Southwest Gas Holdings, Inc. (SWX) 2026 Q1 法說會逐字稿

Welcome to the Southwest Gas Holdings first-quarter 2026 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 Southwest Gas Holdings 2026 年第一季財報電話會議。今天的會議將進行錄音，我們的網路直播也已開始。重播將於今日稍晚提供，並在未來 12 個月於 Southwest Gas Holdings 網站上提供。(接線員指示)

I will now turn the call over to Tyler Franek, Manager of Investor Relations of Southwest Gas Holdings. Please go ahead.

現在我將把電話交給 Southwest Gas Holdings 投資人關係經理 Tyler Franek。請開始。

Thank you, Sheen, and hello, everyone. We appreciate you joining the call today. This morning, we issued and posted to Southwest Gas Holdings website our first quarter 2026 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，Sheen，大家好。感謝各位今天加入本次電話會議。今天早上，我們已發布並上傳至 Southwest Gas Holdings 網站 2026 年第一季財報新聞稿，並提交了相關的 10-Q 表格。今天電話會議所搭配的簡報投影片也可在 Southwest Gas Holdings 的網站上取得。我們將在今天的會議中依投影片編號進行引用。

Please note that on today's call, we will address certain factors that may impact 2026 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 significant capital projects. This cautionary note and the note regarding non-GAAP measures are included on slides 2 and 3 of this presentation in today's press release and in our filings with the Securities and Exchange Commission. We encourage you to review each of these disclosures.

請注意，在今天的電話會議中，我們將說明可能影響 2026 年盈餘的若干因素，並討論較長期的指引。今天將討論的資訊包含前瞻性陳述。這些陳述係基於管理階層對未來情勢的假設，但仍受多項風險與不確定性影響，包括未來經濟狀況影響、監管核准以及重大資本專案等相關不確定性。本項警示說明以及關於非 GAAP 衡量指標的說明，已載於本次簡報投影片第 2 與第 3 頁、今日新聞稿以及我們向美國證券交易委員會提交的文件中。我們鼓勵各位查閱上述各項揭露內容。

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 such statement.

上述風險與不確定性可能導致實際結果與今日所述內容出現重大差異。我們提醒各位勿過度依賴任何前瞻性陳述，且我們不承擔更新任何此類陳述之義務。

As shown on slide 4, on today's call, we have Karen Haller, President and CEO of Southwest Gas Holdings; Justin Brown, President of Southwest Gas Corporation and incoming President and CEO of Southwest Gas Holdings; and Justin Forsberg, Chief Financial Officer and Treasurer of Southwest Gas Holdings. Other members of the management team are also available to answer your questions during the Q&A portion of the call today, if necessary. I'll now turn the call over to Karen.

如投影片第 4 頁所示，今天的電話會議出席者包括 Southwest Gas Holdings 總裁暨執行長 Karen Haller；Southwest Gas Corporation 總裁、並將接任 Southwest Gas Holdings 總裁暨執行長的 Justin Brown；以及 Southwest Gas Holdings 財務長兼司庫 Justin Forsberg。如有需要，管理團隊其他成員也將在今天問答環節中待命回答各位問題。接下來我把電話交給 Karen。

Good morning, everyone, and thank you for joining us today. Beginning on slide 5, we had a solid start to the year, reporting first quarter earnings per share from continuing operations of $1.91, driven by continued growth, the positive impacts of certain regulatory outcomes and significantly lower interest expense following last summer's payoff of all of the debt that had been outstanding at Holdco. As we await the final decision on our California general rate case, we remain optimistic about the company's outlook and are affirming our 2026 and long-term guidance ranges. While the pending California decision impacted the first quarter, a CPUC decision is expected sometime this year and is not expected to affect our full year 2026 guidance.

各位早安，感謝今天加入我們。從投影片第 5 頁開始，我們今年開局穩健，持續營運每股盈餘（EPS）第一季為 1.91 美元，主要受持續成長、部分監管結果的正面影響，以及在去年夏天償清控股公司（Holdco）所有未償債務後利息費用大幅下降所帶動。在等待加州一般費率案最終裁決之際，我們對公司展望仍保持樂觀，並重申 2026 年及長期指引區間。雖然加州待決事項影響了第一季，但預期 CPUC 將於今年某個時間做出決定，且預期不會影響我們 2026 年全年指引。

We expect our approved recovery tracking mechanism will allow us to recognize the final amount of revenue determined in the case dating back to January 1 of this year. We remain focused on near-term performance and longer-term outlook, anchored by our commitment to delivering safe, reliable, and affordable natural gas service to our customers and guided by our partnership-driven approach with regulators and other stakeholders as well as our approach to disciplined capital investment and cost management supporting the growth of the communities we serve.

我們預期，已核准的追溯回收追蹤機制將使我們得以認列本案最終決定的收入金額，並可追溯至今年 1 月 1 日。我們仍專注於短期表現與長期展望，核心在於致力為客戶提供安全、可靠且可負擔的天然氣服務；並以與監管機關及其他利害關係人之夥伴合作導向的方式，以及在資本投資與成本管理上的紀律性作法，支持我們所服務社區的成長。

Turning to slide 6. We made meaningful progress across our strategic priorities during the quarter. We advanced our regulatory strategy with rate case filings in our 2 largest jurisdictions, requesting a combined revenue increase of approximately $172 million. In Arizona, we filed a general rate case that included a request for a formula rate mechanism designed to help mitigate regulatory lag. We also filed in Arizona, our first system integrity mechanism capital tracker, which allows for more timely collection of a portion of the safety and reliability-related capital we spent in the state last year.

