Southwest Gas Holdings Inc (SWX) 2024 Q3 法說會逐字稿

Welcome to Southwest Gas Holdings third quarter, 2024 earnings conference call. Today's call is being recorded and our webcast is live. A replay will be available later today and for the next 12 months on the Southwest Gas Holdings website. At this time, all participants are in a listen-only mode, a question-and-answer session will follow the prepared remarks. If you would like to ask a question at that time, please press star one on your phone. I will now turn the call over to Justin Frosberg, Vice President of Investor Relations, and Treasurer of Southwest Gas Holdings.

歡迎參加西南天然氣控股公司 2024 年第三季財報電話會議。今天的通話正在錄音，我們的網路廣播正在進行中。今天稍晚以及未來 12 個月的重播將在西南天然氣控股公司網站上發布。此時，所有參與者都處於僅聽模式，在準備好的發言之後將進行問答環節。如果您當時想提問，請按手機上的星號一。我現在會把電話轉給西南天然氣控股公司投資者關係副總裁兼財務主管賈斯汀·弗羅斯伯格。

Thanks Deon and hello everyone. We appreciate your interest in Southwest Gas.

謝謝德翁，大家好。我們感謝您對西南天然氣的興趣。

This morning, we issued and posted to the Southwest Gas Holdings website. Our third quarter, 2024 earnings release and the associated form 10-Q.

今天上午，我們發布並發佈到了西南燃氣控股網站。我們的 2024 年第三季財報發布和相關的 10-Q 表格。

The slides accompanying today's call are also available on Southwest Gas Holdings website. We'll refer to those slides by number throughout the call today.

今天電話會議附帶的幻燈片也可以在西南天然氣控股網站上找到。我們將在今天的電話會議中按編號引用這些投影片。

Please note that on today's call, we will address certain factors that may impact this year's earnings and discuss some longer-term guidance. Some of the information that will be discussed today contains forward-looking statements, these statements are based on management's assumptions on what the future holds but are subject to several risks and uncertainties including uncertainties surrounding the impacts of future economic conditions and regulatory approvals. This cautionary note, as well as a note regarding non-GAAP measures is included on slides, two and three of this presentation.

請注意，在今天的電話會議上，我們將討論可能影響今年收益的某些因素，並討論一些長期指導。今天將討論的一些資訊包含前瞻性陳述，這些陳述基於管理層對未來的假設，但受到多種風險和不確定性的影響，包括圍繞未來經濟狀況和監管審批影響的不確定性。本簡報的第二張和第三張投影片中包含了這項警告性說明以及有關非公認會計準則措施的說明。

Today's press release and our filings with the Securities and Exchange Commission, which we encourage you to review these risks, and uncertainties may cause actual results to differ materially from statements made. Today, we caution against placing undue reliance on any forward-looking statements and we assume no obligation to update any statement as shown on slide 4 on today's call. We have Karen Haller, President, and CEO of Southwest Gas holdings. Robert Stefani, Chief Financial Officer of Southwest Gas Holdings, and Justin Brown, President of Southwest Gas Corporation, as well as other members of the management team available to answer your questions during the Q&A portion of the call today.

今天的新聞稿和我們向美國證券交易委員會提交的文件，我們鼓勵您審查這些風險，不確定性可能導致實際結果與聲明有重大差異。今天，我們警告不要過度依賴任何前瞻性聲明，並且我們不承擔更新今天電話會議幻燈片 4 中所示的任何聲明的義務。我們有西南天然氣控股公司總裁兼執行長凱倫哈勒 (Karen Haller)。西南天然氣控股公司財務長羅伯特史蒂芬尼（Robert Stefani）和西南天然氣公司總裁賈斯汀布朗（Justin Brown）以及管理團隊的其他成員可以在今天電話會議的問答部分回答您的問題。

I'll now turn the call over to Karen.

我現在將電話轉給凱倫。

Thanks Justin. Thank you for joining us today to discuss the Southwest Gas holdings results and outlook.

謝謝賈斯汀。感謝您今天加入我們討論西南天然氣控股的業績和前景。

Starting with slide 5. Southwest Gas continues to press forward on our transformational strategy of becoming a premier fully regulated natural gas utility following the successful century IPO. Last April, we continued to monitor market conditions with respect to our separation strategy options and look forward to completing the separation of century during the quarter. We continued to make progress, positioning the utility for long term success and growth as Justin Brown will address in more detail in a few minutes. We filed our general rate case in California in September advanced our air Arizona rate case. And following the completion of our general rate case in Nevada, we are seeing the positive impact associated with the recovery of our investments to enhance safety and reliability and meet the needs of our growing customer base. Additionally, we finished the third quarter with the extension of record operating margin performance on a trailing 12-month basis.

從投影片 5 開始。在成功的世紀首次公開募股之後，西南天然氣繼續推動我們的轉型策略，成為首屈一指的完全監管的天然氣公用事業公司。去年四月，我們繼續監控有關分離策略選擇的市場狀況，並期待在本季完成世紀分離。我們繼續取得進展，將該實用程式定位為長期成功和成長，賈斯汀布朗將在幾分鐘內更詳細地介紹這一點。我們於 9 月在加州提交了一般費率案件，並推進了亞利桑那州航空費率案件。在內華達州完成一般費率案例後，我們看到了與投資回收相關的正面影響，以提高安全性和可靠性並滿足不斷增長的客戶群的需求。此外，我們在第三季結束時延續了過去 12 個月的創紀錄營業利潤率表現。

Customer growth and demand remains strong, and the entire Southwest Gas team is intensely focused on safely addressing the needs of our customers. Investing in the communities we serve and delivering value for our shareholders. We are strategically deploying capital and investing in our operations so that we can meet the demand for safe, reliable and affordable energy solutions while also working constructively with our regulators and legislators to complement our strong organic rate based growth that has been invested for the benefit of our customers.

客戶成長和需求依然強勁，整個西南天然氣團隊都高度專注於安全滿足客戶的需求。投資我們服務的社區並為股東創造價值。我們正在策略性地部署資本並投資於我們的運營，以便我們能夠滿足對安全、可靠和負擔得起的能源解決方案的需求，同時還與我們的監管機構和立法者進行建設性合作，以補充我們基於有機率的強勁成長，這種成長的投資是為了造福我們的客戶。

Southwest Gas has strong momentum heading to the end of 2024 and we now expect full year utility net income to finish within the top half of the guidance range of $233million to $243 million. We are reaffirming our other guidance estimates.

西南天然氣公司在 2024 年底前勢頭強勁，我們現在預計全年公用事業淨利潤將在 2.33 億美元至 2.43 億美元指引範圍的上半部分內完成。我們正在重申我們的其他指導估計。

We expect our revenue to benefit from our refreshed rate structures which will which reflect the significant investments we have made for the benefit of our customers over the past few years.

