健的重要性，這也是SI交易背後的核心概念。在接下來的12個月裡，我們將採取一系列措施來鞏固我們的資產負債表，以支持我們公用事業業務的強勁成長。

That is one of the key takeaways today. We're seeing remarkable growth in our utilities, particularly in Texas, and we expect that not just to end Nick in 2030, but to extend well into the middle part of the next decade. And that's why privilege and the balance sheet is so important. And with that, Karen, perhaps she could talk about how you're thinking about next steps.

這是今天的主要收穫之一。我們看到公用事業業務，特別是德克薩斯州的公用事業業務，取得了顯著增長，我們預計這不僅會持續到 2030 年，而且還會延續到下一個十年的中期。這就是為什麼特權和資產負債表如此重要的原因。那麼，凱倫，或許她可以談談你對下一步計畫的看法。

Sure. Thanks, Nick. Yes, I think you're looking about a correct, Nick. We've been working closely with the rating agencies. They're giving in time to the SI transaction. And as we update our five-year plan, we'll look to incorporate the benefits of that transaction. So as a reminder, we expect to get EPS accretion there, deconsolidate SI's debt and improvements to our overall credit.

當然。謝謝你，尼克。是的，我想你看起來差不多是對的，尼克。我們一直與評級機構密切合作。他們正在為SI交易爭取時間。在更新五年計畫時，我們將考慮將這項交易帶來的好處納入其中。因此再次提醒大家，我們預計這將帶來每股盈餘成長，取消SI債務的合併，並改善我們的整體信用狀況。

And I'll remind you that we expect to receive improved credit profiles from each of the agencies. So this includes improving our view of our risk profile, our business risk and improved downgrade thresholds. So as I mentioned in our prepared remarks, that we plan to build a solid cushion on our balance sheet, and we'll provide more specifics when we roll out the financial plan next year. But in the interim, we feel really good about where we are and the strategy we've laid out.

我還要提醒各位，我們期望從各家信用機構獲得更好的信用評級。因此，這包括改善我們對自身風險狀況、業務風險的看法，以及提高降級閾值。正如我在事先準備好的演講稿中提到的，我們計劃在資產負債表上建立穩固的緩衝，我們將在明年推出財務計劃時提供更多細節。但就目前而言，我們對我們所處的位置和我們所製定的策略感到非常滿意。

Thank you, Karen.

謝謝你，凱倫。

And then maybe just switching gears to Texas. Just I see the schedule here going through April '26. Hearings are about 1.5 weeks out. Just since we're past testimonies now, is settlement less likely? Is this something that you're kind of still actively working towards? Can you talk to that quickly?

然後或許就直接轉戰德州了。我看到這裡的日程安排一直到 2026 年 4 月。聽證會大約在1.5週後舉行。既然證詞已經過時，達成和解的可能性是否就小了？這是你目前仍在積極努力的方向嗎？你能快速跟他聊聊嗎？

Sure. Allen and his team are doing a great job. I think, for the overall audience, I'd refer everyone to slide 13 for the procedural references that Nick is referring to. And Allen, perhaps it might be best if you would just briefly talk about where you're at in the proceeding and what you think the next steps are.

當然。艾倫和他的團隊做得非常出色。我認為，對於所有觀眾來說，我建議大家參考第 13 張投影片，其中有 Nick 所提到的程序性參考資料。艾倫，或許你最好簡要地談談你目前在訴訟程序中的進展以及你認為下一步該怎麼做。

Yes. Thanks, Jeff. Where we are, I think, is accurately portrayed on slide 13, as you all both mentioned, interveners and staff both file their testimony now. Staff testimony didn't get us all the way to where we need to be, but we thought it was very constructive.

是的。謝謝你，傑夫。我認為，正如你們兩位所提到的，第 13 張投影片準確地描述了我們目前的情況，幹預者和工作人員現在都要提交證詞。員工的證詞雖然沒有讓我們完全達到目標，但我們認為它非常有建設性。

We did file our rebuttal last Friday. We continue to engage in settlement discussions with the parties. And we will continue to engage in settlement discussions with the parties. At the same time, we've got a hearing set for the first -- for November 17, the week of, and we're preparing to go to hearing that week, if necessary. We're really confident in the strength of our case.

我們已在上週五提交了反駁意見。我們將繼續與各方進行和解談判。我們將繼續與各方進行和解談判。同時，我們安排了第一次聽證會，時間是 11 月 17 日，也就是那一周，如有必要，我們正在準備參加那週的聽證會。我們對我們的論點非常有信心。

I'll remind you that we do have an order on interim rates, which becomes effective January 1, 2026. So we'll continue to talk. We'll continue to see what we can get done on the settlement front. And if we're successful, we'll obviously let everyone know. And if we have to go to hearing, we'll be ready to go. We expect an order, as you said, at the second quarter '26.

我提醒各位，我們有一項關於臨時費率的命令，該命令將於 2026 年 1 月 1 日生效。所以我們會繼續討論。我們將繼續觀察在和解方面能取得哪些進展。如果我們成功了，我們當然會告訴所有人。如果需要出庭，我們會做好準備。正如您所說，我們預計在 2026 年第二季會收到訂單。

Thank you, Allen. Appreciate it, Nick.

謝謝你，艾倫。謝謝你，尼克。

(inaudible), Wells Fargo.

（聽不清楚）富國銀行。

This is actually Shar on for --

這其實是在Share on上分享--

Hey, Shar. Congratulations on the new assignment.

嘿，莎爾。恭喜你獲得新的工作機會。

Appreciate it. Appreciate the support there. Just real quick on the SIP transaction. Can -- I guess, where do we stand on the leakage there? I mean, I know, obviously, you've got accretion numbers. You're looking at sort of a tax-efficient way to do this. I think you're still assuming around 20%. So what's the status there, I guess?