接著看投影片第 6 頁。本季我們在各項策略優先事項上取得實質進展。我們在兩個最大管轄區提交費率案申請，推進監管策略，合計申請增加收入約 1.72 億美元。在亞利桑那州，我們提交一般費率案，其中包含申請公式費率機制，旨在協助降低監管時滯。我們也在亞利桑那州提交首個系統完整性機制（System Integrity Mechanism）資本追蹤器，使我們能更即時地收取去年在該州投入、與安全及可靠性相關的部分資本支出。

In Nevada, we filed a general rate case and look forward to the PUCN final order in the rule-making proceeding that will establish the state's alternative ratemaking framework. Nevada regulators approved our triennial resource plan, reducing regulatory risk for the preapproved list of projects. The plan included prudency, predeterminations for approximately $225 million of capital investment. Additional detail on the Nevada resource plan is included in the appendix on slide 29.

在內華達州，我們提交了一般費率案，並期待 PUCN 就規則制定程序發布最終命令，以建立該州的替代性費率制定架構。內華達州監管機關核准了我們的三年期資源計畫，降低了已預先核准專案清單的監管風險。該計畫包含對約 2.25 億美元資本投資的審慎性（prudency）與事前認定（predeterminations）。關於內華達州資源計畫的更多細節，載於附錄投影片第 29 頁。

At Great Basin, we completed an open season for the 2028 expansion project. where we received bids totaling 2.5 billion cubic feet per day of incremental capacity with requests for service ranging between 2028 and 2035. We're encouraged by the continued interest for natural gas in the area and are now working with shippers to convert interest into binding precedent agreements. Justin Brown will discuss the expected impact of the open season and the status of the 2028 expansion project in more detail later in the call.

在 Great Basin，我們已完成 2028 年擴建專案的開放季（open season），收到合計每日 25 億立方英尺增量運能的投標，服務需求期間介於 2028 年至 2035 年。我們對該地區對天然氣持續的興趣感到鼓舞，目前正與託運人（shippers）合作，將意向轉化為具約束力的先例協議（precedent agreements）。Justin Brown 將在稍後的會議中更詳細說明本次開放季的預期影響，以及 2028 年擴建專案的最新進度。

Turning to slide 7. We believe the company is moving into the future in a strong position with significant liquidity and a fortress balance sheet, allowing an increased dividend payout balanced with financial flexibility to execute a $6.3 billion capital plan over the next five years. Customer growth at Southwest Gas remains strong, supported by S&P's projected population growth in Arizona and Nevada of nearly 5% from 2026 through 2031. While the constructive direction toward formula rate mechanisms in both Arizona and Nevada are expected to improve our ability to deliver returns much closer to those allowed in those jurisdictions for years to come.

接著看投影片第 7 頁。我們認為公司正以強勁態勢邁向未來，具備充裕流動性與堅實如堡壘的資產負債表，使我們得以在維持財務彈性的同時提高股利發放，並執行未來五年 63 億美元的資本計畫。Southwest Gas 的客戶成長仍然強勁，並受 S&P 對亞利桑那州與內華達州於 2026 至 2031 年間人口成長近 5% 的預測所支撐。同時，亞利桑那州與內華達州朝向公式費率機制的建設性方向，預期將在未來多年提升我們交付更接近各管轄區核准水準報酬的能力。

Before I pass the call over to Justin Brown to further discuss our regulatory jurisdictions and demand dynamics, which we are experiencing in the Northern Nevada region served by Great Basin, I want to share how excited I am to turn the company's leadership over to him. He is a strong values-driven leader well positioned to guide the company forward. Over to you, Justin.

在我把電話交給 Justin Brown，請他進一步討論我們的監管管轄區與需求動態（包括 Great Basin 所服務的北內華達地區）之前，我想分享我對將公司領導權交棒給他感到非常振奮。他是一位以價值觀為導向的強而有力領導者，非常適合帶領公司向前邁進。交給你了，Justin。

Thank you, Karen, and congratulations again on your retirement and a successful career.

謝謝你，Karen，也再次恭喜你退休，並祝賀你成功的職涯。

Let me begin with an update on our pending California rate case that Karen mentioned. While the final decision has been delayed, we have an approved memorandum account that preserves the full year benefit to earnings as if new rates were effective January 1 of this year. While the delay of the final decision has created a timing shift in first quarter results, we expect this timing shift to self-correct with the previously approved memorandum account, and we do not expect any impact to full year 2026 results due to the delayed final decision. We are also seeing progress on the case as we've received a draft decision yesterday that approves the proposed settlement, but defers the final decision on the cost of capital issues, which was the unsettled portion of the case to a separate decision that has not yet been issued.