我們預計我們的收入將受益於我們更新的費率結構，這將反映我們在過去幾年為客戶利益所做的重大投資。

As demonstrated with the constructive regulatory outcome in Nevada. We believe the nature of expected revenue increases from rate. A rate cases will provide net income growth. We expect this growth to be nonlinear over the forecast period as a result of rate case timing, our confidence in our future is further demonstrated by a reaffirmed expected rate base compounded annual growth rate of over the 2024 to 2026 period in the range of 6.5% to 7.5%. As well as our commitment to maintaining a strong investment grade balance sheet and competitive dividend.

正如內華達州建設性監管成果所證明的。我們認為預期收入的本質是隨著利率的增加而增加。利率案件將帶來淨收入成長。我們預計，由於利率案例時機的原因，這種增長在預測期內呈非線性增長，我們對未來的信心通過重申 2024 年至 2026 年期間 6.5% 的預期利率基礎複合年增長率進一步證明至7.5% 。以及我們對維持強勁的投資等級資產負債表和有競爭力的股息的承諾。

As you can see on slide 6, we have made excellent progress on this year's strategic priorities, and we are on track to achieve them all as it relates to century full separation. We are recently out of the post IPO lock up period and typical quiet period associated with the quarterly earnings cycle. We have been focused on placing a permanent CEO at century as you likely saw yesterday century announced Chris Brown will become Century CEO. On December 3rd. Chris brings expertise in leading large complex organizations through significant evolution and growth in the energy and industrial sectors. He has a wealth of leadership experience and has a proven track record of success. We continue to evaluate century exit options in conjunction with market conditions and we'll provide further updates on timing and structure when available. We may ultimately separate the business through a series of sell downs or share exchanges or some combination thereof. The successful execution of a sell down or share exchange is contingent on favourable market conditions. So, we continue to preserve the alternative of a tax-free spin. But we expect our significant net operating loss balance could serve as an offset to a taxable transaction.

正如您在幻燈片 6 中看到的，我們在今年的策略優先事項上取得了巨大進展，並且我們有望實現所有這些目標，因為這與世紀全面分離有關。我們最近擺脫了首次公開募股後的鎖定期和與季度獲利週期相關的典型安靜期。我們一直致力於為世紀公司任命一位永久首席執行官，正如您昨天可能看到的那樣，世紀公司宣布克里斯布朗將擔任世紀公司首席執行官。12月3日。克里斯透過能源和工業領域的重大演變和成長，帶來了領導大型複雜組織的專業知識。他擁有豐富的領導經驗，並擁有良好的成功記錄。我們將繼續結合市場條件評估世紀退出選項，並將在可用時提供有關時間和結構的進一步更新。我們最終可能會透過一系列拋售或股票交換或其某種組合來分離業務。減售或換股的成功執行取決於有利的市場條件。因此，我們繼續保留免稅旋轉的替代方案。但我們預期我們龐大的淨營業虧損餘額可以作為應稅交易的抵銷。

We remain committed to separating century, and we are confident that we have taken the appropriate steps and actions to preserve flexibility, thereby allowing us to separate in an efficient manner for shareholders. In any scenario.

我們仍然致力於分離世紀，我們相信我們已採取適當的步驟和行動來保持靈活性，從而使我們能夠以有效的方式為股東分離。在任何場景下。

Justin Brown will discuss our regulatory progress in more detail in a moment, but I will note that we are pleased with our progress so far this year and are on track to achieve all of our regulatory and operational priorities.

賈斯汀布朗稍後將更詳細地討論我們的監管進展，但我要指出的是，我們對今年迄今為止的進展感到滿意，並且有望實現我們所有的監管和營運優先事項。

As noted on 57, at the end of the third quarter, we had more than $450 million of cash on hand. We have adequate liquidity to honour our commitments and execute our strategy in 2024 and we no longer expect to issue equity this year. Our financing plan continues to show limited financing needs through 2025. Additionally, we are executing on our planned utility optimization initiatives and our rate case progress, and our cost discipline efforts reinforce our confidence that we are well positioned moving forward.

正如 57 所指出的，截至第三季末，我們手頭上有超過 4.5 億美元的現金。我們有足夠的流動性來履行我們的承諾並執行我們2024年的策略，我們預計今年不再發行股票。到 2025 年，我們的融資計劃仍然顯示融資需求有限。此外，我們正在執行計劃中的公用事業最佳化計劃和費率案例進展，而我們的成本紀律工作增強了我們對前進的信心。

I want to point out a few achievements of those highlighted on fall I seven at the utility. We continue to see very strong growth as a result of the economic activity that is driving significant in migration with about 41,000 new meter sets added during the last 12 months.

我想指出該公用事業公司在秋季七月所強調的一些成就。由於經濟活動顯著推動了遷移，我們繼續看到非常強勁的成長，在過去 12 個月內增加了約 41,000 個新儀表組。

And our strong balance sheets are providing us the flexibility to be thoughtful in our approach to capital investments and our efforts to deliver shareholder value. We are excited about the future of the company.

我們強大的資產負債表使我們能夠靈活地深思熟慮地進行資本投資和努力創造股東價值。我們對公司的未來感到興奮。

Go ahead, Justin.

繼續吧，賈斯汀。

Thanks Karen.

謝謝凱倫。

On slide 9. You'll see an overview of the progress we've made executing on our regulatory strategy for 2024. Earlier this year, we completed the general rate case in Nevada with a positive outcome. Having received approval to start recovering the investments we've made in the state.

在投影片 9 上。您將看到我們執行 2024 年監管策略所取得進展的概覽。今年早些時候，我們完成了內華達州的一般費率案例，並取得了積極的成果。已獲得批准開始收回我們在該州的投資。

The final decision authorized an increase in rate base of nearly 20% and a revenue increase of about $59 million compared with our original proposal of nearly 74 million. This revenue outcome represents 98% of our request after the depreciation adjustment and before adjustments to reflect changes in cost of capital at Great Basin, refresh rates went into effect in September subject to refund and we're actively engaging stakeholders and settlement discussions to see if we can reach mutually acceptable outcome.

最終決定授權將費率基數提高近 20%，收入增加約 5,900 萬美元，而我們最初的提議為近 7,400 萬美元。這項收入結果代表了我們在折舊調整之後和調整之前的要求的98%，以反映大盆地資本成本的變化，更新費率於9 月生效，但需退款，我們正在積極與利益相關者進行接觸和和解討論，看看是否可以我們能夠達成雙方都能接受的結果。

If we are unable to reach an agreement, we will proceed with the procedural schedule shown on the slide with an expected hearing in February of 2025.

如果我們無法達成協議，我們將按照投影片中顯示的程序時間表進行，預計將於 2025 年 2 月舉行聽證會。

I'll discuss Arizona and California in more detail on the next two slides. But I'm pleased with the progress our team has made in each of our jurisdictions to reach constructive outcomes and to make progress on our regulatory goals.