謝謝。感謝你們的支持。關於SIP交易，簡單說幾句。可以——我想問一下，我們對那裡的洩密事件持什麼立場？我的意思是，我知道，很明顯，你們有吸積數據。你現在看到的是一種比較節稅的做法。我認為你仍然假設的是 20% 左右。所以，那邊的情況如何呢？

Yes. I think that that's a good number. We're still looking at that. Obviously, there's some complexity there given the assets we have in Mexico, the international implications, both state and federal, but 20% is still a good number for you to guide yourself to.

是的。我認為這個數字不錯。我們仍在研究這個問題。顯然，考慮到我們在墨西哥的資產、國際影響（包括州和聯邦層級），情況會比較複雜，但 20% 仍然是一個不錯的參考數字。

Okay. Perfect, Jeff. And then just, I guess, the 30% increase, just curious what's included in there? How much of that is awarded 765 kV versus base system needs increasing? And how does that increase kind of stack up against that $12 billion of prior upside you called out in 4Q? So just any visibility there would be great.

好的。太好了，傑夫。然後，我猜是30%的成長，只是好奇這其中包含了哪些內容？其中有多少是授予 765 kV 的，而基礎系統需要增加的？那麼，這一增長與您在第四季度提到的 120 億美元的成長潛力相比如何？所以，只要能見度好就好了。

Sure. Shar, I really appreciate this question because I think it's been one where there's been a lot of ambiguity and a lot of questions we've taken as part of the call. We tried to discuss this in our prepared remarks, but let me go through and provide a couple of reminders, I think, that will be helpful to the listening audience.

當然。Shar，我非常感謝你提出這個問題，因為我認為這個問題有很多模糊之處，我們在通話中也回答了很多問題。我們在準備好的發言稿中嘗試討論過這個問題，但我想再補充幾點，我認為這對聽眾會有幫助。

When Oncor rolled out through 2025 to 2029 capital plan last February, we indicated a base plan of $36 billion, and you're exactly right, there was a defined set of upsides there of about $12 billion. With the updates we've had over the last several months, both from ERCOT as well as the PUCT on the 765 kV transmission expansion and early indications within the fall planning process, Oncor is very comfortable increasing their expectations for the base capital plan to increase by about 30%.

去年二月，Oncor 公佈了 2025 年至 2029 年的資本計劃，其中基本計劃為 360 億美元，您說得完全正確，其中有大約 120 億美元的明確增長空間。在過去的幾個月裡，我們從 ERCOT 和 PUCT 獲得了關於 765 kV 輸電擴建的最新信息，以及秋季規劃過程中的早期跡象，因此 Oncor 非常有信心將基本資本計劃的預期提高約 30%。

And here's the key distinction. That's primarily being driven by the state's acceleration of the Permian plan that now needs to be completed early. It has to be done now, Shar, by 2030. The other key thing to note is that Encore also has line of sight to additional upside. You remember the upside was previously about $12 billion we're now targeting something that's substantially similar.

這就是關鍵區別。這主要是由於該州加快推進二疊紀盆地開發計劃，該計劃現在需要儘早完成。莎爾，這件事必須現在就做，最遲在2030年之前完成。另一點要注意的是，Encore 還有進一步上升的空間。你還記得之前的潛在收益約為 120 億美元嗎？我們現在的目標是與之大致相同的金額。

So Shar, when you put that together, the base plan increase and expected upside Oncor will have a $55 billion to $60 billion capital opportunity through 2030. And I might just add for context that in our 2025 to 2029 plan for Sempra, we currently sit at $56 billion. So if you just take the midpoint of that expectation, the roll forward base plan and upside is bigger than Sempra's current five-year plan.

所以 Shar，當你把這些因素綜合起來考慮，基本計劃的成長和預期的上漲空間，Oncor 到 2030 年將有 550 億至 600 億美元的資本機會。我還要補充一點背景信息，在我們的 2025 年至 2029 年 Sempra 計劃中，我們目前的規模為 560 億美元。因此，如果取該預期值的中點，那麼向前滾動的基本計劃和上漲空間將大於 Sempra 目前的五年計劃。

So the key takeaway from this call is, yes, we've had great financial results, I feel great about 2025 and the pull-through in the 2026. But we've made a commitment to back Texas, right? And to do that, with our Board of Directors, we launched a capital recycling program because we wanted to load our balance sheet, so we were in a position to officially fund the growth we're seeing in the future. And I think Allen and his team have come forward with some very solid numbers, and we look forward to giving you more specifics on that in February.

所以這次電話會議的關鍵結論是，是的，我們取得了非常好的財務業績，我對 2025 年以及 2026 年的復甦充滿信心。但我們已經承諾支持德克薩斯州，對吧？為了實現這一目標，我們與董事會一起啟動了一項資本循環利用計劃，因為我們想充實我們的資產負債表，以便我們能夠正式地為我們未來所看到的增長提供資金。我認為艾倫和他的團隊已經提出了一些非常可靠的數據，我們期待在二月向您提供更多細節。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Well, I guess I was curious now on the as you look at that Encore load growth pipeline continues to chuck a lot and grow quarter-by-quarter. I guess I was just wondering if you could characterize. Like what is the maximum amount of new load that you could connect, if we're thinking about kind of the 2030 time frame? Are you full on data center activity? I mean how much could that actually increase as you look at the pipeline (inaudible) it in or leave it in to even further enhance the load growth --

嗯，我現在很好奇的是，當你觀察Encore的負載成長管道時，它持續投入大量資源，並且每季都在成長。我只是想問您能否描述一下。如果考慮到 2030 年左右的時間範圍，您最多可以連接多少新增負載？您的資料中心業務是否已全面開展？我的意思是，當你觀察管道（聽不清楚）時，它實際上會增加多少，是加入還是保留它以進一步增強負載增長？--

Yes. Let me do a couple of things here, and I'll provide some color, Allen, and I'll pass it to you to kind of walk through kind of summing up the numbers. But let me just start with what we've discussed in the past, David. We've indicated that the state of Texas has a coincident peak of about 86 gigawatts, okay? That's a historical record.