我先就 Karen 提到的加州待決費率案提供最新進度。雖然最終裁決有所延後，但我們已獲核准設立備忘錄帳戶（memorandum account），可保留全年對盈餘的完整效益，視同新費率自今年 1 月 1 日起生效。雖然最終裁決延後造成第一季結果在時點上的移轉，但我們預期此時點移轉將透過先前核准的備忘錄帳戶自行修正，且我們不預期最終裁決延後會對 2026 年全年結果造成任何影響。我們也看到本案有所進展，因為我們昨天收到一份草案裁決，核准了所提和解方案，但將資本成本議題（亦即本案尚未解決的部分）的最終裁決延後至另一份尚未發布的裁決中處理。

As a reminder, we reached a settlement with the Public Advocates Office on all issues with the exception of cost of capital, representing approximately $39 million or nearly 90% of our requested revenue increase before any adjustments to our proposed cost of capital. The draft decision approving the settlement agreement is currently on the commission's May 14 agenda.

提醒一下，除資本成本（cost of capital）之外，我們已就所有議題與公共倡議辦公室（Public Advocates Office）達成和解，該和解金額約為3,900萬美元，或在對我們所提議的資本成本進行任何調整之前，約占我們所要求的營收增幅近90%。目前，核准該和解協議的決議草案已列入委員會5月14日的議程。

Turning to slide 9. We recently filed a general rate case in Arizona requesting a $101 million revenue increase, supported by a proposed rate base of approximately $3.9 billion. This reflects the roughly $900 million of incremental investments we've made for the benefit of our customers since our last rate case.

接著看第9頁投影片。我們近期在亞利桑那州提交了一般費率案件（general rate case），請求增加1.01億美元的營收，並以約39億美元的建議費率基礎（rate base）作為支撐。這反映了自上一次費率案件以來，我們為了客戶利益所進行約9億美元的新增投資。

We also requested an annual rate adjustment mechanism that will transition us to a more constructive cost recovery model, which is consistent with the commission's policy statement on formula rates and better aligns rates with the cost of service we provide. If approved, we expect implementation of the rate adjustment mechanism approximately 12 months following the effective date of new rates from our rate case. Overall, we believe the requests are designed to ensure customers continue to receive safe and reliable service while enabling ongoing investment in infrastructure that supports growth, resiliency and long-term value for the Arizona communities we serve.

我們也申請年度費率調整機制（annual rate adjustment mechanism），以使我們轉向更具建設性的成本回收模式，該模式與委員會對公式費率（formula rates）的政策聲明一致，並能更好地使費率與我們所提供服務的成本相匹配。若獲核准，我們預期該費率調整機制將在本次費率案件新費率生效日後約12個月實施。整體而言，我們認為這些申請旨在確保客戶持續獲得安全可靠的服務，同時促進對基礎設施的持續投資，以支持我們所服務之亞利桑那社區的成長、韌性與長期價值。

On slide 10, we recently filed a general rate case in Nevada requesting a $71 million revenue increase anchored by our proposed rate base of approximately $2.4 billion, which includes roughly $600 million of incremental investments since our last rate case that is representative of our commitment to meeting the needs of our customers and the communities we serve by ensuring our system is operating safely and reliably. Under Nevada's statutory 210-day time line, we expect intervenor testimony in the third quarter, followed by hearings and a final decision in October with new rates effective in the fourth quarter, subject to the commission's final approval.

在第10頁投影片，我們近期在內華達州提交了一般費率案件，請求增加7,100萬美元的營收，並以約24億美元的建議費率基礎作為核心，其中包含自上一次費率案件以來約6億美元的新增投資，體現我們致力於滿足客戶與所服務社區需求的承諾，並確保系統安全可靠運作。依據內華達州法定210天時程，我們預期介入方（intervenor）證詞將於第三季提出，之後進行聽證並於10月作出最終決定，新費率預計於第四季生效，仍須待委員會最終核准。

In parallel, the rule-making process for alternative ratemaking under SB 417 continues to advance with constructive stakeholder engagement. The expected outcome has the potential to enhance regulatory mechanisms and reduce lag over time for the benefit of our customers and the company. We anticipate the rule-making will be completed in time for us to begin the regulatory process later this year for making a proposal with the commission to utilize alternative ratemaking. We are optimistic about obtaining constructive outcomes in each of these proceedings that will position us to improve earnings visibility, support continued investment and deliver long-term value for both customers and shareholders.

同時，依SB 417推動的替代費率制定（alternative ratemaking）規則制定程序仍在持續推進，且利害關係人參與互動具建設性。預期結果有望強化監管機制，並隨時間推移降低時滯（lag），使客戶與公司受益。我們預期規則制定將能及時完成，使我們得以在今年稍晚啟動監管程序，向委員會提出採用替代費率制定的方案。我們對於在上述各項程序中取得具建設性的結果抱持樂觀，這將使我們能提升獲利能見度、支持持續投資，並為客戶與股東創造長期價值。

Turning to slide 11. We continue to advance the 2028 Great Basin expansion project and remain on schedule across engineering, regulatory and commercial milestones. Importantly, our recent open season for available capacity was significantly oversubscribed. We offered just over 0.3 billion cubic feet per day of capacity and received bids totaling approximately 2.5 billion cubic feet per day or nearly 8x the available design capacity. This strong level of interest included not only requests for 2028 and 2029 service dates, but also meaningful demand for phased-in capacity extending through 2035. We are now focused on converting the strong open season interest into binding precedent agreements for the various in-service periods ranging from 2028 to 2035.