我將在接下來的兩張幻燈片中更詳細地討論亞利桑那州和加利福尼亞州。但我對我們的團隊在每個司法管轄區取得的進展感到高興，以取得建設性成果並在我們的監管目標方面取得進展。

Turning to slide 10, our Arizona rate case continues to progress toward a constructive outcome. And you can see on the slide the difference between staff's testimony and what we originally requested in the case, we believe our settlement discussions to date have been productive and we intend to continue our dialogue with all stakeholders in hopes of reaching a mutually beneficial outcome.

轉向幻燈片 10，我們的亞利桑那州利率案例繼續取得建設性成果。您可以在幻燈片中看到工作人員的證詞與我們最初在該案件中要求的內容之間的差異，我們相信迄今為止我們的和解討論富有成效，我們打算繼續與所有利益相關者進行對話，以期達成互利的結果。

Ultimately, this case represents a proposal to increase revenues by nearly $126 million and will allow us to start recovering the nearly 650 million of investments we've made to serve our customers.

最終，此案例代表了一項將收入增加近 1.26 億美元的提議，並使我們能夠開始收回為服務客戶而進行的近 6.5 億美元的投資。

This results in an increase in rate base of nearly 24%.

這導致利率基數增加了近 24%。

One key element of our proposal is to develop regulatory mechanisms that help reduce regulatory lag. One such mechanism is our proposed capital tracker program referred to as our safety improvement mechanism.

我們提案的關鍵要素是製定有助於減少監管滯後的監管機制。其中一種機制是我們提出的資本追蹤計劃，稱為我們的安全改進機制。

The proposal will allow us to implement a surcharge each year to recover non-revenue producing investments. We make to help support the safety and reliability of our system for the benefit of our customers. Our proposal represents approximately 40% of the company's annual investment in Arizona each year while we are optimistic about the settlement discussions that have occurred if we are unable to reach a comprehensive settlement agreement, we will continue to follow the procedural schedule as outlined on the slide, including a hearing date that begins later this month. Regardless of the path forward, we anticipate new rates as early as next spring. We plan to keep you updated on further outcomes of the settlement discussions as they arise.

該提案將使我們能夠每年徵收附加費，以收回非創收投資。我們致力於幫助支持我們系統的安全性和可靠性，以造福客戶。我們的提案約佔該公司每年在亞利桑那州年度投資的 40%，同時我們對已經進行的和解討論持樂觀態度，如果我們無法達成全面和解協議，我們將繼續遵循幻燈片中概述的程序時間表，包括本月稍後開始的聽證會日期。無論前進的道路如何，我們預計最早會在明年春天實施新的利率。我們計劃及時向您通報和解討論的進一步結果。

One other key item in Arizona that I'd like to touch on is the commission's ongoing inquiry into changes to their test year rules. The commission continues to make progress on their investigation into alternative rate making and regulatory construct changes to help reduce regulatory lag for the benefit of all utilities doing business in the state.

我想談談亞利桑那州的另一個關鍵項目是該委員會正在對其測試年規則的變化進行調查。該委員會在對替代費率制定和監管結構變革的調查方面繼續取得進展，以幫助減少監管滯後，並造福在該州開展業務的所有公用事業公司。

In early October, they held a workshop where they heard from various stakeholders and the primary focus was on formula rate models. We've been actively participating in those workshops and we are optimistic that the commission is thoughtfully considering the key factors that could lead to the utilities throughout the state, having the opportunity to earn returns that are closer to their commission authorized returns.

十月初，他們舉辦了一次研討會，聽取了各個利害關係人的意見，主要關注的是公式利率模型。我們一直積極參與這些研討會，我們樂觀地認為，委員會正在認真考慮可能導致全州公用事業公司有機會獲得更接近委員會授權回報的關鍵因素。

The dialogue continues to be directionally positive and we plan to continue participating in the process.

對話的方向仍然是正面的，我們計劃繼續參與這一進程。

Yes.

是的。

On slide 11, we highlight some details from our recent general rate case filing we made in California. We requested a nearly $50 million increase in revenue which represents approximately $285 million increase in rate base. This 65% increase in rate base reflects, reflects the significant investments we've made in our California jurisdictions for the benefit of our customers. Since we last went through the forward test year rate case process back in 2019. As with our other rate case filings, the two primary drivers supporting our request are rate based growth and changes in O&M associated with the inflationary pressures we've experienced over the past few years while this is the largest revenue request in the history of Southwest Gas in our California jurisdiction, we believe the investments we've made in the state for the benefit of our customers have been prudent and are not controversial. We have, we have not requested any significant change to rate design and our requested return on equity is only slightly higher than our currently authorized return in California following the automatic triggering mechanism, adjustment that became effective in January under our regulatory structure.

在投影片 11 中，我們重點介紹了我們最近在加州提交的一般費率案例文件中的一些細節。我們要求收入增加近 5,000 萬美元，這意味著費率基礎增加約 2.85 億美元。費率基數增加 65% 反映了我們為了客戶的利益而在加州司法管轄區進行的重大投資。自從我們上次在 2019 年經歷了前瞻性測試年度費率案例流程以來。與我們提交的其他費率案例一樣，支持我們請求的兩個主要驅動因素是基於費率的增長以及與我們過去幾年經歷的通膨壓力相關的運營和維護變化，而這是西南天然氣歷史上最大的收入請求在我們加州的管轄範圍內，我們相信我們為了客戶的利益而在該州進行的投資是謹慎的，沒有爭議。我們沒有要求對利率設計進行任何重大改變，並且我們要求的股本回報率僅略高於我們目前在加利福尼亞州授權的回報率，這是根據我們的監管結構於一月份生效的自動觸發機制進行的調整。

While we do not have an approved procedural schedule, you will see on the slide, the proposed schedule. In the case, we expect rates to be in effect by January of 2026.

雖然我們沒有批准的程序時間表，但您將在投影片上看到建議的時間表。在這種情況下，我們預計利率將於 2026 年 1 月生效。

Turning to slide 12 as Karen noted economic activity and demand for natural gas service has remained strong throughout our service territory and continues to drive the need for us to invest in the communities in which we provide service today. I thought it would, I would highlight for you some stories recently published by the Arizona Republic about the impact TSMC semiconductor manufacturing facility in North Phoenix is having in the area as we've discussed in the past. While TSMC is a large industrial customer of ours, the significance of a project this size for our company lies in the surrounding economic development that a sizable project brings to our service area.

轉向幻燈片 12，Karen 指出，在我們的整個服務領域，經濟活動和對天然氣服務的需求仍然強勁，並繼續推動我們對當今提供服務的社區進行投資的需求。我想會的，我會向你們重點介紹《亞利桑那共和報》最近發表的一些故事，內容涉及台積電位於北菲尼克斯的半導體製造工廠對該地區的影響，正如我們過去討論的那樣。台積電是我們的大工業客戶，這個規模的專案對我們公司的意義在於，一個大專案為我們服務區帶來的周邊經濟發展。

According to the article, the TSMC project has jump started housing and business development throughout North Phoenix. With regional planners currently forecasting a 95% increase in the surrounding population over the next 25 years, which would be an increase of more than 300,000 people for Southwest Gas. This potential growth would result in more meter sets and more residential and small commercial customers, which currently represents 85% of our existing customer mix in the surrounding area. Recently named Halo Vista. There are currently 2,500 apartment units under construction within 10 miles of the plant. In addition to the 3,500 that have opened since TSMC off the land in 2020 an additional 1.8 million square feet of industrial space is under construction in the same area as well as 190,000 square feet of new retail buildings. And without any rezoning, the land available could allow nearly 100,000 additional units of housing.