是的。讓我做幾件事，我會提供一些細節，艾倫，然後我會把它交給你，讓你來逐步總結這些數字。但讓我先從我們過去討論過的內容說起，大衛。我們已經指出，德克薩斯州的發電量高峰約為 86 吉瓦，明白嗎？這是歷史記錄。

Today, Oncor system peaks at about 31 gigawatts. And on the last quarterly call, Oncor indicated that they had line of sight at least to approximately 39 gigawatts. So between now and the end of the decade, they are very comfortable that they're going to double their load. What's interesting about the CapEx increase that they're now forecasting, it's really less about that, it's more about the acceleration of the transmission plan.

目前，Oncor 系統的峰值發電量約為 31 吉瓦。在最近一次季度電話會議上，Oncor 表示他們至少有希望實現約 39 吉瓦的裝置容量。因此，從現在到十年末，他們非常有信心將工作量翻倍。他們現在預測的資本支出增加，有趣的是，這其實與資本支出增加本身關係不大，更多的是與輸電計畫的加速推進有關。

So the key takeaway is you don't need to associate Encore's growth as it's been announced today, with what might or might not happen relative to load growth. It is principally being driven by the state's desire to accelerate supporting the oil and gas industry and getting an expanded transmission grid in place in the western part of Texas.

因此，關鍵在於，你不需要將 Encore 今天宣布的成長與負載成長可能發生或不會發生的事情連結起來。其主要驅動力是該州希望加快支持石油和天然氣產業發展，並在德州西部建立更完善的輸電網路。

Now that being said, the team has done a great job of tracking what those new opportunities are. And the way to think about your question as Allen goes through it is what we're going to talk about in terms of potential load growth and how much to your language can be feathered onto the system, it's really driving our growing confidence in this story continuing well into the middle part of the next decade.

話雖如此，團隊在追蹤這些新機會方面做得非常出色。艾倫在講解這個問題時，我們接下來要討論的是潛在的負載增長，以及系統可以承受多大的負載增長，這確實增強了我們對未來十年中期這一發展前景的信心。

So with that, Allen, maybe you could kind of talk about the different buckets of where you see growth are. And really, to David's point, where this quarter-over-quarter growth is coming from?

那麼，艾倫，或許你可以談談你認為成長的不同領域。那麼，正如大衛所指出的，這種季度環比成長究竟來自哪裡呢？

Yes. Thanks, Jeff. Thanks, David. Growth remains incredibly strong. I think you've heard that multiple times this morning from kind of the slow growth on the transmission side, these large industrial commercial customers, I think as Karen said, we have over 600 active requests now, that's up 60% since the same time last year, third quarter over third quarter. 210 gigawatts of data now versus 186 last quarter, an increase of about 13% and 16 gigawatts of other non-data LC&I customers.

是的。謝謝你，傑夫。謝謝你，大衛。成長勢頭依然強勁。我想今天早上你們已經多次聽到關於輸電方面增長緩慢的說法了，這些大型工業和商業客戶，正如凱倫所說，我們現在有超過600個活躍請求，比去年同期增長了60%，第三季度環比增長。目前數據量為210吉瓦，而上一季為186吉瓦，成長了約13%，此外還有16吉瓦的其他非數據LC&I客戶。

What's different this time and what Jeff was alluding to is we typically go through a process with these customers where we come up with a high confidence, low number. And I talked about this the last couple of quarters. But we've had, as Jeff said, around 39 gigawatts of what we call high confidence load and that's made up of in the past 9 gigawatts of signed or interconnection agreements and 29 gigawatts that we submit an officer letter to ERCOT if those customers meet kind of six criteria that we lay out for them. And -- but we don't sign those FEAs until studies are complete and ERCOT has approved the interconnection.

這次的不同之處，也是傑夫所暗示的，是我們通常會與這些客戶一起經歷一個流程，在這個流程中，我們會得出一個置信度高、數值低的預測值。過去幾個季度我一直在談論這個問題。但正如傑夫所說，我們已經有大約 39 吉瓦的所謂高置信負荷，其中 9 吉瓦是在過去簽署的互聯協議中產生的，另外 29 吉瓦是我們向 ERCOT 提交的官員信函中提到的，前提是這些客戶符合我們為他們制定的六項標準。但是，在研究完成且ERCOT批准互聯之前，我們不會簽署這些FEA。

In order to try and get more visibility into this massive queue that we're talking about, we've kind of done something different over the last few months. And that is in addition to doing just a typical FEA process, or interconnection agreement process, we've instituted what we call the interim FEA process.

為了更好地了解我們正在討論的這個龐大的排隊情況，我們在過去幾個月裡採取了一些不同的做法。除了進行典型的 FEA 流程或互連協議流程之外，我們還制定了所謂的臨時 FEA 流程。

And the interim FEA process is not a full FEA, the studies aren't done, ERCOT has not approved the interconnection, but what these interim FEAs do is the customers collateralize them. They give us about $6.5 million when we sign these things. The customer also provides us additional information that allows us to then begin or proceed with the studies we need to do that ultimately need to be approved by ERCOT.

臨時 FEA 流程並非完整的 FEA，相關研究尚未完成，ERCOT 也未批准互聯，但這些臨時 FEA 的作用在於讓客戶為其提供擔保。我們簽這些合約的時候，他們會給我們大約650萬美元。客戶還向我們提供了其他信息，使我們能夠開始或繼續進行我們需要進行的研究，這些研究最終需要 ERCOT 的批准。

Very, very strong uptake; very, very strong interest in this interim FEA process. To date, we've signed up about 19 gigawatts pursuant to this interim FEA process. And I can tell you that interest in signing these is very high. The number will change by the next time we talk about it.

反應非常熱烈；人們對這臨時性有限元素分析過程表現出了極大的興趣。截至目前，我們已根據此臨時性有限元素分析流程簽署了約 19 吉瓦的電力專案。我可以告訴你，大家對簽署這些文件的興趣非常高。下次我們談到這個問題時，這個數字就會改變。

Now a couple of caveats. It's not clear how ERCOT will view these interim FEAs versus the FEAs themselves. And obviously, with the SV6 rule-makings going on, it may alter the criteria that we ultimately need to use for this process.