接著看第11頁投影片。我們持續推進2028年Great Basin擴建專案，並在工程、監管與商業里程碑方面皆按計畫進行。重要的是，我們近期針對可用容量所進行的open season（公開招標/徵求承運量）出現顯著超額認購。我們提供略高於每日3億立方英尺的容量，收到的投標合計約為每日25億立方英尺，約為可用設計容量的近8倍。此一強勁的興趣不僅包含對2028與2029服務日期的申請，也包含延伸至2035年的分期導入容量之顯著需求。我們目前聚焦於將open season的強勁興趣轉化為具約束力的先例協議（precedent agreements），涵蓋2028年至2035年不同的投運期間。

As a reminder, following our open season last year, we executed precedent agreements totaling nearly 0.8 billion cubic feet per day, following a shipper's withdrawal from the project, about 0.6 billion cubic feet per day remained under signed and secured contracts. Following the completion of our design work, we determined that the project can efficiently deliver nearly 1 billion cubic feet per day at an estimated cost of $1.7 billion, leaving the 0.3 billion cubic feet per day of available capacity we recently marketed.

提醒一下，在去年open season之後，我們簽署的先例協議合計接近每日8億立方英尺；在某一承運商退出該專案後，仍有約每日6億立方英尺維持在已簽署且已確保的合約之下。在完成設計工作後，我們判定該專案可在估計成本17億美元下有效提供接近每日10億立方英尺的輸送量，因此留下我們近期行銷的每日3億立方英尺可用容量。

We will continue to evaluate system requirements as commercial milestones are achieved, but we do not expect changes to our current capital assumptions for the project if total 2028 and 2029 contracted demand settles at or below the current 1 billion cubic feet per day design. However, if contracted demand materially exceeds that amount, we will need to reconsider current design assumptions, including pipe sizes and/or compression needs, which would likely result in changes to previously disclosed capital investment and margin estimates.

隨著商業里程碑達成，我們將持續評估系統需求；但若2028與2029年合約需求總量最終落在或低於目前每日10億立方英尺的設計值，我們預期不會改變本專案目前的資本假設。然而，若合約需求顯著超過該水準，我們將需要重新檢視現行設計假設，包括管徑大小及/或壓縮需求，這很可能導致先前揭露的資本投資與利潤（margin）估計出現變動。

From a regulatory standpoint, we continue to expect to file our formal certificate application before year-end with FERC and NEPA review during 2027, with construction to commence following FERC approval, and we still plan to meet our expected in-service date in late 2028. Overall, we believe the strong level of demand and scalability of this project positions our Great Basin assets as a significant long-term growth platform for the company. With that, I'll turn the call over to Justin Forsberg, who will review our financial performance for the quarter.

從監管角度來看，我們仍預期在年底前向FERC提交正式證書申請，並於2027年進行NEPA審查；在取得FERC核准後開始施工，且我們仍計畫在2028年末達成預期投運日期。整體而言，我們認為此專案強勁的需求水準與可擴展性，使我們的Great Basin資產成為公司重要的長期成長平台。接下來我將把電話會議交給Justin Forsberg，由他回顧本季的財務表現。

Thank you, Justin. slide 13 shows our progression from earnings per share from continuing operations of $1.86 in the first quarter of 2025 to $1.91 in the first quarter of 2026. At the utility, we delivered solid underlying performance, driven primarily by rate increases in Arizona and continued customer growth. While our first quarter results do not yet reflect the expected revenue benefit from the pending California rate case, our overall utility performance was strong. We recorded the impacts of higher depreciation associated with ongoing capital investment despite not yet having the corresponding California rate recovery we expect later this year.

謝謝你，Justin。第13頁投影片顯示，我們持續營運（continuing operations）的每股盈餘（EPS）從2025年第一季的1.86美元提升至2026年第一季的1.91美元。在公用事業端，我們交出穩健的基本面表現，主要受亞利桑那州費率調升以及客戶持續成長所帶動。雖然我們第一季的結果尚未反映加州待決費率案件所預期帶來的營收效益，但整體公用事業表現依然強勁。儘管我們尚未取得預期於今年稍晚實現的加州相應費率回收，我們仍認列了持續資本投資所帶來的較高折舊影響。

Our guidance assumes full retroactive recovery, and we continue to expect a decision during 2026. At the holding company level, results improved meaningfully, driven by lower interest expense following the payoff of all parent level debt as well as higher interest income on elevated cash balances. This improvement was partially offset by higher income taxes resulting from higher pretax earnings and the impact of state net operating loss utilization assumptions that is not expected to recur.

我們的財測假設可全額追溯回收（full retroactive recovery），且我們仍預期將於2026年內取得裁決。在控股公司層級，受母公司層級所有債務清償後利息費用下降，以及較高現金餘額帶來的利息收入增加所驅動，業績出現顯著改善。此改善部分被較高所得稅所抵銷，該較高所得稅源於稅前盈餘增加，以及州別淨營運虧損（NOL）使用假設的影響；該影響預期不會再發生。

Turning to slide 14. I'll highlight the key drivers of the quarter-over-quarter change in Southwest Gas' net income comparing the first quarter of 2026 to the same period in 2025, unless otherwise noted. Operating margin improved by $15.1 million, driven primarily by rate relief, particularly in Arizona and continued customer growth, which contributed $3.1 million. Net customer growth of 1% over the past 12 months reflects strong underlying demand across our service territory and compares with our five-year historical average of approximately 1.5% and the 1.4% growth embedded in our long-term plan.

