Southwest Gas Holdings Inc (SWX) 2025 Q3 法說會逐字稿

Welcome to Southwest Gas Holdings third quarter 2025 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. (Operator Instructions)

歡迎參加西南天然氣控股公司2025年第三季財報電話會議。今天的電話會議正在錄音，我們的網路直播也正在進行中。今天稍晚以及接下來的 12 個月內，西南天然氣控股公司網站將提供重播。（操作說明）

I will now turn the call over to Justin Forsberg, Vice President of Investor Relations and Treasurer of Southwest Gas Holdings. Please go ahead.

現在我將把電話交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·福斯伯格。請繼續。

Thank you, Joanna, and hello, everyone. We appreciate you joining the call today. This morning, we issued and posted the Southwest Gas Holdings website our third quarter 2022 earnings release and filed the associated Form 10-Q. 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.

謝謝你，喬安娜，大家好。感謝您今天參加電話會議。今天上午，我們在西南天然氣控股公司網站上發布了 2022 年第三季財報報告，並提交了相關的 10-Q 表格。今天電話會議的幻燈片也可以在西南天然氣控股公司網站上找到。在今天的電話會議中，我們將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 2025 earnings and discuss longer-term guidance. 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, regulatory approvals and a capital project at Great Basin Gas Transmission Company that is potentially incremental to current estimates.

請注意，在今天的電話會議上，我們將討論可能影響 2025 年收益的某些因素，並探討更長期的績效指引。今天將要討論的資訊包含前瞻性陳述。這些聲明是基於管理層對未來發展趨勢的假設，但存在許多風險和不確定性，包括未來經濟狀況的影響、監管審批以及大盆地天然氣輸送公司一項可能超出當前估計的資本項目等不確定性。

This cautionary note as well as a note regarding non-GAAP measures is included on slides 2 and 3 of this presentation. In today's press release and in our filings with the Securities and Exchange Commission, all of which we encourage you to review. These risks and uncertainties may cause actual results to differ materially from statements made today.

本簡報的第 2 頁和第 3 頁包含了此警示說明以及關於非 GAAP 指標的說明。在今天的新聞稿和我們向美國證券交易委員會提交的文件中，我們鼓勵您仔細閱讀所有這些文件。這些風險和不確定性可能導致實際結果與今天所作的聲明有重大差異。

We caution against placing undue reliance on any forward-looking statements, and we assume no obligation to update any such statement. As shown on slide 4, on today's call, we have Karen Haller, President and CEO of Southwest Gas Holdings; Rob 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.

我們提醒各位不要過度依賴任何前瞻性陳述，我們也不承擔更新任何此類陳述的義務。如投影片 4 所示，在今天的電話會議上，西南天然氣控股公司總裁兼執行長 Karen Haller、西南天然氣控股公司財務長 Rob Stefani 和西南天然氣公司總裁 Justin Brown，以及其他管理團隊成員將在今天的電話會議問答環節回答您的問題。

I'll now turn the call over to Karen.

現在我將把電話轉給凱倫。

Thanks, Justin. Thank you for joining us today to discuss our results and outlook. Starting with slide 5. During the quarter, we successfully completed our disposition of Centuri through two final sales transactions. This allowed us to fully pay down the remaining debt at the holding company, provided significant capital to reinvest in the core business and left us with a strong balance sheet.

謝謝你，賈斯汀。感謝各位今天蒞臨現場，與我們共同探討我們的業績與展望。從第5張投影片開始。本季度，我們透過兩筆最終出售交易成功完成了對 Centuri 的處置。這使我們能夠全額償還控股公司的剩餘債務，為核心業務的再投資提供了大量資金，並使我們擁有了強勁的資產負債表。

With our focus now fully on our natural gas regulated business, we are better positioned to address the increasing energy needs of our growing service territories. As we enter this next chapter, operational and financial performance remain a top priority. At quarter end, Southwest Gas' trailing 12-month return on equity or ROE further improved to 8.3%, demonstrating our commitment to consistent ROE improvement over the last several years.

現在，我們已將全部精力集中在天然氣監管業務上，這使我們能夠更好地滿足不斷增長的服務區域日益增長的能源需求。進入下一個階段，營運和財務表現仍然是重中之重。截至季末，西南天然氣公司過去 12 個月的股本回報率 (ROE) 進一步提高至 8.3%，這表明我們致力於在過去幾年中持續提高 ROE。

We are optimistic for the future regulatory environments in all our jurisdictions. Later in this call, Justin Brown will discuss our anticipated rate case road map heading into the next few years as we expect new rates in effect in California in 2026 and seek approval for new rates with requests for alternative forms of ratemaking in Arizona and Nevada.

我們對所有轄區的未來監理環境都持樂觀態度。在本次電話會議的稍後部分，賈斯汀布朗將討論我們預計未來幾年的費率制定路線圖，因為我們預計加州的新費率將於 2026 年生效，並尋求批准亞利桑那州和內華達州的新費率，同時要求採用替代的費率制定方式。

We believe the future is bright for improved rate-making opportunities as we work to further improve delivered returns for our shareholders. Significant regional energy demand is driving potential incremental growth at our Northern Nevada interstate pipeline asset, Great Basin, which could drive our already strong capital growth profile higher.

我們相信，隨著我們努力進一步提高股東回報，未來在利率制定方面將有更多機會，前景光明。顯著的區域能源需求正在推動我們位於內華達州北部的州際管道資產 Great Basin 的潛在增量成長，這可能會進一步提升我們本已強勁的資本成長前景。

We are reaffirming each of our previously communicated guidance ranges with full year net income now expected towards the top end of the $265 million to $275 million range. We continue to expect robust capital spending driven by safety, reliability and economic activity in our service territories. All our forward-looking guidance ranges exclude the potential impacts of the 2028 Great Basin expansion opportunity and the impacts of alternative forms of ratemaking opportunities in Arizona and Nevada.

我們重申先前公佈的各項業績指引範圍，預計全年淨收入將達到 2.65 億美元至 2.75 億美元區間的上限。我們預計，在服務區域內，安全、可靠性和經濟活動將繼續推動強勁的資本支出。我們所有前瞻性指導範圍均不包括 2028 年大盆地擴建機會的潛在影響以及亞利桑那州和內華達州其他形式的費率制定機會的影響。

I'll provide more detail on guidance later in this presentation. Moving to slide 6. We're thrilled to have achieved the full deconsolidation and separation of Centuri. During 2025, we completed four follow-on offerings and three concurrent private placements to generate nearly $1.4 billion of net sale proceeds. A large portion of the total net sales proceeds were used to repay all debt previously outstanding at the holding company.

我將在本次演講的後續部分提供更詳細的指導。切換到第6張投影片。我們很高興實現了 Centuri 的完全拆分和分離。2025 年，我們完成了四次後續發行和三次同步私募，共獲得近 14 億美元的淨銷售收入。總淨銷售收入的很大一部分用於償還控股公司之前未償付的所有債務。

Past August, the remaining $225 million on the term loan was paid in full, along with the remaining balance that had been outstanding on the revolving credit facility. All residual proceeds from that transaction as well as the final trade in September are expected to support Southwest Gas' capital expenditures, including the potential Great Basin expansion project, the dividend payments to shareholders and other general corporate purposes.

8 月之後，剩餘的 2.25 億美元定期貸款已全部償還，循環信貸額度的剩餘未償餘額也已全部償還。該交易的所有剩餘收益以及 9 月的最終交易預計將用於支持西南天然氣公司的資本支出，包括潛在的大盆地擴建項目、向股東支付股息以及其他一般公司用途。

We are excited for the future as the strategic transformation enhances transparency and aligns us squarely with long-term value creation as a fully regulated natural gas business. As you can see on slide 7, we are heading into the final months of 2025 on track to achieve our 2025 strategic priorities. Our utility and regulatory strategy have primarily been completed as we await final approval in our California rate case.