現在有幾點需要說明。目前還不清楚ERCOT將如何看待這些臨時性有限元素分析報告與正式有限元素分析報告之間的關係。顯然，隨著 SV6 規則制定工作的進行，它可能會改變我們最終需要在過程中使用的標準。

But I can tell you that in addition to the numbers I've already told you, I think I mentioned on past calls that when I got this job, we had about $200 million of collateral that we were holding and that had moved up to about $2 billion as of last quarter related to these activities. As of now, that collateral that we hold is up around $2.7 billion. That gives you a general indication of the uptake on this new process that we're using.

但我可以告訴你們，除了我已經告訴你們的數字之外，我想我在之前的電話會議中也提到過，當我接手這份工作時，我們持有大約 2 億美元的抵押品，而截至上個季度，與這些活動相關的抵押品已經增加到大約 20 億美元。截至目前，我們持有的抵押品價值約為 27 億美元。這可以大致反映出我們正在使用的這種新流程的接受程度。

Excellent. Yes, all makes sense. And then pivoting maybe a little bit. With strong earnings this quarter and now year-to-date, Curious if you could comment how that positions you in terms of achieving the 2025 guidance? And maybe as you look forward to 2026, are you seeing opportunities for expenses to be pulled forward or other initiatives to give you a head start on that 2026 earnings outlook?

出色的。是的，一切都說得通。然後或許會稍微調整一下方向。鑑於本季和今年迄今的強勁盈利，您能否談談這對於實現 2025 年的業績指引有何影響？展望 2026 年，您是否看到了提前支付費用的機會，或者看到了其他一些舉措，可以幫助您在 2026 年的盈利預期方面搶佔先機？

Yes, David, thank you for that question. I mentioned this in my prepared remarks. I'm just so pleased with the work of our team, and we spent a lot of time trying to make sure that we've got a common set of business objectives across our 22,000 employees and that's certainly showing up in the strong financial performance we've seen thus far for the year.

是的，大衛，謝謝你的提問。我在準備好的發言稿中提到了這一點。我對我們團隊的工作非常滿意，我們花了很多時間確保我們22,000名員工擁有共同的業務目標，而這無疑體現在我們今年迄今為止強勁的財務業績中。

So for 2025, I'd mentioned, we're tracking several regulatory matters, and we're pleased to be running well ahead of our financial plan for the year. That's why earlier today, David, we were comfortable affirming our 2025 guidance. And I would also mention that we believe we can finish in the upper half of that range.

所以，對於 2025 年，正如我之前提到的，我們正在關注幾個監管問題，我們很高興能夠遠遠領先於我們今年的財務計劃。正因如此，大衛，今天早些時候，我們才有信心重申我們對 2025 年的業績預期。我還想補充一點，我們相信我們最終能夠進入該排名區間的上半部。

Turning to 2026. We also affirmed that guidance. Obviously, it's going to be a stub year because we expect to close the SI transaction sometime between Q2 and Q3. But I would just mention, we're in the middle of our fall planning process right now and still tracking several key items.

展望2026年。我們也重申了該指導原則。顯然，這將是一個短暫的一年，因為我們預計將在第二季和第三季之間的某個時候完成 SI 交易。但我還要提一下，我們目前正在進行秋季計劃制定工作，並且仍在追蹤幾個關鍵事項。

Obviously, the SI closing with KKR as well as the base rate review that Allen just updated you folks on a few minutes ago. So our goal at this point is to review both 2026 and 2027 guidance with The Street at our February call, together with rounding out our full year results for 2025. So I think the summary point here is I'm really excited about the progress we've made in 2025. We feel great about 2026, and we're excited to get back in front of folks in February and provide guidance for 2027.

顯然，還有SI與KKR的交易完成，以及艾倫幾分鐘前才剛向大家更新的基本利率審查。因此，我們目前的目標是在二月的電話會議上與華爾街一起回顧 2026 年和 2027 年的業績指引，並完善 2025 年的全年業績。所以我覺得總結起來就是，我對我們在 2025 年的進展感到非常興奮。我們對 2026 年充滿信心，並期待在 2 月再次與大家見面，為 2027 年提供指導。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just on the transmission expansion in Texas that you've referenced. One of your peers came out this morning with plans to expand manufacturing for transformers and breakers. Just kind of curious what you're seeing from an equipment and supply chain standpoint and how you feel about execution on growing capital plan?

或許只是你提到的德州的輸電線路擴建計畫。今天早上，你們的一位同行提出了擴大變壓器和斷路器生產規模的計畫。我很好奇您從設備和供應鏈的角度看到了什麼，以及您對不斷增長的資本計劃的執行情況有何看法？

Yes. I mean I really want to give credit to Allen and his team here and Allen, I'll let you talk about it in a second. But going back to the pre-COVID days and being part of the boardroom, and see an Allen layout kind is 11-point plan for growing that business.

是的。我的意思是，我真的要好好稱讚艾倫和他的團隊，艾倫，我稍後會讓你談談這件事。但回到新冠疫情之前的日子，回到董事會，看到艾倫提出的 11 點計劃，旨在發展這項業務。

The supply chain has been front and center. In fact, Carly, in September, we took the Sempra Board of Directors to Dallas. And the number 1 issue we wanted to talk about was their ability to deliver on their growth plans and the strength of their supply chain. We also had to benefit, Carly, to have Governor Abbott kind of joined the Sempra Board in a private three-hour dinner, as we continue to due diligence the growth case in Texas.

供應鏈一直是關注的焦點。事實上，卡莉，9月我們帶森普拉董事會去了達拉斯。我們最想討論的問題是他們實現成長計畫的能力以及他們供應鏈的實力。卡莉，我們也從中受益匪淺，阿博特州長以某種方式加入了森普拉董事會，參加了一個長達三個小時的私人晚宴，因為我們繼續對德克薩斯州的增長案例進行盡職調查。

And one of the things we did was we took the entire Board on a field visit to their Midlothian supply center. And this is an Amazon-like supply center. Hopefully, we can start hosting some investors there in the future, but they have a hub-and-spoke model across North Texas and that mid-low-teen center, which is about 45 minutes from Downtown Dallas, really is a state-of-the-art 21st century digitally driven warehouse center that not only supports their supply chain across the five-year plan, it is the center of their storm recovery system. So we came away from that incredibly impressed that the work has gone into it. And Allen, maybe you can provide a little bit more detail around you've done to feel good about delivering on your five-year plan.