接著看第14頁投影片。除非另有說明，我將重點說明Southwest Gas淨利在季度對季度變動的主要驅動因素，亦即比較2026年第一季與2025年同期。營運毛利（operating margin）增加1,510萬美元，主要受費率調整帶來的紓困（rate relief）所驅動，尤其是在亞利桑那州；此外，持續的客戶成長貢獻310萬美元。過去12個月淨客戶成長1%，反映我們服務區域內強勁的基本需求；相較之下，我們五年歷史平均約為1.5%，而長期計畫中隱含的成長率為1.4%。

Historically, we have used first-time meter sets that were installed over the trailing 12 months as a leading indicator of growth, particularly during COVID-related moratorium periods. As those distortions have since normalized, we believe net customer growth has become the most relevant and comparable metric across the sector. While growth remains healthy, we have seen a modest slowdown over the past year, particularly in Southern Nevada, which we view as somewhat localized and timing related rather than indicative of a change in long-term demand trends, which, as Karen noted, project population growth rates in both Arizona and Nevada to trend near 5% from 2026 to 2031 according to S&P.

過去我們曾以過去12個月內新裝設的首次裝表（first-time meter sets）作為成長的領先指標，特別是在COVID相關禁令（moratorium）期間。隨著這些扭曲因素已恢復正常，我們認為淨客戶成長已成為全產業最相關且最具可比性的衡量指標。雖然成長仍屬健康，但過去一年我們確實看到些許放緩，尤其在南內華達；我們認為這較偏向局部與時點因素，而非長期需求趨勢的改變。正如Karen所提，依據S&P的預測，亞利桑那州與內華達州在2026年至2031年的人口成長率預計將趨近5%。

Additional operating margin contributions from non-decoupled and recovery-related items were partially offset by the absence of Vintage Steel Pipeline Program recovery in the current period as this program was concluded during last year's first quarter. These recovery-related items are offset later in the income statement, highlighting the strength of our regulated recovery model. Operations and maintenance expense increased by $2.1 million or approximately 1.6%, driven largely by higher insurance costs and related claims, but remaining below inflation and reflecting net reductions in bad debt, internal gas usage and leak survey and line locating expenses.

來自非解耦及與追溯回收相關項目的額外營運利潤率貢獻，部分被本期未再認列 Vintage Steel Pipeline Program（老舊鋼管管線計畫）回收所抵銷，因該計畫已於去年第一季結束。這些與回收相關的項目會在損益表後段被抵銷，凸顯我們受監管回收模式的強韌性。營運與維護費用增加 210 萬美元（約 1.6%），主要由較高的保險成本及相關理賠所帶動，但仍低於通膨，並反映呆帳、內部用氣以及漏氣巡檢與管線定位費用的淨減少。

Depreciation and amortization increased $5.9 million, primarily reflecting a 6% increase in gas plant in service compared to the first quarter of 2025, combined with modestly higher regulatory amortization expenses that are offset by equivalent increases in margin. The increase in plant and service is consistent with our disciplined infrastructure investment strategy focused on safety, reliability and customer growth.

折舊與攤銷增加 590 萬美元，主要反映相較 2025 年第一季，在役燃氣廠房增加 6%，並伴隨略高的監管攤銷費用；該等費用會由等額的利潤增加所抵銷。廠房與在役資產的增加，符合我們以安全、可靠與客戶成長為核心的嚴謹基礎設施投資策略。

Other income declined by $3.6 million, driven by lower interest income at the utility level associated with reduced cash balances relative to the prior year. COLI investment performance was comparable over the 2 periods. Interest expense at Southwest Gas increased modestly due to higher variable rate interest associated with Nevada regulatory mechanisms, which is offset by a corresponding increase in margin.

其他收益減少 360 萬美元，主因公用事業層級的利息收入下降，與相較前一年現金餘額較低有關。COLI（公司擁有人壽保險）投資績效在兩個期間表現相近。Southwest Gas 的利息費用小幅上升，係因內華達州監管機制下與浮動利率相關的利息較高所致，但會由相應的利潤增加所抵銷。

Income taxes increased by $6.4 million due to higher pretax earnings and increased amortization of excess deferred income taxes. Corporate income taxes also increased because of higher nondeductible executive compensation tied to performance-driven incentive outcomes aligned with stockholder value creation. Overall, had we received the California rate case decision during the first quarter, we would have realized additional margin benefits. Consistent with industry standard accounting practices in California, a final decision in the second quarter would allow us to recognize the full retroactive year-to-date revenue and margin impact in that period. We are pleased with our start to the year and remain confident in our full year outlook based on our California rate case assumptions.