我們對未來充滿期待，因為策略轉型提高了透明度，使我們作為一個完全受監管的天然氣企業，能夠更好地實現長期價值創造。正如您在投影片 7 中看到的那樣，我們正按計劃進入 2025 年的最後幾個月，以實現我們的 2025 年策略重點。我們的公用事業和監管策略已基本完成，目前正等待加州費率申請的最終批准。

Additionally, we continue to see the impacts of our company-wide optimization initiatives as we have observed year-to-date operations and maintenance growth that continues to be below the rate of inflation. We have begun executing Precedent Agreements from the potential shippers on the 2028 Great Basin expansion project and are working to have the rest of them finalized soon.

此外，我們持續看到公司範圍內的優化措施所帶來的影響，因為我們觀察到今年迄今的營運和維護成長持續低於通貨膨脹率。我們已開始與潛在的托運人就 2028 年大盆地擴建項目簽訂先例協議，並正在努力盡快完成其餘協議的簽訂。

Other activities such as work on the environmental assessment and FERC prefiling efforts are on track. Finally, with the full repayment of HoldCo debt during the third quarter, we have now completed all expected financing activities for the remainder of 2025 without having to issue new equity financing for the second consecutive year.

其他活動，如環境評估工作和向聯邦能源管理委員會提交預申請的工作，都在按計劃進行。最後，隨著第三季控股公司債務的全額償還，我們已完成 2025 年剩餘時間的所有預期融資活動，連續第二年無需發行新的股權融資。

On slide 8, I'd like to highlight that S&P upgraded Southwest Gas Holdings issuer and Southwest Gas Corporation's senior unsecured long-term debt credit ratings each to BBB+ with stable outlooks. Our enhanced corporate risk profile further demonstrates the positive impact of the complete separation of Centuri.

在第 8 張投影片中，我想重點介紹一下，標普將西南天然氣控股公司和西南天然氣公司的優先無擔保長期債務信用評級均上調至 BBB+，展望穩定。我們增強的企業風險狀況進一步證明了 Centuri 完全分拆的正面影響。

As of the third quarter of 2025, our cash balance increased to nearly $780 million, and we had more than $1.5 billion of liquidity across the business, which enables us to make strategic investments that are expected to generate stable long-term returns. I'd also like to highlight the utilities net income growth, which was primarily driven by positive regulatory outcomes and strong economic activity in our service area, enhanced by cost optimization efforts.

截至 2025 年第三季度，我們的現金餘額增加到近 7.8 億美元，公司整體流動資金超過 15 億美元，這使我們能夠進行策略性投資，預計這些投資將產生穩定的長期回報。我還想重點介紹一下公用事業淨收入的成長，這主要得益於積極的監管結果和我們服務區域強勁的經濟活動，以及成本優化措施的推動。

We are enthusiastic about the company's future and are confident in the promising opportunities ahead. Before we discuss our results in more detail, as you may have seen in our press release earlier this morning, Rob will be leaving Southwest Gas Holdings December 1. The Board of Directors has initiated an internal and external search process to identify Rob's successor.

我們對公司的未來充滿熱情，並對未來的美好機會充滿信心。在我們更詳細地討論我們的業績之前，正如您可能在今天早上早些時候的新聞稿中看到的那樣，羅布將於 12 月 1 日離開西南天然氣控股公司。董事會已啟動內部和外部遴選程序，以確定羅布的繼任者。

On behalf of the entire management team, I want to thank Rob for the contributions he's made to the company over the past three-years. He's been an important part of our team as we transition to become a fully regulated natural gas utility business. We wish him well in his next chapter. You can find further information on this announcement in the press release and an 8-K that will be filed later today.

我謹代表整個管理團隊，感謝羅佈在過去三年為公司所做的貢獻。在我們轉型成為一家全面受監管的天然氣公用事業公司的過程中，他一直是我們團隊的重要成員。我們祝福他在人生的下一個階段一切順利。有關此公告的更多信息，請參閱新聞稿和將於今天晚些時候提交的 8-K 表格。

Now I'll turn the call over to Justin for a regulatory and economic update.

現在我會把電話交給賈斯汀，讓他介紹一下監管和經濟方面的最新情況。

Thanks, Karen. On slide 10, we highlight our proposed Great Basin expansion project as we continue to make progress on finalizing Precedent Agreements with counterparties. Within the next week, we anticipate receiving final decisions from all shippers who were set Precedent Agreements. Since we continue to receive inbound interest about expansion opportunities on Great Basin, we may consider holding a brief supplemental open season before determining the final scale of the proposed 2028 expansion.

謝謝你，凱倫。在第 10 張投影片中，我們重點介紹了我們提出的大盆地擴建項目，同時我們繼續與交易對手方敲定先例協議，並取得了進展。預計在接下來的一周內，我們將收到所有已簽署先例協議的托運人的最終決定。由於我們不斷收到有關大盆地擴建機會的諮詢，我們可能會考慮在確定擬議的 2028 年擴建的最終規模之前，舉行一次簡短的補充公開招標。

This will help clarify the magnitude and timing of this inbound interest so we can determine the appropriate course of action, including whether any interest for capacity can fit within the 2028 expansion time frame or whether there is sufficient interest to justify an expansion in subsequent years. As is generally the case with all development projects involving multiple parties, especially projects of this size and scope, we are ultimately subject to the timelines and needs of each of the potential shippers.

這將有助於明確此進口需求的規模和時間，以便我們確定適當的行動方案，包括是否有任何產能需求能夠滿足 2028 年的擴建時間框架，或者是否有足夠的需求來證明在隨後幾年進行擴建的合理性。通常情況下，所有涉及多方參與的開發項目，尤其是像這樣規模和範圍的項目，最終都會受到每個潛在托運人的時間表和需求的限制。

We are diligently working with them and remain steadfast in our commitment to help ensure their energy needs are met. While this process has taken a little longer than we initially expected, in order for us to meet the proposed in-service date of November 2028, we have started working on a parallel path to ensure that date remains viable.

我們正與他們積極合作，並始終堅定不移地致力於確保滿足他們的能源需求。雖然這個過程比我們最初預期的要長一些，但為了實現 2028 年 11 月的預定投入使用日期，我們已經開始著手製定一條並行方案，以確保該日期仍然可行。

For example, we recently engaged in engineering procurement and construction management firm to partner with us as we work toward a prefiling application with the FERC. This firm will assist us in finalizing engineering and design work, completing the environmental assessment as well as other items necessary to file for this FERC's Certificate of Public Convenience and Necessity in the fourth quarter of 2026.

例如，我們最近聘請了一家工程採購和施工管理公司與我們合作，以便向聯邦能源管理委員會提交預申請。這家公司將協助我們完成工程設計工作，完成環境評估以及其他必要事項，以便在 2026 年第四季向聯邦能源管理委員會 (FERC) 提交公共便利和必要性證書。

We will plan to provide periodic updates as we achieve key milestones. Moving to slide 11. I wanted to highlight a significant filing we made in Nevada during the quarter. In September, we successfully filed our first triennial resource plan as required by a statute that was put in place during the 2023 Nevada legislative session, referred to as Senate Bill 281.

我們將計劃在達成關鍵里程碑時定期發布最新進展。切換到第11張投影片。我想重點介紹一下我們本季在內華達州提交的一份重要文件。9 月，我們成功提交了第一個三年期資源計劃，這是根據 2023 年內華達州立法會議期間制定的一項法規（即參議院第 281 號法案）的要求而製定的。

Similar to integrated resource plan requirements for electric utilities, the newly required process in Nevada requires gas utilities in the state to file a plan every three-years outlining, among other things, anticipated demand for natural gas, the sources of planned acquisitions of natural gas, the identification of the mix of supply and demand-side management programs.