文章稱，台積電計畫已經啟動了整個北鳳凰城的住房和商業開發。地區規劃者目前預測未來 25 年內週邊人口將增加 95%，這意味著西南天然氣公司將增加超過 30 萬人口。這種潛在的成長將帶來更多的儀表組以及更多的住宅和小型商業客戶，目前這些客戶占我們週邊地區現有客戶群的 85%。最近命名為 Halo Vista。目前，工廠週邊 10 英里範圍內有 2,500 套公寓單元正在建設中。除了自台積電 2020 年開業以來已開業的 3,500 家工廠外，同一地區還有 180 萬平方英尺的工業空間以及 19 萬平方英尺的新零售建築正在建設中。如果不進行任何重新分區，可用土地可額外建造近 100,000 套住房。

One developer highlighted in the story has applied for the rezoning of 6,300 additional acreage. This entire area could hold nearly 30 million square feet of buildings including hotels, industrial buildings, offices, apartments, retail, and public uses like education facilities. According to the article, these types of projects become quite impactful for our business because more than 90% of the new homes built in our Arizona service territory end up with a gas meter and become Southwest Gas customers.

故事中提到的一位開發商已申請重新規劃 6,300 塊額外土地。整個區域可容納近 3000 萬平方英尺的建築，包括酒店、工業建築、辦公室、公寓、零售和教育設施等公共用途。根據這篇文章，這些類型的項目對我們的業務產生了相當大的影響，因為在我們亞利桑那州服務區域建造的新住宅中，90% 以上最終都配備了燃氣表，並成為西南天然氣公司的客戶。

As shown on slide 12, we have been actively fielding other inquiries from potential customers regarding large scale data centre development, particularly in Arizona and Nevada which continue to be seen as high potential areas for data centre growth.

如投影片 12 所示，我們一直在積極回應潛在客戶有關大規模資料中心開發的其他詢問，特別是在亞利桑那州和內華達州，這兩個州仍然被視為資料中心成長的高潛力地區。

The customer inquiries are for both base load and peak shaving projects using either natural gas turbines or fuel cell technology as well as projects looking for emergency natural gas backup generation to ensure load reliability capable of meeting data centre demand.

客戶的詢問涉及使用天然氣渦輪機或燃料電池技術的基本負載和峰值項目，以及尋求緊急天然氣備用發電以確保負載可靠性能夠滿足資料中心需求的項目。

Investors have become aware that these data centre projects could be large such as the 2000 acre [20,000,000,00 billion ]1.8 gigawatt data centre campus that track is currently working to permit in Buckeye, Arizona just outside of Phoenix.

投資者已經意識到，這些數據中心項目可能規模很大，例如目前正在亞利桑那州菲尼克斯郊外的巴克艾市建設佔地 2000 英畝（20000000000 億）1.8 吉瓦的數據中心園區。

Well, it is little while it is a little early to predict the type size and energy sources that will be utilized for each project. We are excited about the continued interest across our service territory for these types of large projects and we believe we're in a good position to help meet their energy needs. Like we highlighted with the TSMC article a moment ago, the related economic activity and development associated with these projects should drive further upside to our already strong crust customer growth numbers that Karen noted during her opening remarks today and with that, I will turn it over to Rob who will review our financial performance for the third quarter.

嗯，現在預測每個項目將使用的類型大小和能源還為時過早。我們很高興我們的服務領域對這些類型的大型專案持續感興趣，我們相信我們有能力幫助滿足他們的能源需求。就像我們剛才在台積電文章中強調的那樣，與這些項目相關的相關經濟活動和發展應該會進一步推動我們本已強勁的地殼客戶增長數字，凱倫在今天的開場白中指出，因此，我將把它轉過來致 Rob，他將回顧我們第三季的財務表現。

Thanks Justin. On slide 14, we outline our earnings per share performance for the year. The company's consolidated GAAP and adjusted EPS are owned by each consolidated entity.

謝謝賈斯汀。在投影片 14 上，我們概述了今年的每股盈餘表現。本公司的綜合公認會計準則和調整後每股收益由每個合併實體擁有。

The utility finished September with a very strong balance sheet and record net income and progress. So far on our regulatory strategy and cost management initiatives have enabled us to now expect our 2024 utility net income to finish within the top half of the guidance range. As Karen mentioned, Southwest gas holdings finished the third quarter of 2024 with more than 450 million of cash on hand and nearly a billion of liquidity on a consolidated basis following the full collection from utility customers of the previously deferred natural gas costs as well as centuries paid out of debt. Using proceeds from the IPO consolidated adjusted EPS at holdings was 9 Cent per share during the third quarter, which reflects a decrease of 8 Cent per share. When compared to the third quarter of 2023 overall, the utility performed well but on a consolidated basis, the company was impacted by lower quarter over quarter performance of century due to lower volumes of MSA and bid work and the timing of offshore wind projects and partially due to higher interest expense at the whole holding company in the appendix, we provide a reconciliation of adjustments by operating company. The vast majority of the, the third quarter, 2024 adjustments relate to the amortization of intangible assets and receivable, securitization related costs at century and separation related transactions adjustments. While the third quarter of 2023 adjustments also include impacts from consulting fees related to utility optimization.

該公用事業公司在 9 月結束時擁有非常強勁的資產負債表，並創下了淨收入和進度記錄。到目前為止，我們的監管策略和成本管理措施使我們能夠預期 2024 年公用事業淨利將達到指導範圍的上半部。正如凱倫所提到的，在向公用事業客戶全額收回之前遞延的天然氣成本以及幾個世紀以來，西南天然氣控股公司截至2024 年第三季度，手頭現金超過4.5 億，合併流動性近10 億。使用 IPO 收益，第三季持股的合併調整後每股收益為每股 9 美分，每股減少 8 美分。與2023 年第三季整體相比，該公用事業公司表現良好，但在綜合基礎上，由於MSA 和投標工作量以及離岸風電項目的時間表和部分時間的減少，該公司受到了本世紀四分之一以上業績下降的影響由於附錄中整個控股公司的利息支出較高，我們提供了營運公司的調整調節表。2024 年第三季的絕大多數調整與無形資產和應收帳款攤銷、世紀證券化相關成本以及分拆相關交易調整有關。而 2023 年第三季的調整還包括與公用事業優化相關的諮詢費的影響。

Now, I'll provide a walk through on the performance of Southwest gas holdings and the utility turning to slide. 15, we depict on a consolidated earnings walk on an adjusted basis. During the third quarter, the utility benefited from continued customer growth and rate relief as well as higher COLI results. These were partially offset by a modest increase in O&M as well as reductions in interest, income and higher depreciation and amortization and interest expense. All of which are discussed in detail on the next slide. Centuries consolidated results were lower for the quarter as the third quarter of 2023 benefited from higher offshore wind work and above average natural gas bid work that did not recur in this year's third quarter. This year's third quarter saw unforeseen operational issues including equipment breakages that led to higher rental and repair and maintenance costs and corresponding downtime at century as well as unfavourable self-insurance adjustment claim costs from work conducted in prior years. In a in addition, centuries saw a lower interest expense over the period due to the IPO related debt reduction of note. Centuries net income results for the quarter. The consolidated Southwest gas level differ from centuries reported standalone net income results on an interim basis. Due primarily to the impact of non-controlling interest.