所得稅增加 640 萬美元，係因稅前盈餘較高以及超額遞延所得稅的攤銷增加。公司所得稅亦因與績效連動、且與股東價值創造一致的激勵結果所帶動之不可扣抵高階主管薪酬增加而上升。整體而言，若我們在第一季即收到加州費率案件裁決，將可額外實現利潤效益。依加州業界標準會計實務，若最終裁決於第二季作出，我們將可在該期間認列年初至今全部追溯的收入與利潤影響。我們對今年的開局感到滿意，並基於我們對加州費率案件的假設，仍對全年展望充滿信心。

Turning to slide 15. This slide outlines our expected sources and uses of cash for 2026. Our significant beginning cash balance reflects intentional liquidity preservation following separation. The majority of projected 2026 activity is expected at the utility, and we do not anticipate the need for equity issuances during the year. At Southwest Gas Corp., we expect operating cash flow, cash from holdings and a planned bond issuance to fund our approximately $1.3 billion capital program and a modest bond maturity.

接著看第 15 頁投影片。本頁概述我們對 2026 年預期的現金來源與用途。我們期初可觀的現金餘額，反映分拆後刻意保留流動性的策略。預計 2026 年的大部分活動將發生在公用事業端，且我們預期年內不需要發行股權。在 Southwest Gas Corp.，我們預期以營運現金流、控股公司現金以及規劃中的債券發行，來支應約 13 億美元的資本計畫與一筆規模不大的債券到期償付。

The timing of this bond issuance will be opportunistic and aligned with market conditions, reflecting our strong liquidity profile and disciplined capital structure management. Looking ahead, we believe our financing plans are designed to align incremental investment and rate base growth with credit supportive funding decisions.

該債券發行的時點將採機動方式並與市場狀況一致，反映我們強健的流動性概況與嚴謹的資本結構管理。展望未來，我們認為融資規劃旨在使增量投資與費率基礎成長，與有利於信用的資金決策相匹配。

Turning briefly to Slide 16. This slide highlights our balance sheet strength and credit profile. At the consolidated level, we ended the quarter with approximately $3.2 billion of net debt. Both Holdings and the utility continue to maintain strong investment-grade ratings across all 3 agencies with stable outlooks, most recently reaffirmed by Moody's in April following last year's upgrades by S&P. Our balance sheet actions reflect a deliberate and proactive approach to credit stewardship. We operate comfortably within our targeted credit parameters with a capital structure designed to support regulatory execution, fund long-term growth and preserve access to low-cost capital across market cycles.

簡要轉到第 16 頁投影片。本頁強調我們資產負債表的強度與信用概況。在合併層級，我們於本季末的淨負債約為 32 億美元。控股公司與公用事業在三大評等機構均維持穩健的投資等級評等且展望穩定；穆迪於 4 月最新重申該評等，此前標普於去年調升評等。我們在資產負債表上的作為，反映對信用管理的審慎且主動的作法。我們在既定的信用目標參數內運作自如，資本結構設計旨在支持監管執行、資助長期成長，並在不同市場循環中維持取得低成本資本的能力。

Turning to slide 18. We are affirming each of our 2026 and long-term financial guidance metrics, which are, as always, are subject to the risks and uncertainties Tyler mentioned at the top of the call. Based on our strong start to the year and the anticipated resolution of the California rate case, we continue to expect 2026 adjusted EPS of $4.17 to $4.32 and long-term growth of 12% to 14%. This outlook reflects continued customer growth, constructive rate recovery and disciplined system investment. As previously discussed, earnings growth is not expected to be linear over the five-year period and is anticipated to be front-end loaded through 2028 and 2029 as the 2028 Great Basin expansion project comes into service and formula rates reduce regulatory lag.

接著看第 18 頁投影片。我們確認 2026 年及長期的各項財務指引指標不變；一如既往，仍須受 Tyler 在電話會議開場提到的風險與不確定性影響。基於今年強勁的開局以及預期加州費率案件將獲解決，我們仍預期 2026 年調整後每股盈餘（EPS）為 4.17 至 4.32 美元，長期成長為 12% 至 14%。此展望反映持續的客戶成長、具建設性的費率回收，以及嚴謹的系統投資。如先前所述，五年期間的盈餘成長預期不會呈線性，並預期在 2028 與 2029 年前段較為集中，因 2028 年 Great Basin 擴建專案將投入服務，且公式費率將降低監管時滯。

Annual results will also likely vary based on the capital deployment timing and assumed AFUDC levels. Overall, we remain confident in our five-year growth outlook and plan to continue to provide transparency as key milestones are achieved. Increased demand from the most recent Great Basin open season represents incremental upside optionality outside our base growth outlook, which remains driven by regulated investment and recovery. We expect this strategy to deliver durable, long-lived rate base expansion.

年度結果亦可能因資本投放時點及假設的 AFUDC（建設期間資本化利息）水準而有所波動。整體而言，我們對五年成長展望仍具信心，並計畫在達成關鍵里程碑時持續提供透明資訊。最近一次 Great Basin 開放季所帶來的需求增加，代表在我們以受監管投資與回收為驅動的基本成長展望之外，額外的上行選擇權。我們預期此策略將帶來具韌性且長期的費率基礎擴張。

Our capital plan remains firmly on track. We expect to invest approximately $1.25 billion in 2026 and $6.3 billion over the next five years focused on safety, reliability and system growth, including the 2028 Great Basin expansion project. With year-end 2025 rate base of $6.7 billion, this plan supports an expected rate base CAGR of 9.5% to 11.5% through 2030. Notably, our five-year capital program is nearly equal to our entire current rate base, underscoring the scale of growth embedded in our investment plan. Overall, we believe our guidance reflects a balanced plan to deliver consistent earnings growth while investing in infrastructure and supporting long-term value creation for stockholders.