與電力公司綜合資源計劃的要求類似，內華達州新要求的流程規定，該州的天然氣公司每三年提交一份計劃，其中概述了天然氣的預期需求、計劃獲取天然氣的來源、供需側管理方案的組合等內容。

The bill aimed to modernize the state's gas utility regulations, bringing them under a similar statutory framework as electric utilities to better prepare for a changing energy system and to optimize investment for the benefit of customers. This process of filing and receiving approval of a resource plan is expected to enhance certainty for investors in the state.

該法案旨在使該州的天然氣公用事業監管現代化，使其與電力公用事業處於類似的法律框架下，以便更好地應對不斷變化的能源系統，並優化投資以造福客戶。提交和獲得資源規劃批准的這一過程有望提高該州投資者的確定性。

Our current plan includes nearly $225 million of expected investments for the benefit of our customers for expansions, system integrity, including distribution and transmission integrity management programs, customer-owned yard line replacement programs and a long-term gas supply arrangement. We believe this new process allows for increased transparency and predictability for customers, investors and other stakeholders. We expect a final decision in the second quarter of 2026.

我們目前的計劃包括近 2.25 億美元的預期投資，用於擴大規模、維護系統完整性（包括配電和輸電完整性管理計劃）、客戶擁有的場地管線更換計劃以及長期天然氣供應安排，以造福我們的客戶。我們相信，這個新流程能夠提高客戶、投資者和其他利害關係人的透明度和可預測性。我們預計將於 2026 年第二季做出最終決定。

Turning to slide 12. Here, we lay out for you a potential timeline for how opportunities for alternative ratemaking in both Nevada and Arizona could play out in the near term and over the next several years. In Nevada, SB 417 is the law that was passed this past legislative session that allows for alternative ratemaking opportunities such as multiyear plans and formula rates.

翻到第12張投影片。在這裡，我們為您列出內華達州和亞利桑那州替代性定價機會在近期和未來幾年可能的發展時間表。在內華達州，SB 417 是上屆立法會議通過的法律，它允許採用替代性的費率制定方式，例如多年計劃和公式費率。

We currently expect to file a rate case as early as March 2026, which is six-months following our gas planning filing. We expect new rates to be effective as early as October of 2026. The Public Utilities Commission of Nevada has begun rule-making workshops to implement SB 417, and we're excited about the potential for this approach to streamline regulatory processes, reduce cost for customers and improve the timeliness of cost recovery.

我們目前預計最快將於 2026 年 3 月提交費率申請，這比我們提交天然氣規劃申請晚六個月。我們預計新利率最快將於 2026 年 10 月生效。內華達州公共事業委員會已開始製定規則研討會，以實施 SB 417 法案。我們對這種方法在簡化監管流程、降低客戶成本和提高成本回收及時性方面的潛力感到興奮。

We're in the early stages of the rulemaking process, which we anticipate finishing up early next year. At the conclusion of the rule-making process, we should have greater clarity on the mechanics and timelines that will be allowed for implementing an alternative ratemaking plan. However, given the general structure set forth in SB 417 and the fact we will look to this next rate case is the basis for alternative ratemaking plan, we reasonably believe potential alternative rate-making adjustments could begin as early as 2028.

我們目前正處於規則制定過程的早期階段，預計將於明年初完成。在規則制定過程結束後，我們應該對實施替代費率制定方案的機制和時間表有更清楚的了解。然而，鑑於 SB 417 中規定的整體結構，以及我們將把下一個費率案件作為替代費率制定方案的基礎，我們有理由相信，潛在的替代費率調整最早可能在 2028 年開始。

Similarly, in Arizona, following the Commission's December 2024 policy statement that supports utilities proposing formula rate plans, we expect to file a formula rate plan in Arizona as part of our next general rate case. We are currently targeting a filing for our next Arizona rate case in the first quarter of 2026. If we assume a fully litigated rate case timeline, we expect new rates to be in effect during the first half of 2027 with the potential for the first annual formula rate true-up process to begin in 2028.

同樣，在亞利桑那州，根據委員會 2024 年 12 月發布的政策聲明，該聲明支持公用事業公司提出公式費率計劃，我們預計將在亞利桑那州提交公式費率計劃，作為我們下一個一般費率案件的一部分。我們目前計劃在 2026 年第一季提交下一份亞利桑那州費率申請。如果假設費率案件的訴訟時間表完全走完，我們預計新費率將於 2027 年上半年生效，第一個年度公式費率調整過程有可能在 2028 年開始。

While the commission has expressed support for formula rate adjustments through its published policy statement, the approval of utility plans is still forthcoming. We are encouraged by the fact that several peer utilities in Arizona have active rate cases requesting the application of formula rates. We are proactively monitoring the progress and anticipated outcomes of each of these cases as they will provide valuable insights to refine our current expectations regarding formula rate mechanics and implementation time lines.

雖然委員會已通過其發布的政策聲明表示支持按公式調整費率，但公用事業計劃的批准仍待進行。我們感到鼓舞的是，亞利桑那州的幾家同行公用事業公司都提出了積極的費率調整申請，要求採用公式費率。我們正在積極監控每個案例的進展和預期結果，因為它們將提供寶貴的見解，以完善我們目前對公式費率機制和實施時間表的預期。

We remain optimistic about the prospects of formula rates in Arizona as this new approach could streamline the regulatory process, reduce costs for customers and improve the timeliness of cost recovery. We're excited about both of these opportunities, and we believe that alternative ratemaking enhances our ability to attract investment into both Arizona and Nevada as we continue to play our role in supporting the state's economic growth.

我們對亞利桑那州採用公式費率的前景仍然持樂觀態度，因為這種新方法可以簡化監管流程，降低客戶成本，並提高成本回收的及時性。我們對這兩個機會都感到非常興奮，我們相信，替代性定價機制將增強我們吸引投資進入亞利桑那州和內華達州的能力，同時我們將繼續為支持該州的經濟成長發揮作用。

Turning to slide 13. In California, we successfully reached an agreement in principle to resolve all issues in our pending rate case with the exception of cost of capital and capital structure. The agreement results in a recovery of over 90% of our adjusted ask of $43 million before any adjustments for cost of capital and capital structure.

翻到第13張幻燈片。在加州，我們已成功達成原則協議，解決了待決費率案件中的所有問題，但資本成本和資本結構除外。該協議使得我們在未對資本成本和資本結構進行任何調整之前，收回了我們調整後索要的 4,300 萬美元的 90% 以上。

The settlement also provides for continuation of our annual attrition adjustment of 2.75% as well as continuation of several existing and new regulatory mechanisms that we propose to ensure the safety and reliability of our distribution system and to mitigate regulatory lag. Of note, the California Commission recently granted our motion seeking authority to establish a general rate case memorandum account.

和解協議還規定，我們將繼續執行每年 2.75% 的人員流失調整，並繼續實施我們提出的若干現有和新的監管機制，以確保我們配電系統的安全性和可靠性，並減輕監管滯後。值得注意的是，加州委員會最近批准了我們的動議，請求授權設立一個一般費率案件備忘錄帳戶。

This essentially protects us from any potential delays in the issuance of a final decision by allowing us to recover differences between our authorized and actual revenues between January 1, 2026, and the actual effective date of the commission's final decision.

這實際上保護了我們免受最終決定發布過程中可能出現的任何延誤的影響，使我們能夠收回 2026 年 1 月 1 日至委員會最終決定實際生效日期之間授權收入與實際收入之間的差額。

And with that, I'll turn the call over to Rob, who will review our financial performance for the third quarter.

接下來，我將把電話交給羅布，他將回顧我們第三季的財務表現。

Thanks, Justin, and thank you, Karen, for your words earlier. It has been rewarding to work alongside the talented team at Southwest Gas as we navigated such an important time at the company. I am confident the company is well positioned for continued growth and success under Karen's leadership. With that, I'll turn to our financial results for the third quarter.