我們採取的措施之一是帶領全體董事會成員實地考察了他們在米德洛錫安的供應中心。這是一個類似亞馬遜的供應鏈中心。希望將來我們能開始在那裡接待一些投資者，但他們在北德克薩斯州採用的是中心輻射式模式，而這個位於達拉斯市中心約 45 分鐘車程的十幾英里中心，確實是一個最先進的 21 世紀數字化驅動的倉儲中心，它不僅支持其五年計劃中的供應鏈，而且還是其風暴恢復系統的中心。所以，我們對這項工作所投入的心血印象深刻。艾倫，或許你可以更詳細地介紹你為了實現五年計畫所做的努力，你是如何感到滿意的。

Yes, thanks for the question, Carly. I think Jeff did a pretty good job describing it. We started about eight years ago fortuitously redoing our supply chain, redoing our logistics, adding the facility, expanding the number of vendors for each type of product that we need and that has paid incredible dividends for us moving forward.

是的，謝謝你的提問，卡莉。我覺得傑夫描述得相當不錯。大約八年前，我們偶然地開始重組供應鏈、重組物流、增建工廠、擴大我們所需每種產品的供應商數量，這為我們未來的發展帶來了巨大的回報。

I've said on past earnings calls that we had with regards to the prior plan, our current plan everything we need to accomplish that five-year plan. Nothing about that has changed. Look, every day, you got to stay vigilant on it. Our people work very hard to stay very close to our vendors and our suppliers. You got to deal with challenges.

我在之前的財報電話會議上說過，關於先前的計劃，我們目前的計劃已經具備了實現五年計劃所需的一切條件。這一點沒有任何改變。你看，每天都要對此保持警覺。我們的員工非常努力地與供應商保持密切聯繫。你必須應對挑戰。

It doesn't mean I have every piece of equipment in a laydown yard somewhere, but it means I've gotten in some way line of sight either a contract or a commitment or an agreement for everything we need. We'll stay vigilant all that. We'll keep working on it, but we're extremely confident. We made a commitment to the state to complete the Permian plan by 2030, and we have every intention of doing so, together with all the other activities we have on our system.

這並不意味著我所有的設備都堆放在某個地方，但這意味著我已經以某種方式獲得了我們需要的一切的合約、承諾或協議。我們會一直保持警戒。我們會繼續努力，但我們非常有信心。我們向州政府承諾，將在 2030 年前完成二疊紀盆地計劃，我們完全有信心實現這一目標，同時我們也會開展系統內的所有其他活動。

Allen, you did -- one of the things you guys did, which I thought was really helpful was how you went out in the marketplace, both in Asia and Europe to get taken care of the 765 equipment well before it became something that crystallized for the state. Can you briefly update the audience on that?

艾倫，你做得對——你們做的其中一件事，我認為真的很有幫助，就是你們在亞洲和歐洲的市場上，在765設備成為州政府明確目標之前，就把它處理好了。能簡單地向觀眾介紹一下相關情況嗎？

Yes, we did exactly what Jeff is talking about. I mean we've been very blessed in that our Board and our shareholders have given us authority in advance of actually approval of plans, of financial plans, five-year plans and one-year plans, to go out and make commitments in order to be in a position to actually execute and we did exactly what Jeff was talking about with regards to the 765 step plan.

是的，我們完全按照傑夫說的做了。我的意思是，我們非常幸運，我們的董事會和股東在正式批准計劃（包括財務計劃、五年計劃和一年計劃）之前就授權我們做出承諾，以便我們能夠真正執行這些計劃。我們完全按照傑夫所說的 765 步計劃執行了這些計劃。

Great. Super helpful. And then maybe just shifting gears a bit on -- just on California, curious as sort of the Phase 2 process kicks off, how you sort of envision Sempra's involvement there and perhaps any perspective that you'd share on the potential -- what potential solutions could look like?

偉大的。非常有用。然後，也許可以稍微轉換主題——就加州而言，隨著第二階段進程的啟動，我很好奇您如何設想 Sempra 在那裡的參與，以及您對潛在的解決方案有什麼看法——可能有哪些潛在的解決方案？

Sure. I would just start by saying that Sempra has been very engaged in Sacramento on trying to find ways to improve public policy to support public safety. I got to give a lot of credit, Carly, to Governor Newsom, he has been out front and kind of leading this effort. He's made it a priority. It goes well beyond just serving electric customers. It's about making sure that the state of California continues to take steps that are progressive and thoughtful to reduce risk from a public safety standpoint.

當然。首先我想說的是，森普拉公司一直積極參與薩克拉門託的相關事務，努力尋找改善公共政策、維護公共安全的方法。卡莉，我必須高度讚揚紐森州長，他一直走在前列，領導這項工作。他已將此事列為首要任務。它的功能遠遠不止於服務電力用戶。其目的是確保加州繼續採取進步且周全的措施，從公共安全的角度降低風險。

We have Caroline Winn with us today. She heads up, you may recall, both San Diego Gas Electric and SoCalGas and she has been front and center on the next steps on the study bill. And perhaps Caroline, you could share your thoughts on the study bill.

今天我們請到了卡洛琳‧溫恩。你可能還記得，她同時領導著聖地牙哥天然氣電力公司和南加州天然氣公司，並且一直處於研究法案後續步驟的核心位置。卡洛琳，或許你可以分享一下你對學費法案的看法。

Yes, be happy to. Earlier this week, the utility submitted a series of abstracts. The way to think about the abstracts is their problem identification statements that really frame the issues and it will inform the white papers due next month.