我們的資本計畫仍穩健按軌道推進。我們預期 2026 年投資約 12.5 億美元，未來五年合計約 63 億美元，聚焦於安全、可靠與系統成長，包括 2028 年 Great Basin 擴建專案。以 2025 年底 67 億美元的費率基礎計算，此計畫支持至 2030 年費率基礎年複合成長率（CAGR）約 9.5% 至 11.5%。值得注意的是，我們五年資本計畫的規模幾乎等同於目前整體費率基礎，凸顯投資計畫中內含的成長規模。整體而言，我們認為本指引反映一項平衡的計畫：在投資基礎設施的同時，提供一致的盈餘成長，並支持為股東創造長期價值。

Back to you, Karen.

交給你了，Karen。

Thank you, Justin. You can also see we have had a strong start to 2026, and we are excited about the momentum across the business. Our results and our affirmed guidance reflect the strength of our fully regulated model, constructive regulatory environments in which we operate and the disciplined focus of our team. Southwest Gas continues to be defined by its commitment to delivering safe, reliable and affordable service, supported by a long-term focus on operational excellence and value creation. That foundation positions the company well as we continue to invest in our system, advance key regulatory initiatives and pursue growth opportunities.

謝謝你，Justin。你也可以看到，我們在 2026 年有一個強勁的開局，並對全公司業務動能感到振奮。我們的業績與我們所確認的指引，反映我們完全受監管模式的強度、我們所處具建設性的監管環境，以及團隊嚴謹的專注力。Southwest Gas 持續以提供安全、可靠且可負擔的服務為核心定位，並以長期聚焦營運卓越與價值創造作為支撐。這一基礎使公司在持續投資系統、推進關鍵監管倡議並追求成長機會的同時，具備良好定位。

As I step away from my role as CEO and look ahead to retirement after nearly 3 decades with Southwest Gas, I'm proud of the progress we've made, particularly our transformation into a focused fully regulated natural gas business. I have great confidence in the future of Southwest Gas and in Justin Brown's leadership, knows this business well, and I'm confident he and the team will continue to build on the strong platform that's in place today. I also want to take a moment to thank our employees for their unwavering dedication to our customers and communities, the Southwest Gas Board for partnering with me during a transformational period and to thank our stockholders for their continued trust and support. It has truly been an honor to serve as CEO of this company.

在我卸下執行長職務，並在於 Southwest Gas 服務近 30 年後展望退休之際，我為我們所取得的進展感到自豪，尤其是我們轉型為聚焦且完全受監管的天然氣業務。我對 Southwest Gas 的未來以及 Justin Brown 的領導充滿信心；他非常了解這項業務，我也相信他與團隊將持續在今日既有的堅實平台上再接再厲。我也想藉此機會感謝我們的員工，對客戶與社區始終如一的投入；感謝 Southwest Gas 董事會在轉型期間與我攜手合作；並感謝股東持續的信任與支持。能擔任本公司執行長，確實是一項榮幸。

With that, let's open the line for your questions.

那麼，接下來我們開放電話線路供各位提問。

(Operator Instructions)

(接線員指示)

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Nicely done. I got a hand to you guys. Really nice to see it coming together here. Maybe if I could just chime in real quickly here as it pertains to the Great Basin, can you talk a little bit about the potential to ramp beyond that 0.6 bcf a day that you've obviously received surety on already? Obviously, you guys did this April supplemental open season, but what's the process on converting it?

做得很好。我得稱讚你們一下。很高興看到這件事在這裡逐步成形。或許我可以很快插一句，關於 Great Basin，你們能否談談在已經取得 0.6 bcf/日確定性（surety）的基礎上，進一步提升到更高輸送量的潛力？顯然你們在四月做了補充開放季（supplemental open season），但把它轉換成實際合約的流程是什麼？

And how do you think about margin versus CapEx here? I heard the comments about not being incremental to the 1 bcf a day for CapEx. But how do you think about margin? You provided a range there, for instance, in your guidance. Just how would that accrue to the financial results? And then also, how do you think about the time line for translating it?

另外，你們如何看待這裡的利潤率（margin）相對於資本支出（CapEx）？我聽到你們提到，資本支出不會在 1 bcf/日的基礎上再增加。但你們怎麼看利潤率？例如你們在指引中提供了一個區間。這會如何反映到財務結果上？還有，你們如何看待把它落地轉化的時間表？

Julien, it's Justin. Yes. So in terms of process, the way I would describe it is, I think to your point in terms of when you think of potential, I think the potential is really reflected in that oversubscription of what the current design capacity is. We have posted and marketed about 0.3 bcf of capacity and received almost 8x that. So I think that's reflective of kind of the potential and demand in that region.

Julien，我是 Justin。是的。就流程而言，我會這樣描述：如你所說談到潛力時，我認為潛力其實反映在目前設計產能的超額認購上。我們公告並行銷了約 0.3 bcf 的產能，結果收到將近 8 倍的需求。所以我認為這反映了該區域的潛力與需求。

Obviously, the next step similar to last year is we will work with each of those shippers that expressed interest in the project. And we're going to start the negotiation process on precedent agreements similar to what we did last fall.