謝謝賈斯汀，也謝謝凱倫之前的話。在西南天然氣公司經歷如此重要的時期，能夠與才華橫溢的團隊並肩工作，是一件非常有成就感的事情。我相信，在凱倫的領導下，公司已做好充分準備，將繼續成長並取得成功。接下來，我將介紹我們第三季的財務表現。

On slide 15, we provide a walk from last year's third quarter earnings from continuing operations to the current quarter. Beginning with the utility, Southwest Gas reported higher margins supported by rate relief to better align with Southwest Gas' cost of service and capital investment as well as continued customer growth.

在第 15 張投影片中，我們提供了從去年第三季持續經營收益到本季收益的對比。以公用事業公司西南天然氣公司為例，該公司報告稱，由於費率下調以更好地與西南天然氣公司的服務成本和資本投資相匹配，以及客戶數量的持續增長，其利潤率有所提高。

These benefits were partially offset by higher operating and maintenance expense related in part to incentive compensation accruals, depreciation and amortization tied to ongoing capital investment and higher net interest related to the PGA liability balances. Southwest Gas Holdings corporate and administrative results reflected lower overall operating expenses and reduced interest expense due to the full repayment of the holdings term loan and revolver bank debt using proceeds from the Centuri offerings.

這些收益部分被更高的營運和維護費用所抵消，部分原因是激勵性薪資提列、與持續資本投資相關的折舊和攤銷，以及與 PGA 負債餘額相關的更高淨利息。西南天然氣控股公司企業及行政業績反映出整體營運費用降低，利息支出減少，原因是利用 Centuri 發行所得款項全額償還了控股公司定期貸款和循環銀行債務。

Overall, earnings per share related to continuing operations improved by $13.4 million or $0.19 per diluted share when compared with last year's third quarter. Consolidated EPS for the quarter was $3.74 per diluted share. The company's sale of its remaining stake in Centuri in September represented a full disposition of Centuri and qualifies for reporting as discontinued operations.

總體而言，與去年第三季相比，持續經營業務的每股收益增加了 1,340 萬美元，即每股攤薄收益增加了 0.19 美元。本季合併每股收益為 3.74 美元（稀釋後）。該公司於 9 月出售了其在 Centuri 的剩餘股份，這標誌著 Centuri 的完全處置，符合終止經營業務的報告條件。

Earnings related to discontinued operations, which includes the net gain on the sale of Centuri contributed $3.68 per diluted share to consolidated earnings. Slide 34 in the appendix breaks down consolidated earnings for the three and nine-months ended September 2025. Moving on to slide 16. We provide a bridge of quarter-over-quarter performance drivers for Southwest Gas.

與已終止經營業務相關的收益（包括出售 Centuri 的淨收益）為合併收益貢獻了每股攤薄收益 3.68 美元。附錄中的第 34 張投影片詳細列出了截至 2025 年 9 月的三個月和九個月的合併收益。接下來是第16張投影片。我們為西南天然氣公司提供季度環比業績驅動因素的橋樑。

In the third quarter, utility operating margin increased by $26.8 million. This improvement was primarily driven by $22.3 million of combined rate relief across all jurisdictions, while an additional $1.6 million came from customer growth. O&M expense increased by $4.1 million compared to the prior year quarter. This increase was mainly attributable to variable labor and benefit costs, including a $4 million increase in incentive compensation.

第三季度，公用事業營運利潤增加了 2,680 萬美元。這項改善主要得益於所有轄區共 2,230 萬美元的費率減免，而客戶成長則帶來了額外的 160 萬美元。營運維護費用比去年同期增加了 410 萬美元。這一增長主要歸因於可變的勞動力和福利成本，其中包括激勵性薪酬增加 400 萬美元。

This increase was partially offset by reductions in bad debt expense and leak survey and line locating expenses. Of note, year-to-date O&M expense is up approximately 2.5% overall, less than inflation and reflective of our continued focus on cost discipline at the utility. Depreciation and amortization increased $4.9 million, reflecting a 6% increase in average gas plant in service as compared to the third quarter of 2024.

這一增長部分被壞帳支出和洩漏調查及管線定位支出的減少所抵銷。值得注意的是，今年迄今的營運和維護費用總體增長了約 2.5%，低於通貨膨脹率，反映了我們持續關注公用事業的成本控制。折舊和攤提增加了 490 萬美元，反映出與 2024 年第三季相比，平均在役天然氣發電廠數量增加了 6%。

This growth demonstrates ongoing investment to enhance safety, reliability and a response to customer expansion. Other income declined by $3.4 million, driven primarily by a $3 million decrease in interest income, which is largely tied to lower carrying charges on the PGA balances. Notably, deferred purchased gas cost balances moved from a $213 million liability as of September 30, 2024, to a $356 million liability as of September 30, 2025.

這一成長表明公司持續投資以提高安全性、可靠性並滿足客戶不斷增長的需求。其他收入減少了 340 萬美元，主要原因是利息收入減少了 300 萬美元，這主要與 PGA 餘額的持有成本降低有關。值得注意的是，截至 2024 年 9 月 30 日，遞延購買天然氣成本餘額為 2.13 億美元負債，而截至 2025 年 9 月 30 日，該負債變為 3.56 億美元負債。

As a reminder, last quarter, Nevada approved our application to return these over collected purchased gas costs to customers more quickly. We have already seen Nevada's elevated balance begin to decline compared to this year's second quarter. PGA balances are shown in the appendix on slide 28 as well as in our Form 10-Q.

再次提醒大家，上個季度內華達州批准了我們的申請，讓我們更快地將多收的購氣費用退還給客戶。我們已經看到內華達州高企的負債餘額與今年第二季相比開始下降。PGA 餘額顯示在附錄第 28 頁以及我們的 10-Q 表格中。

Lower comparative gains on the values associated with company-owned life insurance drove a $0.5 million decrease quarter-over-quarter. Interest expense rose $3.8 million, primarily due to interest incurred on the over collected PGA balance compared to interest income recorded in the same quarter of last year. So the net impact of about $7 million between other income, as previously discussed, and net interest expense can be attributed to the change in the average PGA balance over the comparative periods.

公司自有壽險相關價值的相對收益下降，導致季度環比減少 50 萬美元。利息支出增加了 380 萬美元，主要是由於超額收取的 PGA 餘額產生的利息，而去年同期記錄的利息收入則沒有增加。因此，如前所述，其他收入和淨利息支出之間的約 700 萬美元淨影響可歸因於比較期間平均 PGA 餘額的變化。

Finally, income taxes increased by $4.6 million, reflecting the impact of higher pretax net income during the quarter. As shown on slide 17, as Karen mentioned, we successfully executed 4 follow-on offerings of the company's Centuri stock between May and September of this year. In September, we completed the full separation of Centuri.

最後，所得稅增加了 460 萬美元，反映了本季稅前淨收入增加的影響。如第 17 頁投影片所示，正如 Karen 所提到的，我們在今年 5 月至 9 月期間成功執行了該公司 Centuri 股票的 4 次後續發行。9 月份，我們完成了 Centuri 的完全分拆。

These transactions, inclusive of three private placements collectively generated $1.35 billion of net sales proceeds and estimated after-tax cash proceeds is about $1.3 billion. The $50 million estimated cash tax on the transaction represents a low effective tax rate of approximately 3.7% due to the utilization of net operating losses and capital loss carryovers while estimated cash taxes is shown in isolation and after the utilization of net operating losses and capital loss carryovers and ultimately could adjust up or down as we consider any consolidated or combined federal or state income tax return impacts that will ultimately determine the actual NOL and capital loss carryover utilization.