是的，我很樂意。本週早些時候，該公司提交了一系列摘要。理解摘要的正確方法是關注其中的問題識別陳述，這些陳述真正界定了問題，並將為下個月要發布的白皮書提供資訊。

Maybe I'll just note four areas of focus. One, we believe a shared risk model through new cost-sharing approaches needs to be looked at. Number two, new insurance and funding structures number three, enhancing the process for paying claims quickly and fairly for wildfire victims and fourth, maintaining affordability and accountability. Now these abstracts will form the foundation of, as I mentioned, the joint white papers next month, December 12, and will help inform the comprehensive report prepared by the California Earthquake Authority next April.

或許我只需要列出四個重點領域。第一，我們認為需要研究透過新的成本分擔方式來建立風險共擔模式。第二，新的保險和融資結構；第三，改善快速、公平地向野火受害者支付賠償金的流程；第四，維持可負擔性和問責性。正如我之前提到的，這些摘要將成為下個月（12 月 12 日）聯合白皮書的基礎，並將有助於為加州地震局明年 4 月編寫的綜合報告提供資訊。

I think the key takeaway here is that we believe that wildfire resiliency must be a shared responsibility between utilities, insurers, government and communities, and we're constructive on the effort to identify new models that will address wildfire risk across the state for decades to come.

我認為關鍵在於，我們相信野火抵禦能力必須是公用事業公司、保險公司、政府和社區的共同責任，我們積極致力於尋找新的模式，以應對未來幾十年全州的野火風險。

Thank you, Caroline. The only thing I would add, Carly, to is but California is the fourth largest economy in the world, right? This is the home of technology and innovation. And this is just really a leadership opportunity here at the state level. And I think from Sempra's perspective, we're prepared to roll our sleeves up and do our part. But we're comfortable that we'll find a way between now and the next legislative session to take the next step to continue to derisk the state.

謝謝你，卡洛琳。卡莉，我唯一要補充的是，加州是世界第四大經濟體，對吧？這裡是科技和創新的搖籃。這確實是州一級的一次領導力發展機會。我認為從森普拉的角度來看，我們已經準備好擼起袖子，盡自己的一份力。但我們有信心，從現在到下屆立法會議召開期間，我們會找到辦法採取下一步措施，繼續降低州的風險。

Sophie Karp, KBCM.

Sophie Karp，KBCM。

On California, I guess, as you continue to emphasize Texas more in your capital plan and you see a lot of growth there. Could there be a more decisive step to deemphasize California or maybe through some strategic options for your California utilities?

關於加州，我想，隨著你們在資本計劃中越來越重視德克薩斯州，並且你們看到那裡有很多增長，情況就會有所不同。是否有更果斷的措施來降低對加州的重視程度，或者可以為加州公用事業公司提供一些策略選擇？

Well, look, I think -- and you're asking a great question. One of the things we've done with our Board of Directors is take a step back and say, where can we allocate capital over the next five years to create the most equity value, the most long-term value for our shareholders by 2030?

嗯，你看，我覺得──你問了一個很好的問題。我們與董事會一起採取的措施之一是退後一步，思考在未來五年內，我們應該如何分配資本，才能在 2030 年前為股東創造最大的股權價值和最大的長期價值？

And I think our analysis points to making sure that we load capital in areas where we have the best risk/reward. And right now, we think that's Texas. But look, these things change from time to time. One of the things we're working on in the Texas market. As you recall, they have a relatively thin equity layer compared to other jurisdictions. And California is actually a very good complement because it allows Oncor to have -- its principal shareholder have a strong balance sheet, which we think is important to support its growth.

我認為我們的分析表明，我們應該確保將資金投入到風險/回報最佳的領域。而現在，我們認為那是德州。但是，這些事情會隨著時間而改變。這是我們在德州市場正在努力的方向之一。如你所知，與其他司法管轄區相比，他們的權益層相對較薄。加州實際上是一個很好的補充，因為它使 Oncor 的主要股東能夠擁有強勁的資產負債表，我們認為這對於支持其成長至關重要。

We continue to have the largest natural gas utility in the Western Hemisphere, is here in California and that tends to have a 23% or 24% FFO to debt quality. It's a very important for overall credit stack within Sempra. We're a leader in our electric business here in California. So we're going to be thoughtful about allocating capital to make sure we minimize bill impacts.

我們仍然擁有西半球最大的天然氣公用事業公司，它位於加州，其 FFO 與債務品質比率通常為 23% 或 24%。這對於Sempra的整體信貸結構來說非常重要。我們在加州的電力產業處於領先地位。因此，我們將謹慎分配資金，以確保最大限度地減少對帳單的影響。

We have found religion, and we're working very, very hard to take cost out of the system in California to make sure that as we grow the business, it minimizes impacts on customers. But look, we have a strong leadership position in the State of California and very few companies in the United States have the leadership position we have in America's two biggest economies. So California will always be an important part of Sempra, but it's really a very nice complement from the diversity of the investments here and the credit quality matched up with what we're trying to grow in Texas.

我們找到了信仰，並且正在非常非常努力地降低加州系統的成本，以確保隨著業務的成長，對客戶的影響降到最低。但是，我們擁有加州的強大領導地位，在美國，很少有公司能像我們一樣在美國兩大經濟體中佔據如此重要的領導地位。因此，加州將始終是 Sempra 的重要組成部分，但這裡投資的多樣性和信貸品質與我們在德克薩斯州努力發展的業務非常契合，這確實是一個很好的補充。

Julien Dumoulin-Smith, Jefferies LLC.

Julien Dumoulin-Smith，Jefferies LLC。

Saved the best for last. There we go. I appreciate it. Let me try to wrap this up. So a couple of questions here.

最好的留在最後。好了。謝謝。我來總結一下。這裡有幾個問題。

First on Oncor, while kudos. If I heard you right, $55 billion to $60 billion, well in excess of 30%. What's your confidence on being able to earn the ROEs at that level, just given that cadence of spend is pretty historic?