現在，我將介紹西南天然氣控股公司的業績以及公用事業公司的業績下滑。 15 日，我們描述了調整後的綜合收益變化。第三季度，該公用事業公司受益於客戶的持續成長和費率減免以及中國海外發展的更高業績。這些被營運和維護的小幅增長以及利息、收入的減少以及折舊、攤提和利息支出的增加部分抵消。所有這些都將在下一張幻燈片中詳細討論。Centuries 該季度的綜合業績較低，因為 2023 年第三季度受益於離岸風電工作量的增加以及高於平均水平的天然氣投標工作，而今年第三季度沒有再出現這些情況。今年第三季出現了不可預見的營運問題，包括設備損壞導致租賃、維修和維護成本增加以及世紀相應的停機時間，以及前幾年工作帶來的不利的自我保險調整索賠成本。此外，由於 IPO 相關債務減少，數百年來利息支出有所下降。世紀本季淨利結果。西南地區的綜合天然氣水準與幾個世紀報告的中期獨立淨利潤結果不同。主要是少數股東權益的影響。

The hold code was impacted by higher interest expense compared to the third quarter. 2023 primarily associated with higher variable interest rate impacts associated with the term loan and to a lesser extent amounts outstanding on the revolving credit facility.

與第三季相比，持有代碼受到利息支出增加的影響。 2023 年主要與定期貸款相關的較高可變利率影響有關，在較小程度上與循環信貸額度的未償金額有關。

Moving on to slide 16, you will see the quarter over quarter performance drivers for our utility Southwest Gas Corporation. In the third quarter, 2024 utility operating margin increased by nearly 23 million compared to the same period last year. This improvement was driven primarily by $16 million of increased rate relief largely resulting from prior investments in Nevada and California.

轉到投影片 16，您將看到我們公用事業西南天然氣公司的季度業績驅動因素。第三季度，2024公用事業營運利潤率較去年同期成長近2,300萬。這一改善主要是由於先前在內華達州和加利福尼亞州的投資增加了 1600 萬美元的利率減免。

We also saw 2 million of improved margin as a result of customer growth throughout our service areas where we continue to see strong customer increases.

由於整個服務領域的客戶成長，我們的利潤率也提高了 200 萬，我們持續看到客戶的強勁成長。

The remaining increase largely relates to the combined impacts of certain infrastructure and similar tracking mechanism. Surcharge components which combined with the variable interest expense adjustment mechanism in Nevada resulted in 3 million of higher operating margins. This quarter O&M increased 7 million primarily related to survey and line locating activities and debt reserve compensation component and insurance costs.

剩餘的成長很大程度上與某些基礎設施和類似追蹤機制的綜合影響有關。附加費部分與內華達州的可變利息費用調整機制相結合，導致營業利潤率提高了 300 萬美元。本季維運增加了 700 萬美元，主要與勘察和線路定位活動以及債務準備金補償部分和保險成本有關。

These increases were partially offset by reduction in external contractor and professional services costs.

這些成長被外部承包商和專業服務成本的減少部分抵消。

Confident that we will be able to achieve our stated goal. Continue to keep O&M costs flat on a per customer basis through 2026 and year-to-date O&M is only up 2% which is less than inflation in the proper macro-economic measures. Over the same period, the $6 million increase in depreciation and amortization and general taxes largely associated with the 8% increase in average gas plant service compared to the third quarter of 2023 plus 1 million of increased amortization related to regulatory accounts.

相信我們一定能夠實現我們既定的目標。到 2026 年，繼續保持每位客戶的營運和維護成本持平，年初至今的營運和維護成本僅成長 2%，低於適當的宏觀經濟指標通貨膨脹。同期，折舊、攤提和一般稅費增加 600 萬美元，主要與天然氣廠平均服務量較 2023 年第三季增加 8% 以及與監管帳戶相關的攤銷增加 100 萬美元有關。

Other income increased approximately 2 million primarily driven by a $5 million increase in values associated with COLI policies and a $2 million increase in [AFEC] equity which is associated with our construction activity throughout our service areas.

其他收入增加約 200 萬美元，主要是由於與 COLI 保單相關的價值增加了 500 萬美元，以及與我們整個服務區域的建設活動相關的 [AFEC] 股本增加了 200 萬美元。

These increases were partially offset by 5 million of lower interest income related to less carrying charges associated with lower regulatory account balances. Notably, the deferred purchase gas cost balances which flip from a receivable balance from customers of nearly 690 million in September of 2023 to a net liability balance of 180 million at the end of this year's third quarter. Also, an increase in the non-service-related components of employee pension and other postretirement benefit costs offset the COLI and a [FU DC] equity increases interest expense at the utility increased by $6.5 million from the prior year. Third quarter, primarily due to regulatory treatment. Timing related to the utilities, industrial development, revenue bonds including the impacts of deferrals and return, and recoveries included in the revenue and operating margin that are amortized through interest expense. The impact of which was offset in margin, as I mentioned earlier, additionally, contributing to the increase with interest incurred on the over collective balance of the PGA overall third quarter and year-to-date performance at the utility has been strong, supporting our expectation that the 2024 net income should finish within the top half of the guidance range on slide. 17, we have provided our 2024 financing plan for both Southwest gas holdings and Southwest Gas Corporation that has been updated to reflect that we no longer plan to issue equity in 2024 and which assumes consolidation of century through the end of 2024 we continue to expect cash flow from operations to more than fund the entire capital expenditure program forecasted in 2024. In addition, based on the strength of our balance sheet and successful recent refinancing efforts, we do not expect to have significant capital markets needs over the next 12 months depending on post IPO sec separation execution form. It's important to note that our near-term equity needs are now limited to less than 100 million in 2025 which is expected to be covered through the ATM.