這些交易，包括三筆私募配售，共產生 13.5 億美元的淨銷售收入，預計稅後現金收入約為 13 億美元。該交易預計產生的 5,000 萬美元現金稅款，由於使用了淨營業虧損和資本虧損結轉，實際稅率約為 3.7%。預計現金稅款是在使用淨經營虧損和資本虧損結轉後單獨顯示的，最終可能會根據任何合併或綜合的聯邦或州所得稅申報的影響進行調整，這些影響最終將決定實際的淨經營虧損和資本虧損結轉的使用情況。

The sale of Centuri by means of a series of taxable sell-downs is expected to be tax efficient for shareholders. Moving to slide 18. We show our 2025 financing plan for both Southwest Gas Holdings and Southwest Gas Corporation. We do not currently expect any significant financing activities in the remaining months of 2025 at Southwest Gas Holdings or Southwest Gas Corporation.

透過一系列應稅減持的方式出售 Centuri，預計對股東而言將具有稅收效率。切換到第18張投影片。我們展示了西南天然氣控股公司和西南天然氣公司 2025 年的融資計畫。我們目前預計西南天然氣控股公司或西南天然氣公司在 2025 年剩餘月份不會有任何重大融資活動。

The 2026 financing plan is expected to be released with our fourth quarter 2025 results. Using the net proceeds from the Centuri sell-down transactions, we fully repaid all of the term loan and bank debt previously outstanding at the holding company. Remaining proceeds are expected to be deployed in the near term to partially fund the dividend as well as support future capital investments at Southwest Gas, including the potential 2028 Great Basin expansion projects.

預計 2026 年融資計畫將與 2025 年第四季業績一同公佈。利用 Centuri 出售交易的淨收益，我們全額償還了控股公司之前所有未償還的定期貸款和銀行債務。預計剩餘收益將在近期用於部分支付股息，並支持西南天然氣公司未來的資本投資，包括潛在的 2028 年大盆地擴建項目。

Southwest Gas Holdings remains committed to paying a competitive dividend to our stockholders. Our planned dividend payouts in 2025 are expected to result in a payout ratio competitive to natural gas peer companies. We plan to continue to balance factors such as projected capital requirements, impacts to credit ratings, the competitiveness of the dividend yield, economic conditions and other factors and expected dividend policy sizing of earnings from continuing operations going forward.

西南天然氣控股公司將繼續致力於向股東支付具有競爭力的股利。我們計劃在 2025 年派發股息，預計派息率將與天然氣同業公司相比具有競爭力。我們計劃繼續平衡各種因素，例如預期的資本需求、對信用評級的影響、股息收益率的競爭力、經濟狀況和其他因素，以及未來持續經營收益的預期股息政策規模。

The Board generally updates dividend policy in February each year, and we expect to evaluate our recommendation of that policy between now and the reporting of our year-end results. I will conclude by discussing our balance sheet on slide 19. Throughout the year, we've outlined the strength of our balance sheet and commitment to maintaining an investment-grade profile at Southwest Gas and at the holding company.

董事會通常在每年二月更新股利政策，我們預計從現在到公佈年終業績之間，將對該政策的建議進行評估。最後，我將在第 19 頁投影片上討論我們的資產負債表。在過去一年中，我們重點介紹了西南天然氣公司及其控股公司穩健的資產負債表，以及我們致力於保持投資等級信用評級的承諾。

We were pleased to learn that on September 22, S&P upgraded Southwest Gas Holdings issuer and Southwest Gas Corporation senior unsecured long-term debt credit ratings each to BBB+ with stable outlooks, driven mostly by the exit from our position in Centuri, debt reduction at the holding company level and improving the general risk profile of the business.

我們很高興地得知，9 月 22 日，標普將西南天然氣控股公司和西南天然氣公司的高級無擔保長期債務信用評級均上調至 BBB+，展望穩定，這主要是由於我們退出了 Centuri 的持倉、控股公司層面的債務減少以及業務整體風險狀況的改善。

We expect this upgrade should lower borrowing costs, enhance access to capital and signal an improving company profile to the investment community. On the slide, we show debt by entity. On a consolidated basis, our net debt sits at just over $3 billion across the enterprise. We are in nearly a $600 million cash position at the holdings level, reflected in the slide as the corporate and administrative line and we have about $3.7 billion of net debt at the utility.

我們預期此次評等調高將降低借貸成本，增強公司取得資本的管道，並向投資界發出公司形象改善的訊號。在幻燈片上，我們按實體展示了債務情況。從合併後的總額來看，我們整個企業的淨債務略高於 30 億美元。我們在控股層面擁有近 6 億美元的現金部位（反映在幻燈片中的公司及行政支出項下），而我們在公用事業部門的淨債務約為 37 億美元。

The balance sheet and liquidity position is strong with nearly $800 million of consolidated cash and another $700 million of liquidity available under our holdings level and utility level revolvers.

公司資產負債表和流動性狀況良好，合併現金近 8 億美元，另有 7 億美元的流動資金可透過控股公司層級和公用事業層面的循環信貸獲得。

Back to you, Karen.

輪到你了，凱倫。

Thanks, Rob. We are pleased with our results over the first nine-months of this year and aim to carry this momentum through the last few months of this year and beyond. On slide 21, we reaffirm our 2025 utility net income guidance range of $265 million to $275 million but are now guiding toward the top end of the range given progress we've made throughout the year so far.

謝謝你，羅伯。我們對今年前九個月的業績感到滿意，並計劃將這種勢頭保持到今年最後幾個月以及未來。在第 21 張幻燈片中，我們重申了 2025 年公用事業淨收入指引範圍為 2.65 億美元至 2.75 億美元，但鑑於我們今年迄今為止取得的進展，我們現在將指導範圍轉向該範圍的上限。

For 2025 and beyond, we reaffirm each guidance metric and continue to expect the impact of the regulatory cycle to result in non-linear net income growth over the forecast period. As a reminder, each of our forward-looking compound annual growth rates are calculated off a 2025 base year and they do not currently include any impacts related to the potential 2028 expansion opportunity at Great Basin or any outcomes related to the potential for alternative ratemaking in Arizona and Nevada in our next rate case proceedings.

對於 2025 年及以後，我們重申各項指導指標，並繼續預期監管週期將導致預測期內淨收入成長呈現非線性。提醒各位，我們所有前瞻性複合年增長率均以 2025 年為基準年計算，目前不包括與 Great Basin 2028 年潛在擴建機會相關的任何影響，也不包括我們在下一次費率案件程序中可能在亞利桑那州和內華達州採取替代費率制定措施的任何結果。

We expect to refresh our guidance ranges for 2026 in our year-end call this winter and will make decisions on the assumptions included in the plan at that time. Before we move into the Q&A portion of the call, I'd like to draw your attention to slide 22. This highlights our commitment to delivering exceptional customer service while advancing our strategic priorities and achieving strong financial performance.

我們預計將在今年冬季的年終電話會議上更新 2026 年的業績指引範圍，屆時將對計畫中包含的假設做出決定。在進入問答環節之前，我想請大家注意第 22 頁投影片。這凸顯了我們致力於提供卓越的客戶服務，同時推進我們的策略重點並實現強勁的財務業績。

At Southwest Gas Holdings, we remain confident in our trajectory as a leading pure-play natural gas business. Our focus is on sustaining robust organic rate base growth driven by strong regional demand while enhancing earnings through disciplined financial management, operational excellence and constructive regulatory engagement.

西南天然氣控股公司對自身作為領先的純天然氣企業的未來發展方向充滿信心。我們的重點是保持強勁的有機費率基礎成長，這得益於強勁的區域需求，同時透過嚴謹的財務管理、卓越的營運和建設性的監管互動來提高收益。

With that, let's open the call for questions.

接下來，我們開始接受提問。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作說明）朱利安·杜穆蘭-史密斯，傑富瑞集團。

I appreciate it, as always. And Rob, all the best. Look, I wanted to just follow back up on Great Basin. Obviously, a good amount of time spent in the remarks here, but I do want to press a little bit to the extent possible. You talked about trying to finalize the Precedent Agreements in the near term. Can you walk through a little bit more of the specific timelines, any issues?