首先是Oncor，值得稱讚。如果我沒聽錯的話，是 550 億美元到 600 億美元，遠遠超過 30%。考慮到目前的支出節奏相當高，您對能否獲得該水準的股本回報率有多大信心？

I get the recent legislation. And then related just coming back to where we started the call on equity needs. At what point do you start to think about equity as being part of this? Because I would suspect that we're going to talk about this in a renewed fashion, just given the magnitude that we're discussing here, if you don't mind.

我理解最近的立法。然後，我們又回到了最初討論股權需求的問題上。你什麼時候開始把公平視為其中的一部分？因為我懷疑我們會以一種新的方式再次討論這個問題，鑑於我們在這裡討論的這個問題的重要性，如果你不介意的話。

Well, let's do a couple of things. I'm going to start with talking about the $55 billion to $60 billion. Just remember, that's the roll forward of the base capital plan of $36 billion, and we're going to increase that by about 30%, Julien, and you can do the back of envelope between $10 billion and $11 billion.

好，我們來做幾件事。我先來說說550億到600億美元這部分。記住，這是 360 億美元基本資本計劃的滾動更新，我們將在此基礎上增加約 30%，朱利安，你可以粗略估算一下，大約在 100 億美元到 110 億美元之間。

And we're expecting a comparable number that will remain there in the upside. The upside we talked about before is still there. It's a very similar number. And that's how I got to this potential capital deployment, which we think is a real opportunity, by the way, between $55 billion and $60 billion. We're very excited about it. And the great news was, as I indicated earlier, we planned for this, right? We led a capital recycling program to fortress our balance sheet so we can fund this thing efficiently.

我們預計這一數字將與上行成長持平。我們之前提到的那些有利因素依然存在。這是一個非常接近的數字。就這樣，我得出了這個潛在的資本部署方案，我們認為這是一個真正的機會，金額在 550 億美元到 600 億美元之間。我們對此感到非常興奮。好消息是，正如我之前提到的，我們對此早有計劃，對吧？我們主導了一項資本循環利用計劃，以鞏固我們的資產負債表，從而能夠有效地為這個項目提供資金。

Turning to your second question, which was on the ROE topic. You recall that they currently have an authorized ROE of 9.7%. And Julien, they have been under-earning that for two principal reasons over the last several years. Number one, there was this regulatory lag. The majority of that is resolved as part of the unified tracker mechanism.

接下來回答你的第二個問題，關於ROE（資本回報率）的問題。您還記得他們目前的核定淨資產收益率為 9.7% 嗎？朱利安，在過去幾年裡，他們的收入一直低於這個水平，主要有兩個原因。第一，存在監管滯後問題。大部分問題都已透過統一追蹤機制解決。

You've heard us reference several times today, we're starting to see material improvement in capital efficiency. So part of that under earning is being taken away by the UTM. And then secondly, part of that under-earning is associated with having a 2021 test year.

今天我們已經多次提到，我們開始看到資本效率有了實質的提升。因此，部分收入不足的情況被UTM彌補了。其次，部分收入偏低與 2021 年是考試年有關。

Obviously, when the base rate review is resolved, their new test year will be 2024. So the state it has a backwards test year. You don't really expect them to earn at the 9.7% level. And certainly, they're not authorized to ever earn over that like we are in California. But I think you're going to see a material improvement when we resolve both of those matters.

顯然，當基本費率審查問題解決後，他們的新測試年份將是 2024 年。所以該州實行的是倒退的考試年份。你不會真的指望他們能賺到 9.7% 的收益率。當然，他們也絕不可能像我們在加州那樣賺取超過這個數字的收入。但我認為，當我們解決這兩個問題後，你會看到實質的改善。

And that's one of the reasons Sempra has been more willing to aggressively fund this business as part of our long-term plan. And then I think if I could tackle your third implied question, which was on capital and balance sheet. Look, there's nothing wrong with issuing equity, right? If you're thoughtful about using all the tools in your toolbox, if you look at Sempra, you recall from prior presentations, we've raised $15 billion from equity sales at Sempra Infrastructure since 2021.

這也是森普拉集團更願意積極為這項業務提供資金，作為我們長期計劃的一部分的原因之一。然後，我想我可以回答你隱含的第三個問題，也就是關於資本和資產負債表的問題。你看，發行股票沒什麼錯，對吧？如果你能認真思考如何使用工具箱中的所有工具，如果你看看 Sempra，你可能還記得我們之前的演講，自 2021 年以來，我們透過 Sempra Infrastructure 的股權出售籌集了 150 億美元。

We're not reticent to find the most cost-effective way to fund growth. And at the same time, Julien, the great secret at Sempra is since 2017, we've gone from about $14 billion of rate base to a number that's over $60 billion and we're going to drive that well over $90 billion or $100 billion by the end of the decade.

我們樂於尋找最具成本效益的成長融資方式。同時，朱利安，森普拉銀行最大的秘密是，自 2017 年以來，我們的費率基礎已從約 140 億美元增長到超過 600 億美元，而且到本十年末，我們將把這一數字推高到 900 億美元或 1000 億美元以上。

We are growing a remarkable utility within Sempra. So we will use equity as we need it. But the great news is we took equity off the table in the prior plan. We're going to load the balance sheet. We're going to maintain cushion.

我們在Sempra內部打造了一個卓越的公用事業部門。所以我們會根據需要使用股權。但好消息是，我們在先前的計畫中取消了股權融資。我們將加載資產負債表。我們將保持一定的緩衝空間。

And what we're going to expect to do is we go forward in that plan depending upon how our capital rolls out we would certainly issue equity if we thought it was necessary. But remember, we're going to compete that against all the other options we have inside of Sempra. And if you follow this for a long period of time, I think that's been our track record.

我們計劃根據資金到位情況推進該計劃，如果認為有必要，我們當然會發行股票。但請記住，我們將與森普拉集團內部所有其他選項競爭。如果你長期關注這一點，我認為這就是我們以往的成績。

That's excellent. And let me put a capper on this. I mean it's been a phenomenal year, Jeff, in terms of turnaround here. I mean, truly, the 7% to 9%, right? You put this all together.