這些成長被 500 萬利息收入的減少所部分抵消，該利息收入與監管帳戶餘額減少相關的帳面費用減少有關。值得注意的是，遞延購買天然氣成本餘額從2023年9月近6.9億的客戶應收餘額轉變為今年第三季末的1.8億淨負債餘額。此外，員工退休金和其他退休後福利成本中非服務相關部分的增加抵消了 COLI 和 [FU DC] 股本的增加，公用事業公司的利息支出比前一年增加了 650 萬美元。第三季度，主要由於監管處理。與公用事業、工業發展、收入債券（包括延期和回報的影響）以及收入和營業利潤中包含的透過利息費用攤銷的回收相關的時間表。正如我之前提到的，其影響被利潤率所抵消，此外，PGA 整體第三季度和年初至今的集體餘額總體平衡產生的利息增長也有所貢獻，公用事業公司的業績一直強勁，支持了我們的業績。 1 月17 日，我們提供了西南天然氣控股公司和西南天然氣公司的2024 年融資計劃，該計劃已更新，以反映我們不再計劃在2024 年發行股票，並假設到2024 年底進行世紀整合，我們繼續預計現金來自營運部門的資金流量超過了 2024 年預測的整個資本支出計畫的資金。此外，基於我們的資產負債表實力和近期成功的再融資工作，我們預計未來 12 個月不會出現大量資本市場需求，這取決於 IPO 後的分拆執行形式。值得注意的是，我們的近期股權需求目前僅限於 2025 年不到 1 億，預計將透過 ATM 滿足。

In the third quarter, we extended the $550 million Southwest holdings term loan to July 31st, 2025, as well as the $400 million revolver at the utility which now expires in August 2029. The holdings term loan extension included a 17.5 basis point reduction in applicable spread from so far plus 130 down to so for plus 112.5 basis points, we continue to expect limited debt financing or refinancing needs at the utility through the end of 2025. At holdings, we reiterate our plan to target a solid investment grade balance sheet moving to slide 18, we take a look at our balance sheet strength and our commitment to maintaining an investment grade profile. On the left-hand side, we walked through net debt by operating company. We finished the quarter with more than 450 million of cash largely due to the full collection of the previously deferred purchase gas costs from the winner of 2020 22 2023 season.

第三季度，我們將西南航空控股公司 5.5 億美元的定期貸款延長至 2025 年 7 月 31 日，並將公用事業公司 4 億美元的循環貸款延長至 2029 年 8 月到期。持有定期貸款延期包括將適用利差從迄今為止的+130減少到+112.5個基點，我們繼續預計到2025年底公用事業公司的債務融資或再融資需求有限。在控股方面，我們重申我們的計劃，目標是將穩健的投資等級資產負債表移至投影片 18，我們會審視我們的資產負債表實力以及我們對維持投資等級概況的承諾。在左側，我們按營運公司瀏覽了淨債務。本季結束時，我們獲得了超過 4.5 億美元的現金，這主要是由於從 2020 年 22 日 2023 年賽季的獲勝者那裡全額收回了先前推遲的購買天然氣成本。

As a result at the utility, the PGA balance has flipped as I previously indicated from the liability balance of 180 million on September 30th, 2024. This is compared with a liability balance of just over 80 million at the end of this year's second quarter and an asset balance of nearly 680 million at the end of last year's third quarter. On slide, 26 additional details are provided on the PGA balance. As mentioned on the previous slide, we continue to expect the large utility cash balance to significantly obviate the need to pursue additional financing in the near term.

結果，公用事業公司的 PGA 餘額發生了翻轉，正如我之前指出的，2024 年 9 月 30 日的負債餘額為 1.8 億。相較之下，今年第二季末的負債餘額略高於8,000萬，去年第三季末的資產餘額接近6.8億。投影片上提供了有關 PGA 餘額的 26 項附加詳細資訊。正如上一張幻燈片中提到的，我們仍然預計大量公用事業現金餘額將大大消除近期尋求額外融資的需要。

On the right hand side of slide, 18, we know that we had no changes to our credit ratings or outlook from the three rating agencies since our second quarter, 2024 earnings call. I'll now turn the call back over to Karen and Slide 20 discuss our guidance.

在投影片的右側，18，我們知道自 2024 年第二季財報電話會議以來，三個評級機構對我們的信用評級或前景沒有任何變化。現在我將把電話轉回給 Karen，並在幻燈片 20 中討論我們的指導。

Thanks, Rob, turning to 520. We believe our third quarter results are evidence of the progress we continue to make, executing our strategy and we are enthusiastic about the rest of 2024 and beyond last quarter, we increased our 2024 utility net income guidance range to 233 to $243 million and we now expect to finish within the top half of that range. This reflects performance thus far as well as expectations over the balance of the year. We believe that's a strong regional economic outlook in our service territories. The Nevada rate case outcome as well as expected results of our cost management efforts provide us confidence in our net income guidance range and our team remains focused on optimizing utility operations. We reaffirm our 2024 utility CapEx at approximately 830 million. While nearly 50% of our forecasted capital spending relates to maintaining a safe and reliable system for the benefit of all of our customers. The balance is to serve the needs of our growing customer base and our continuous improvement initiatives which we expect to lead to future cost savings at the utility.

謝謝，羅布，請轉至 520。我們相信，第三季的業績證明了我們在執行策略方面繼續取得進展，我們對2024 年剩餘時間及上季度之後的業績充滿熱情，我們將2024 年公用事業淨利潤指導範圍提高至233 至2.43 億美元，現在我們預計最終會在該範圍的上半部分內完成。這反映了迄今為止的業績以及對今年剩餘時間的預期。我們相信，我們服務區域的區域經濟前景強勁。內華達州費率案件的結果以及我們成本管理工作的預期結果使我們對淨利潤指導範圍充滿信心，我們的團隊仍然專注於優化公用事業運營。我們重申 2024 年公用事業資本支出約為 8.3 億美元。我們預測的資本支出中近 50% 與維護安全可靠的系統有關，以造福所有客戶。平衡是為了滿足我們不斷增長的客戶群的需求和我們持續改進計劃的需求，我們預計這將導致公用事業公司未來的成本節約。

Looking further out, we affirm our expected compounded annual growth rate for net income at the utility to fall within the range of 9.25 to 11.25% from 2024 to 2026 which uses 2024 as the base year. While the impact of the regulatory cycle is expected to result in nonlinear net income growth over the forecasted period. Our regulatory strategy and our goal to achieve a flat O&M per customer trend over that same period are expected to be important components of our growth story.

展望未來，我們確認，以 2024 年為基準年，2024 年至 2026 年公用事業公司淨利複合年增長率預計將在 9.25% 至 11.25% 之間。而監管週期的影響預計將導致預測期內淨利潤的非線性成長。我們的監管策略和在同一時期實現每個客戶趨勢的平穩營運和維護的目標預計將成為我們成長故事的重要組成部分。

Additionally, you can find the 2024 to 2026 drivers in the appendix of our presentation on slide 27.

此外，您可以在投影片 27 簡報的附錄中找到 2024 年至 2026 年的驅動因素。

We also reaffirm our rate base compound annual growth rate to be in the range of 6.5 to 7.5% over the same 2024 to 2026 period. And we continue to expect to invest about $2.4 billion in total of CapEx over those three years.