一如既往，我非常感激。羅布，祝你一切順利。我只是想跟進一下大盆地的情況。顯然，這裡花了不少時間在評論上，但我確實想盡可能地追問一下。您曾提到要盡快敲定先例協議。能否更詳細地介紹一下具體時間軸以及遇到的問題？

And then more importantly, perhaps, speak to a little bit of the timeline of when it would actually be included in the outlook, maybe tightening up the CapEx range as you zero on exactly the scope of what's contemplated here, if you will. And then maybe I'll throw on also if you can speak to assumptions one should be using as best you can for heuristics on ultimate capital cost and capital structure.

更重要的是，或許可以談談何時才能真正將其納入展望計畫的時間表，或許可以縮小資本支出範圍，從而更準確地確定這裡所考慮的範圍。然後，如果您能談談在確定最終資本成本和資本結構時，您應該盡可能使用哪些假設作為啟發式方法，我也許會補充一些意見。

Julien, it's Justin. Yes, I'll try to unpack that and just follow up if there's anything I missed. So as we've talked about previously, we had conducted the open season. We had significant demand interest of capacity up to the 1.76 BCF. And we circulated Precedent Agreements and kind of draft Precedent Agreements to potential shippers.

朱利安，我是賈斯汀。好的，我會試著分析一下，如果有遺漏的地方，我會再跟進。正如我們之前討論過的，我們已經進行了公開狩獵。我們對高達 17.6 億立方英尺的產能表現出了濃厚的興趣。我們向潛在的托運人分發了示範協議和示範協議草案。

We received those back, incorporated the comments that we could and then we sent out final versions of those Precedent Agreements, which incorporated kind of the assigned capacity as well as kind of the surety requirements that we would expect of the shippers for us to proceed with the project. And we're just in the process of getting that feedback from them now on kind of a final decision of who's willing to commit and who's not.

我們收到了這些回复，並儘可能地採納了他們的意見，然後發出了這些先例協議的最終版本，其中包含了指定的承運人以及我們希望托運人提供的擔保要求，以便我們能夠繼續推進該項目。我們現在正在收集他們的回饋意見，以便最終決定誰願意加入，誰不願意加入。

And so we'll complete that process hopefully within the next week. And then once we have that, we'll be able to assess kind of the ultimate scale of the project. And then as I mentioned, we continue to receive inbound inquiries. So we may look at even hosting a supplemental open season that's relatively brief to just kind of firm up what is the capacity and kind of the final estimates around the 2028 expansion.

因此，我們希望能在下週內完成這個過程。一旦我們有了這些訊息，我們就能評估專案的最終規模。正如我剛才提到的，我們仍然不斷收到客戶的諮詢。因此，我們甚至可以考慮舉辦一個相對短暫的補充開放季，以確定產能以及 2028 年擴建的最終估計。

I think when we think about kind of guidance and different things, we would probably look to kind of our regularly scheduled fourth quarter call in February to kind of update as we should know at that time what is in and what is out and what that project looks like and kind of more of the assumptions on the financing and different things that you alluded to. Hopefully, that addresses what you're getting at.

我認為，當我們考慮指導意見和其他事項時，我們可能會參考二月份定期舉行的第四季度電話會議，屆時我們將更新相關信息，因為我們應該會知道哪些項目正在進行，哪些項目已經結束，以及該項目的進展情況，還有關於融資和其他您提到的事項的更多假設。希望這能解答你的疑問。

Yes. Justin, I appreciate it. Actually, if I can ask you to elaborate a little bit. I mean, there's a $1.2 billion to $1.6 billion range here. You talked about up to 1.76 BCF a day. Is there a scenario here where that's upsized to address what you just alluded to with that additional open season? Or is that kind of contemplated in that range as far as you're concerned for CapEx?

是的。賈斯汀，謝謝你。實際上，能否請您詳細說明一下？我的意思是，這其中涉及的金額在 12 億美元到 16 億美元之間。你曾提過每天最多需要 1.76 BCF。這裡是否存在這樣一種情況：為了解決你剛才提到的額外開放狩獵季的問題，需要擴大狩獵規模？或者說，就您而言，資本支出是否已經在這個範圍內考慮過了？

Yes. Based on that range we provided, that's reflective of kind of the feedback we were getting and kind of what our estimated cost was in order to upsize the system to meet that potential capacity.

是的。根據我們提供的範圍，這反映了我們得到的回饋，以及為了將系統擴展到滿足該潛在容量而估計的成本。

Okay. Excellent. I appreciate that. And ultimately, let me -- if I can press it this way. If it is, as you suggest that you'll be able to put this together into some form of guidance by 4Q, should we expect an integrated CAGR in tandem with that, that would correspond with the '28 in service?

好的。出色的。我很感激。最後，如果我能這樣爭取的話，就讓我來吧。如果真是如此，正如您所說，您將在第四季度將其整理成某種形式的指導意見，那麼我們是否應該期待一個與之同步的綜合複合年增長率，該增長率將與 2028 年的在役車輛相對應？

Yes. We'll assess it at that time as we get information on the project, and we're able to kind of factor that in with our overall capital expenditure plan and kind of the guidance we -- we've been giving. I think as last year, we gave a five-year guidance on CapEx, so it would be incorporated in that.

是的。屆時，我們將根據專案資訊進行評估，並將其納入我們的整體資本支出計劃以及我們一直以來提供的指導方針中。我認為和去年一樣，我們給出了五年的資本支出指導方針，所以它將被納入其中。

Excellent. All right. I'll leave it there. All the best. Speak to you soon.

出色的。好的。我就說到這兒吧。一切順利。回頭再聊。

Chris Ellinghaus, Siebert Williams Shank.

克里斯·埃林豪斯，西伯特·威廉斯·尚克。

Rob, on slide 16, the margin increase for the quarter, there's a delta for a third item beyond rate relief and customer growth. What's included in that last little sliver?

Rob，在第 16 張投影片中，本季的利潤率成長除了利率減免和客戶成長之外，還有第三個因素。最後那一小塊裡包含什麼？

Yes. I mean, there's the rate relief, there's customer growth and then there's just recovery mechanics on like interest recovery mechanisms and whatnot.

是的。我的意思是，有利率減免，有客戶成長，然後還有諸如利息回收機制之類的恢復機制。

Okay. That helps. As far as Great Basin goes, so you get the agreements here next week and you might do an open season. Does that suggest that the FERC filing is sort of late in the quarter and what's your anticipation of the FERC review schedule?

好的。那很有幫助。至於大盆地地區，你們下週就能拿到協議，然後可能會進行公開狩獵。這是否意味著向 FERC 提交的文件提交時間較晚？您對 FERC 的審查時間表有何預期？

Chris, it's Justin. Yes, we're still targeting based on the initial inquiries that November 2028 in-service date, which is why we've started on a parallel path as we're firming up kind of commitments on the shippers to ultimately determine who's in and who's out. We've started that process. And based on our schedule and timing, we feel like we're still on schedule to make a filing in the fourth quarter of '26 with FERC for that certificate of public convenience and necessity.

克里斯，我是賈斯汀。是的，我們仍然根據最初的詢價，以 2028 年 11 月投入使用為目標，因此我們採取了並行的方式，在與托運人敲定各種承諾的同時，最終確定哪些人參與，哪些人退出。我們已經開始了這個過程。根據我們的計劃和時間安排，我們感覺我們仍然能夠按計劃在 2026 年第四季度向聯邦能源監管委員會提交公共便利和必要性證書申請。

So you said that you thought this next potential open season could be fairly quick. Does that leave you adequate time to get something done in December?