太好了。最後，讓我再補充一句。傑夫，我的意思是，就我們這裡的轉變而言，今年真是非凡的一年。我的意思是，真的，7%到9%吧？你把這一切都整合起來了。

Clearly, this wasn't contemplated when you articulated that 7% to 9% earlier. How do you think about the various pieces that go into this, right?

顯然，你之前提出7%到9%這個數字時並沒有考慮到這一點。你覺得這其中涉及的各個部分怎麼樣？

Clearly, there's a little bit of equity offset or some other permutation that will dilute the upside here. But what are the other puts and takes? Because otherwise, it seems pretty meaningful relative to what you said previously.

顯然，這裡存在一些股權抵消或其他一些情況，會稀釋上漲空間。但還有哪些其他的投入與收穫呢？否則，這似乎與你之前所說的內容相當有意義。

Yes. Well, you remember, I talked about that 7% to 9%. We didn't put it in right at the time, but I said it orally on the February call or the Q4 call. I think one of the things we've discussed as a management team before this call, Julien, is we remain bullish on our growth prospects. And that's why we came out today and obviously reaffirmed the long-term growth rate.

是的。你還記得嗎？我之前說過那 7% 到 9% 的比例。當時我們沒有直接提出，但我在二月的電話會議或第四季電話會議上口頭說。Julien，我認為我們在這次電話會議之前，管理團隊已經討論過一件事，那就是我們仍然對公司的成長前景充滿信心。這就是為什麼我們今天出來重申長期成長率的原因。

But I would also kind of highlight some of the points you're making in terms of puts and takes. Let's start with Oncor. I talked about seeing improved capital efficiency there, and that's having a positive impact on their returns. And obviously, we're going to increase our capital program.

但我還想強調你提出的關於買進和賣出的一些觀點。我們先從Oncor說起。我談到了那裡資本效率的提高，這對他們的回報產生了積極的影響。很顯然，我們將增加資本投入項目。

Go over to Sempra infrastructure. We've improved the runway, Julien, of their growth by basically taking FID on Port Arthur Phase 2. One of the things that Justin feels really great about is, he's got five or six very significant construction projects that give us great EBITDA growth through the end of the decade. And now with Port Arthur Phase 2, you've got great visibility into the early part of next decade.

前往森普拉基礎設施部門。Julien，我們基本上已經對亞瑟港二期計畫做出了最終投資決定，從而改善了他們的發展前景。賈斯汀感到非常自豪的一件事是，他手頭上有五到六個非常重要的建設項目，這些項目將在本十年末為我們帶來巨大的 EBITDA 成長。現在，隨著亞瑟港第二期工程的啟動，您可以更了解下一個十年初期的發展前景。

And then we've talked about, and Karen did a good job in her prepared remarks, talking about the KKR transaction. Obviously, we think it's going to be accretive to credit and EPS, while allowing us to deconsolidate debt at SI. And again, it goes back to balance sheet. We see our balance sheet as a strategic resource to grow this business in the future.

然後我們談到了KKR交易，凱倫在事先準備好的演講中做得很好。顯然，我們認為這將有利於信貸和每股收益，同時使我們能夠將 SI 的債務從合併報表中移除。歸根究底，這還是得看資產負債表。我們將資產負債表視為未來發展這項業務的策略資源。

So I think our takeaway would be: The team has done a great job, as you highlighted kindly, by the way, this year of stacking a series of positive catalysts in front of our company. And to your point, it really gives us more support for what we think is a great long-term outlook.

所以我認為我們的結論是：正如您剛才友好地指出的那樣，團隊今年做得非常出色，為我們公司積累了一系列積極的催化劑。正如您所說，這確實為我們認為的良好長期前景提供了更多支持。

Excellent. Well, maybe with that, we'll leave it. Very curious to see what you guys have to say. Take care all the best, and we'll talk to you sooner now.

出色的。好吧，或許我們就此打住吧。非常想聽聽大家的看法。祝你一切順利，我們會盡快再聯絡。

Thanks a lot, Julien.

非常感謝，朱利安。

Thank you. That concludes today's question-and-answer session. At this time, I'd like to turn the conference back to Jeff Martin for any additional closing remarks.

謝謝。今天的問答環節到此結束。此時，我想把會議交還給傑夫·馬丁，請他作最後的總結發言。

Well, I'd like to just start by thanking everyone for joining us today. I know there were a number of competing calls this morning, so we appreciate everyone making the time to join us. I think it's a final point, many of you likely saw Oncor's recent 8-K announcing the retirement of Jim Greer.

首先，我要感謝今天到場的各位。我知道今天早上有很多電話會議同時進行，所以我們感謝大家抽出時間參加。我想這是最後一點，你們中的許多人可能都看到了 Oncor 最近發布的 8-K 文件，其中宣布了 Jim Greer 的退休。

We want to make sure we take a moment and recognize his many years of service and major contributions to the growth and success of Oncor. In his role of COO, Jim Greer made a lasting mark on the State of Texas. I also think congratulations is in order for Ellen Buck, who will be succeeding Jim.

我們想藉此機會感謝他多年來為 Oncor 的發展和成功所做的貢獻和重大貢獻。吉姆·格里爾擔任首席營運長期間，對德克薩斯州產生了深遠的影響。我也認為應該祝賀艾倫·巴克接替吉姆的職位。

Ellen is an absolutely outstanding leader, and we look forward to supporting her future success. And finally, I'd like to congratulate our friend, Don Clevenger, a well-deserved promotion to Executive Vice President as he continues in his role of Oncor's CFO. If there are any follow-up items, please reach out to our IR team with your questions, and we look forward to seeing many of you at EEI in Florida next week. This concludes our call.

艾倫是一位非常傑出的領導者，我們期待支持她未來的成功。最後，我要祝賀我們的朋友唐·克萊文格 (Don Clevenger) 榮升執行副總裁，這是他應得的晉升，同時他將繼續擔任 Oncor 的財務長。如有任何後續事宜，請聯絡我們的投資者關係團隊諮詢，我們期待下週在佛羅裡達州舉行的EEI會議上見到各位。通話到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。