我們也重申 2024 年至 2026 年同期的利率基礎複合年增長率在 6.5% 至 7.5% 範圍內。我們仍預期這三年的資本支出總額約為 24 億美元。

We continue to hold the dividend flat. While we evaluate century separation options.

我們繼續維持股利不變。當我們評估世紀分離選項。

Before we open the call up to Q&A, I want to point to slide 21 and emphasize that our teams are focused on executing our strategic priorities, delivering strong financial results, and providing exceptional service to our customers at Southwest gas holdings. We are confident in our path forward. As a premier pure play natural gas utility, we plan to continue delivering steady organic rate-based growth through strong regional demand dynamics, as well as earnings growth through financial discipline, operational excellence and constructive regulatory relationships will continue to execute toward the planned full separation of century to create a more attractive value proposition for stockholders. With that. I'd like to open the call for questions.

在我們開始問答之前，我想指出幻燈片 21 並強調我們的團隊專注於執行我們的戰略優先事項，交付強勁的財務業績，並為西南天然氣控股公司的客戶提供卓越的服務。我們對前進的道路充滿信心。作為一家主要的純天然氣公用事業公司，我們計劃透過強勁的區域需求動態，繼續實現基於有機率的穩定增長，並透過財務紀律、卓越營運和建設性監管關係實現盈利增長，將繼續實現計劃中的全面分離世紀為股東創造更具吸引力的價值主張。就這樣。我想開始提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）

We'll take our first question from Richard Sunderland of JP Morgan. Please go ahead.

我們將回答摩根大通的理查桑德蘭的第一個問題。請繼續。

Hi, good morning. Thank you for the time today.

嗨，早安。謝謝你今天的時間。

Good morning, Rich.

早上好，里奇。

Are there any guardrails you can put on the timing of the future separation, the reference in the release, you know, I guess now that a new century CEO has been named. Are you open to near term action here?

您是否可以對未來分離的時間設置任何護欄，發布中的參考資料，您知道，我想現在已經任命了新世紀的首席執行官。您對近期行動持開放態度嗎？

So we really don't have you know, a time frame obviously that we have to do this within, you know, we just came out of the lock up period and obviously you're subject to, you know, quiet periods as we move forward. But our primary goal at the next step was to get the CEO in place, which we have done, you saw the announcement yesterday on that. And so, we feel really strong about having our CEO at century in place moving forward and, and we will continue to watch the market conditions which are going to drive, you know, the timing really of when we execute on the next step.

所以我們真的沒有你知道的時間框架，顯然我們必須在這個時間範圍內做到這一點，你知道，我們剛剛走出禁售期，顯然，你知道，隨著我們的行動，你會經歷安靜的時期向前。但我們下一步的主要目標是讓執行長就位，我們已經做到了，你昨天看到了相關公告。因此，我們對世紀執行長的就位感到非常堅定，我們將繼續關注市場狀況，這將推動我們執行下一步的真正時機。

Got it. Thank you for the, the thoughts there. And then I guess turning to Arizona, how do you see the settlement backdrop in your rate case? I'm curious if you have a path that you see the settling, you know, with the system improvement mechanism in that settlement or would you settle without that, given the state is focused on the broader red flag efforts as well? Thank you.

知道了。謝謝你的想法。然後我想轉向亞利桑那州，您如何看待您的費率案例中的和解背景？我很好奇你是否有一條途徑可以看到解決方案，你知道，透過該解決方案中的系統改進機制，或者考慮到國家也專注於更廣泛的危險信號工作，你會在沒有該解決方案的情況下解決嗎？謝謝。

That's new. I think that.

這是新的。我認為。

Hey Rich, it's Justin. I mean, I think the encouraging thing is the staff is supportive of the mechanism and their direct testimony. So, I think we feel pretty good about a future where that's included, obviously anything subject to the commission's ultimate approval. But I think we feel pretty good about where staff came in on that. And then, you know, we're they have rebuttal test or sir rebuttal testimony, do I think on the 15th? And so, I think that's kind of the next step in the process. And then I think the plan is for the parties will try to continue the dialogue. We feel like the conversations to date have been pretty constructive. Just ran into some timing conflicts with commitments that different parties had and with APs rehearing that they had this last week. So, we plan on continuing to have dialogue and, and again, we feel good about where the staff is in their position. Vis a vis the mechanism itself.

嘿，里奇，我是賈斯汀。我的意思是，我認為令人鼓舞的是工作人員支持該機制和他們的直接證詞。因此，我認為我們對未來的前景感到非常滿意，顯然任何事情都需要委員會的最終批准。但我認為我們對員工的參與感到非常滿意。然後，你知道，我們有反駁測驗或先生反駁證詞，我想是在 15 號嗎？因此，我認為這就是該過程的下一步。然後我認為雙方的計劃是努力繼續對話。我們認為迄今為止的對話非常有建設性。剛剛與不同各方的承諾以及美聯社上週重述的承諾發生了一些時間衝突。因此，我們計劃繼續進行對話，並且我們再次對員工的處境感到滿意。相對於機製本身。

Got it. Thanks. And just a quick follow up there. What is the kind of formal settlement window as you're thinking about it in the case, any natural milestones in the procedural schedule going forward within which a settlement makes sense?

知道了。謝謝。只需快速跟進即可。您在本案中考慮的正式和解窗口是什麼樣的？

Yeah, it's a good question. II I don't think there's really any formal window. I would say just generally speaking, you know, it kind of begins when we receive their direct testimony, which we got, right? And then we noticed settlement discussions, the staff did, and we had an opportunity to do that. I think we ended up, you know, running into a procedural timing where we needed to get our rebuttal testimony filed which we did. The staff has theirs on the 15th. I think the parties can continue. There's nothing that prevents the parties from continuing to have discussions around a settlement all the way up until the hearing day. I think typically in Arizona, what we've experienced is that even if we settled the case in advance, they would still likely use that hearing day for a settlement hearing because that's something that they've done in the past. And so, we're kind of looking at between now and that hearing date to either use it as a settlement hearing or to proceed on some kind of hearing based on where the parties are as we continue through this testimony process?

是的，這是一個好問題。II 我認為實際上沒有任何正式的窗口。我想說，一般來說，你知道，當我們收到他們的直接證詞時，這就開始了，我們得到了，對吧？然後我們注意到和解討論，工作人員也注意到了，我們有機會這樣做。我認為我們最終遇到了需要提交反駁證詞的程序時間，而我們確實這樣做了。工作人員15號就有了。我認為各方可以繼續。在聽證會之前，沒有什麼可以阻止雙方繼續圍繞和解進行討論。我認為，在亞利桑那州，我們所經歷的情況是，即使我們提前解決了案件，他們仍然可能會利用聽證會當天進行和解聽證會，因為這是他們過去所做的事情。因此，我們正在考慮從現在到聽證會日期，要么將其用作和解聽證會，要么在我們繼續進行證詞過程時，根據雙方的情況進行某種聽證會？

Got it understood. Thank you very much.