所以你的意思是，你認為下一個潛在的開放季節可能很快就會到來。這樣一來，你12月還有足夠的時間完成一些事情嗎？

Yes, we believe so. I think our approach would be to have a pretty quick turnaround to kind of finalize up anything in terms of a 2028 expansion. That would be the intent behind it is to be able to stay on track.

是的，我們認為是這樣。我認為我們的做法是盡快敲定2028年擴建計畫的各項事宜。背後的目的就是為了能夠保持正軌。

Can we presume that you would prefer to have the full magnitude of the expansion in the first phase as opposed to having a future expansion?

我們是否可以認為您更傾向於在第一階段就實現全部規模的擴張，而不是在未來進行進一步的擴張？

Yes, Chris, I think that's a fair assessment. I think just when you think of economies of scale and ultimately the rates that the shipper would pay, obviously, we want to try to maximize that initial expansion. It's just we continue to see -- receive inbound inquiries around kind of maybe additional needs down the road. And so we want to try to factor that in so we can be as efficient as possible with the expansion.

是的，克里斯，我認為這是個合理的評價。我認為，當你考慮到規模經濟以及最終托運人需要支付的費率時，顯然，我們希望盡可能地擴大初始規模。我們只是不斷收到關於未來可能出現的其他需求的諮詢。因此，我們希望將這一點考慮在內，以便盡可能提高擴張效率。

Okay. And lastly, the Nevada process for the alternative ratemaking, does that leave you with sort of a three-month window of uncertainty as to filing? And how do you perceive that process so far? Does it seem like it's on your expected timeline?

好的。最後，內華達州的替代費率制定流程是否會讓您在提交申請時面臨大約三個月的不確定期？那麼，您目前如何看待這個過程？看起來進度符合你的預期嗎？

Yes. So the -- as I mentioned, the commissions going through the workshop process now. We're working diligently with stakeholders. I think to the extent we can get kind of consensus regulations that will help expedite the process. And if not, I think we've talked about in the past where part of the language of SB-417 allows us to use that rate case even if we made a filing after we filed the rate case, we could make a request for formula rates or alternative form of rate making after we filed our rate case as long as we do that within, I believe it's six-months of a final decision of that rate case.

是的。所以——正如我所提到的，這些委託作品現在正在經過工作坊流程。我們正與各利害關係人積極合作。我認為，如果我們能夠達成某種共識性的法規，將有助於加快這一進程。如果不行，我認為我們過去也討論過，SB-417 的部分條款允許我們使用該費率案件，即使我們在提交費率案件之後又提交了申請，只要我們在費率案件最終決定作出後的六個月內（我相信是這樣）提出申請，我們就可以在提交費率案件之後申請公式費率或其他費率制定方式。

So we feel really good about using this next case is really the basis for an alternative formula or an alternative ratemaking plan in Nevada. And to your point, it's really going to -- we'll know more over the next couple of months on whether that's included upfront in the filing that we make that we're targeting in March or if it's something that happens at a subsequent date but is incorporated as part of that rate case process and they use the information included in the rate case to form the basis of that alternative ratemaking plan.

因此，我們非常有信心，下一個案例將真正成為內華達州替代公式或替代費率制定方案的基礎。正如您所說，未來幾個月我們將更清楚地了解，這是否會在我們計劃於 3 月份提交的文件中提前包含，或者是否會在之後的某個日期發生，但作為費率案件流程的一部分納入其中，並且他們會使用費率案件中包含的信息來製定替代費率方案。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

And to Rob, best wishes to you. It's been great working with you. And I guess my first question is how long does the company think it will take to find a CFO and who's going to be performing that function after December 1?

也祝羅佈一切順利。和你一起工作非常愉快。我想問的第一個問題是，公司預計需要多長時間才能找到財務官，以及12月1日之後誰會履行這項職責？

So as we announced in the press release, Paul, that we would be -- the Board has undertaken an internal and external review. We don't really have a specific time line that we have put forth. Our focus is on getting the right person in the job and having the right skill set for the company moving forward.

正如我們在新聞稿中宣布的那樣，保羅，董事會已經展開了內部和外部審查。我們目前還沒有提出具體的時間表。我們關注的重點是找到合適的人選，並具備公司未來發展所需的技能。

And I mean is somebody going to be performing the CFO function starting on December 1?

我的意思是，從12月1日起，是否會有人擔任財務長一職？

Absolutely. We have -- whether we would name someone in an interim position, if we don't haven't named somebody at that point, we will -- the Board would be making that decision. Otherwise, we have a very strong bench within my finance and controllers group, and they will be able to function without any problem in handling those duties.

絕對地。至於是否會任命臨時職位的人選，如果屆時我們還沒有任命人選，那麼董事會將做出決定。否則，我的財務和控制團隊人才濟濟，他們完全有能力勝任這些職責。

Great. And then I guess I wanted to get a sense of the cash position and when you're actually going to start using that cash for construction. When would construction start, if you were to move forward on Great Basin?

偉大的。然後，我想了解一下現金狀況，以及你們何時會真正開始將這些現金用於建設。如果大盆地工程要推進，何時開工？

Justin, do you want to address the timeline on the Great Basin?

賈斯汀，你想談談大盆地的時間線嗎？

In what regard, Paul, sorry?

保羅，你指的是哪方面？

I just want to get a sense. I mean, are you going to put -- are you going to leave like the cash in treasuries between now and when you actually need it for construction? Are you going to have --

我只是想了解一下狀況。我的意思是，你打算把現金——你打算從現在到真正需要用於建設的時候，把這些現金都存放在國庫裡嗎？你會有嗎？--

Paul, this is Rob. Yes, we obviously have put that cash to work in short-term funds and what not. So the cash is obviously earning the short-term rate in the interim. Justin Brown and his team are assessing the Great Basin project and the scoping of that. Obviously, there could be some long lead time deposits on various equipment that would be required.

保羅，我是羅伯。是的，我們顯然已經把這筆資金投資在短期基金等等。因此，這筆現金顯然在此期間獲得了短期利率收益。賈斯汀布朗和他的團隊正在評估大盆地計畫及其範圍界定。顯然，各種設備可能需要較長的預付定金。

So as that project continues to get more refined, then we can comment more on the usage of the cash. But obviously, sitting on a very nice position and can move forward on that project given those balances. The -- I think beyond that, I don't know that there's much else to comment on.

隨著該項目不斷完善，我們就可以對資金的使用發表更多評論。但很顯然，鑑於目前的情況，我們可以處於非常有利的位置，並推進該項目。除此之外，我想沒什麼好評論的了。

So for modeling purposes, we should assume that it will remain in short-term investments until the actual construction starts to ramp up?

所以，為了建模的目的，我們應該假設它將一直保持短期投資狀態，直到實際建設開始加速推進？

That's right.

這是正確的。

And then last question. With Centuri gone, are you expecting to give EPS guidance on the fourth quarter call? Or are you going to stay with sort of net income guidance?

最後一個問題。隨著 Centuri 的離職，您是否預計在第四季度財報電話會議上給出每股收益預期？還是你們打算繼續沿用淨收入指引？

I think we've talked about that, and we kind of commented along the way that we do expect to give kind of more longer-term EPS guidance that I think to maybe Julien's earlier question too, would incorporate some of these potential opportunities along the line.

我想我們已經討論過這個問題，我們也曾提到過，我們預計會給出更長期的每股收益指引，我認為這或許也能回應 Julien 之前提出的問題，其中會包含一些潛在的機會。

Tim Winter, Gabelli.

提姆溫特，加貝利。

And congrats on the strong update. And Rob, best wishes in your future endeavors. We'll miss you. My first question, I think, is for Justin. If you could help me understand how the formula rate would work in Arizona or at least what your expectation is. So you'll file a historical test year in the first quarter at '26, maybe 15 months for a decision and then come what January 1 of '28. They'll look at the earned ROE and if there is an adjustment, is that made on a prospective basis or a historical basis? Or how is that going to work?