明白了。非常感謝。

Perfect.

完美的。

Our second question comes from Ryan Levine of City. Please go ahead.

我們的第二個問題來自曼城的瑞安·萊文（Ryan Levine）。請繼續。

Good morning. I appreciate all the detail here, everybody. It it's maybe just a couple one around the financing plan with the reduction in equity for this year and 100 million for next year. Can you unpack? What droves the change? Is it purely operating performance, year-to-date or are there other factors that influence the change in financing plan?

早安.我很欣賞這裡的所有細節，大家。融資計畫可能只是今年減股、明年減資1億左右而已。你能拆包嗎？是什麼推動了改變？是單純的經營績效、年初至今還是有其他因素影響融資計畫的變動？

Hey, Ryan, it's a yeah, good, good question. You know, really, it's been the collection of the PGA over this year. We're just given where we sit with respect to cash balances with that significant cash on hand at the utility. And you know, ongoing collections that you do, the mechanic will continue. We don't see the need to do equity this year. We had only planned to issue up to about 75 million. And so, with that cash on hand, we just, we don't, we don't think we need it. I guess further with respect to next year that the guidance is effectively on top of what we communicated previously around 2025. Again, reflecting the, the, you know, our model forecast around, you know, our cash on hand, I would just say with respect to 2025 and it indicated during the prepared part of our remarks, you know, to the extent that the transaction structure of a century exit takes the form of a sell down. Then you could, you could see us not issue even that 100 million of equity because we would have proceeds from the sale of century share. So, we're just obviously that will play into whether we need to issue any equity in 2025. But even if we do, it would be very light at less than 100 million and be structured through the ATM.

嘿，瑞安，這是一個很好的問題。你知道，實際上，這是 PGA 今年的收藏。我們只是知道公用事業公司手頭上有大量現金的現金餘額。你知道，你所做的持續收集，機制將繼續。我們認為今年沒有必要進行股權投資。我們原本只計劃發行最多約 7,500 萬枚。因此，有了手頭上的現金，我們只是，我們不需要，我們認為我們不需要它。我進一步猜測，明年的指導意見實際上是在我們之前在 2025 年左右溝通的內容之上的。再次，反映了，你知道，我們的模型預測，你知道，我們手頭的現金，我只想說關於 2025 年，它在我們發言的準備部分錶明，你知道，在某種程度上，百年退出的交易結構採取的是拋售的形式。那麼你可以,你可以看到我們連那一億的股權都不發行,因為我們可以透過出售世紀股權來獲得收益。因此，顯然這將影響我們是否需要在 2025 年發行任何股票。但即使我們這樣做，它也會非常輕，不到 1 億，並且透過 ATM 進行結構化。

Okay. And then in light of the, the detailed disclosure around O&M changes during the quarter on slide 16, it seems like your full year guidance is unchanged for flat O&M.

好的。然後，根據投影片 16 上有關本季營運和維護變化的詳細揭露，您的全年營運和維護指引似乎沒有變化。

Is there any company action that has been initiated that is expected to reverse that trend in the fourth quarter, or any meaning law set that, that keeps O&M relatively flat?

公司是否已採取任何行動預計將在第四季度扭轉這一趨勢，或者是否有任何有意義的法律規定，使營運與維護保持相對穩定？

Yes. So, our guidance right is flat on a per customer basis. So, you know, we're obviously growing the denominator in the form of customers over the period. You know, I think that the absolute is, you know, is below inflation levels when you look at the absolute dollar level of O&M period over period. But you know, we are, we are making good progress on our utility optimization program. It gives us confidence in our ability to hit, you know, our net income and that's why we've guided to the upper half of the range. Beyond that, we didn't, we didn't provide, you know, a formal that does that help?

是的。因此，我們的指導權在每個客戶的基礎上是固定的。所以，你知道，在此期間，我們顯然以客戶的形式增加了分母。你知道，我認為，當你觀察不同時期運行和維護期間的絕對美元水平時，絕對值低於通膨水平。但你知道，我們的效用優化計劃正在取得良好進展。這讓我們對實現淨利潤的能力充滿信心，這就是為什麼我們將目標定在該範圍的上半部。除此之外，我們沒有，我們沒有提供，你知道，有幫助的正式文件嗎？

Yeah, appreciate that. And maybe just one last in terms of the regulatory calendar in Arizona with the election yesterday for some AC C commissioners that have any change to the procedural schedule or opportunity for set them.

是的，很感激。也許只是亞利桑那州監管日曆的最後一個，昨天選舉了一些 AC C 委員，這些委員對程序時間表或製定程序的機會有任何改變。

Justin, I would say no, that there's, you know, based on kind of where things stand now with the election results, we, we don't anticipate that impacting the timing of our, our case or the potential outcome, you know, a settlement scenario.

賈斯汀，我想說不，你知道，根據目前選舉結果的情況，我們預計這不會影響我們的案件的時間安排或潛在的結果，你知道，結算場景。

Do you think you're able to, is there any comments that you have around the impact of the election to regulatory environment in Arizona?

您認為您能夠嗎？

Ryan, it's Justin again, I, I don't really think so. I mean, I think it's kind of lining up the way I think kind of people expected in terms of, kind of where the early results are. I mean, Arizona seems like Arizona takes a little while to, to finalize the election results. And so, we'll kind of wait and see over the next couple of days where it ends up. But I think, you know, kind of from our perspective, looking at, you know, the different candidates and, you know, the fact that you had one candidate that was an incumbent that had probably an advantage running as an incumbent, that the results probably aren't really out of a line with where we were thinking things would end up.

瑞安，又是賈斯汀，我，我真的不這麼認為。我的意思是，我認為這有點像人們對早期結果的預期那樣。我的意思是，亞利桑那州似乎需要一段時間才能最終確定選舉結果。因此，我們將在接下來的幾天裡拭目以待。但我認為，你知道，從我們的角度來看，你知道，不同的候選人，而且你知道，事實上，你有一位現任候選人，他可能作為現任候選人在競選中具有優勢，結果可能與我們想像的事情的最終結果並沒有真正不一致。

Thanks for the time.

謝謝你的時間。

This concludes the Q&A portion of today's conference. I would now like to turn the call back over to Justin Forsberg for closing remarks.

今天會議的問答部分到此結束。我現在想將電話轉回給賈斯汀·福斯伯格，讓其致閉幕詞。

Thanks again, Dion and, and thanks everybody for joining us on joining us today and for your questions. This concludes our conference call. We'll talk soon.

再次感謝迪翁和大家今天加入我們並提出問題。我們的電話會議到此結束。我們很快就會談。

This concludes today's Southwest Gas holdings, third quarter, 2024 earnings call and webcast. You may now disconnect your line at this time. Have a wonderful day.

今天的西南天然氣控股公司 2024 年第三季財報電話會議和網路廣播到此結束。此時您可以斷開線路。祝你有美好的一天。