恭喜你們取得如此強勁的更新。羅布，祝你未來一切順利。我們會想念你的。我想，我的第一個問題應該要問賈斯汀。如果您能幫我了解亞利桑那州的公式利率是如何計算的，或者至少告訴我您的預期是多少，那就太好了。所以你會在 2026 年第一季提交一份歷史測試年份的申請，可能需要 15 個月才能做出決定，然後到 2028 年 1 月 1 日左右。他們會查看已實現的 ROE，如果需要調整，是按預期進行調整還是按歷史數據進行調整？或者說，這要怎麼運作呢？

Yes. Those are all good questions, Tim. And what we're really kind of utilizing is the framework is really the policy statement itself. I think some of these nuanced details are going to get worked out as they start approving them as part of rate cases, which is why we're really focused on some of the pending rate cases right now to kind of help inform that as we go forward.

是的。提姆，這些都是很好的問題。我們真正利用的框架其實就是政策聲明本身。我認為隨著費率案件的審批，其中一些細微之處將會得到解決，因此我們現在非常關註一些待決的費率案件，以便為我們未來的工作提供參考。

When you look at the policy statement itself, I think, generally speaking, the idea and as you look at the testimony that's been filed in some of these other cases, the idea would be, as you laid out, you have a rate case. At the end of that rate case, you would then have a period of time, but then you would -- I think they referred to it in the policy statement an annual true-up.

當你審視政策聲明本身時，我認為，總的來說，其理念，以及當你查看在其他一些案件中提交的證詞時，其理念正如你所闡述的那樣，就是這是一個費率案件。在該利率案件結束後，會有一段時間，但之後——我認為他們在政策聲明中將其稱為年度調整。

I think some of that may come down to, are you including post test year plan in your rate case, are they not doing that anymore and they're just going to the formula, that may determine ultimately some of the timing there. But I think when you look at it, it would be, to your point, you would file a case in '26, a decision in '27. We would look at probably making a filing sometime the end of '20 -- I'm sorry, at the beginning of '28.

我認為部分原因可能在於，你是否在費率計算中考慮了測試後年度計劃，他們是否不再這樣做，而只是採用公式計算，這最終可能會決定一些時間安排。但我認為，仔細想想，正如你所說，你會在 2026 年提起訴訟，2027 年做出判決。我們可能會在 2020 年底——抱歉，是 2028 年初——提交申請。

And again, there's a review period in different things on when before the rate actually goes into effect. And so our thought would be probably sometime in that '28 window is when we'd expect to see a true-up rate that goes in effect that would be the difference between what you've been authorized in your last case versus what you're actually experiencing and truing up rates to reflect that difference, and then you would do that annually for a period of time.

此外，不同事項在利率實際生效前都有一個審查期。因此，我們認為，大概在 2028 年的某個時候，我們會看到一個調整利率生效，該利率將反映您上次案例中獲得的授權金額與您實際經歷的金額之間的差額，並調整利率以反映該差額，然後您將在一段時間內每年這樣做。

Okay. And then if I could move over to -- back to a Great Basin. Number one, are there any potential major obstacles that you're aware of? And then number two, assuming the high end of the range that you forecast in November '28 COD, what would be the earning -- sort of the earnings profile going forward? I mean, would there be any AFUDC recorded during construction? Or how would the -- thereafter, would it be there a step-up or a ramp up? Or how do I think about that?

好的。然後如果我能搬到──回到大盆地就好了。首先，您是否意識到有任何潛在的重大障礙？其次，假設 2028 年 11 月 COD 達到您預測範圍的上限，那麼未來的收益狀況會是怎樣的——或者說，未來的收益前景如何？我的意思是，施工期間是否會記錄到任何 AFUDC？或者說，之後又會如何發展呢？是會逐步提升還是循序漸進？我該如何看待這件事？

Yes, Tim, I'll start with the first part. In terms of major obstacles, we don't really see any as we've looked at the project. I think the biggest obstacle is just working with the different counterparties on kind of their timing, their capacity needs and getting that firmed up is really probably the biggest obstacle. But when we think about the project itself, once we actually have signed Precedent Agreements from counterparties, the project itself is really an upsizing of our existing system and the existing right of way with compressors.

是的，提姆，我先從第一部分開始。就重大障礙而言，在我們研究該計畫的過程中，並沒有發現任何重大障礙。我認為最大的障礙在於與不同的交易對手協商確定他們的時間安排、產能需求，而把這些敲定下來才是真正的最大障礙。但當我們思考專案本身時，一旦我們真正與交易對手簽署了先例協議，該專案實際上就是對我們現有系統和現有壓縮機通道的升級。

So we don't see any major concerns from a project execution standpoint. Again, similar to what we mentioned earlier, I think when we think about the financial aspects of it, I guess, to answer your question, yes, we would anticipate accruing AFUDC during the project. But when we think about kind of the profile of that and timing, I think that's something that we would have better insight on at the February call just based on where we are in terms of getting -- kind of finalizing the scale of this project and working with the counterparties to get people signed up.

因此，從專案執行的角度來看，我們認為不存在任何重大問題。同樣，正如我們之前提到的，我認為當我們考慮其財務方面時，我想，回答你的問題，是的，我們預計在專案期間會累積 AFUDC。但當我們考慮該項目的具體情況和時間表時，我認為在二月份的電話會議上，我們會對此有更深入的了解，因為屆時我們將能夠確定該項目的規模，並與交易對手合作，讓人們參與其中。

(Operator Instructions) Christopher Jeffrey, Mizuho.

（操作說明）克里斯托弗·傑弗裡，瑞穗。

Maybe just one, last one on Great Basin. It seems like the price per dekatherm was updated to $18 per month. Just kind of curious how firm that number is now that it's in the Precedent Agreements and maybe what does it change, if anything, on economics versus when the range was $14 to $17 prior?

或許只剩下最後一個了，在大盆地上。每德卡瑟姆的價格似乎已更新為每月 18 美元。我只是有點好奇，既然這個數字已經寫入先例協議，那麼它的確定性如何？與之前價格區間為 14 至 17 美元相比，它在經濟方面又會有哪些變化（如果有的話）？

Yes. This is Justin again. Yes, we don't really anticipate that being a material change to the economics of the project. We had originally scoped it out as a $14 to $17 based on kind of initial feedback from the open season process. And then as we firmed up those inquiries and capacity requests as well as our internal designs, that's how we landed on the $18, and that's what was included in the Precedent Agreement.

是的。我是賈斯汀。是的，我們預計這不會對專案的經濟效益產生實質影響。我們最初根據公開徵集過程中的初步回饋，將其定價在 14 到 17 美元之間。然後，隨著我們最終確定了這些詢價和產能需求以及我們的內部設計，我們最終確定了 18 美元的價格，這也是先例協議中包含的價格。

So that's kind of the most up-to-date number based on the capacity of 1.76 BCF that people had expressed interest in.

所以，這是根據人們表示感興趣的 17.6 億立方英尺的容量得出的最新數字。

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

今天的問答環節到此結束。現在我想把電話交還給賈斯汀·福斯伯格，讓他做總結發言。

Thanks again, Joanna, and thank you all for joining us today and for your questions. This concludes our conference call. We appreciate your interest in Southwest Gas Holdings and look forward to speaking with many of you soon as we emerge from the quiet period.

再次感謝喬安娜，也感謝各位今天收看節目並提出問題。本次電話會議到此結束。我們感謝您對西南天然氣控股公司的關注，並期待在靜默期結束後儘快與您中的許多人進行交流。

This concludes today's Southwest Gas Holdings third quarter 2025 earnings call and webcast. You may disconnect your lines at this time. Have a wonderful day.

西南天然氣控股公司2025年第三季財報電話會議和網路直播到此結束。您可以在此時斷開線路。祝您有美好的一天。