顯然，下一步會和去年類似：我們會與每一位對該專案表達興趣的承運人（shippers）合作。我們將開始就先例協議（precedent agreements）展開談判流程，類似於我們去年秋天所做的。

And as part of that process, we're going to require surety for the pro rata share of their investment. And so we'll kind of -- as those come in, that will help us gauge kind of what the potential sizing will be if there's going to be any changes. If ultimately that settled demand comes in at the 1 bcf level, well, then I think the guidance that we've given around margin and CapEx are going to hold. If for some reason, that additional capacity comes in materially more than that, we're going to need to think about our design, think about pipe sizes, think about compressor assumptions that we've made, and that's ultimately going to have an impact on the capital investment and ultimately the margin. And so I think it's kind of more to come.

在這個流程中，我們會要求他們就其投資的按比例份額提供確定性（surety）。因此，隨著這些確定性逐步到位，將有助於我們評估最終的規模是否需要調整。如果最終落定的需求是在 1 bcf 的水準，那麼我認為我們先前提供的利潤率與資本支出指引將會成立。但如果因某些原因，新增產能需求顯著高於此，我們就需要重新思考設計、管徑，以及我們對壓縮機（compressor）的假設，這最終會影響資本投入，並進而影響利潤率。所以我認為後續還有更多進展可分享。

It's super I think it's a little premature right now. This just completed the end of last week. And so we're really in the early stages of beginning that negotiation process. And we're going to do our best to make sure we continue to update you guys as we hit different commercial milestones along the way.

我認為現在下結論還有點早。這個開放季是在上週末才剛結束。因此我們才剛進入談判流程的早期階段。我們會盡力在一路上達成不同商業里程碑時，持續向各位更新。

Yes. And just to clarify, obviously, there's a longer data piece here, 2030 to 2035. The time line for when you would see that translate and transpose itself. Sorry to press too much on this, but obviously, it's such a big deal.

是的。再澄清一下，顯然這裡還有一段更長期的部分，2030 到 2035 年。你們預期何時會看到它轉化並反映出來的時間表？抱歉一直追問，但這顯然非常重要。

Yes. I think that's going to -- we're going to get clarity around that as we go through the negotiation process because, again, when we posted the open season, we indicated that we would be open to kind of step up capacity or phased-in capacity. Clearly, there's demand there. And so as we go through the precedent agreement negotiation process, we'll be able to get some clarity around that as part of the next step in this process. And so I would think that once we complete kind of that contracting phase, we'll be able to give better guidance around kind of the timing of both the '28, '29 kind of in-service period, but then also those expressions of interest that go from 2030 through 2035.

是的。我認為我們會在談判流程中逐步釐清這點，因為同樣地，當我們公告開放季時，我們也表示願意採取分段提升產能或分期導入產能的方式。顯然需求是存在的。因此，當我們進入先例協議的談判流程時，會在這個流程的下一步中取得更清楚的資訊。我認為一旦我們完成簽約階段，就能就 2028、2029 年左右的投運（in-service）時點，以及 2030 到 2035 年這些意向需求，提供更好的時間指引。

Gabriel Moreen, Mizuho.

Gabriel Moreen，Mizuho。

It's Dan Dolev on for Gabe. Nicely done on the quarter. Just kind of going more on to the Great Basin here. If you guys could provide more detail on like the types of customers driving the strong open season interest, specifically how much demand is coming from power gen, data centers or industrial users and how that mix kind of informs the durability in contract of expected commitments.

我是代 Gabe 發言的 Dan Dolev。本季表現不錯。再多問一些關於 Great Basin 的問題。你們能否更詳細說明，是哪些類型的客戶推動了這次開放季的強勁興趣？具體而言，有多少需求來自發電（power gen）、資料中心或工業用戶？以及這樣的組合如何影響預期承諾在合約中的持久性（durability）？

Yes, Gabe. So I think it's one of those things where similar to the contracting process, these shippers are -- it's really a confidential process as we go through it. And so there's not a lot we can really share. I think what we've disclosed in the past is when you read different information around kind of the Tahoe-Reno Industrial Center, where a lot of this is driven kind of just that region. I think you see a lot of different customers from data center hyperscalers to mining to power gen.

是的，Gabe。我想這類事情和簽約流程類似，這些承運人（shippers）在我們推進過程中屬於高度保密的流程。因此我們能分享的內容其實不多。我認為我們過去揭露過的是，當你閱讀一些關於 Tahoe-Reno Industrial Center 的資訊時，會看到很多需求是由該區域的發展所帶動。我想你會看到各式各樣的客戶，從資料中心超大規模業者（hyperscalers）、到採礦、到發電。

So I think you see a variety. And I think the best we can do is kind of right now kind of point to some of those publicly available articles and things about kind of the growth in that region until we get further in the process and we're able to disclose who the shippers are and things that actually sign contracts.

所以我認為客戶類型相當多元。目前我們能做的，最好的方式是先指向一些公開可得的文章與資料，談該區域的成長；直到我們在流程中走得更後面，能夠揭露承運人是誰，以及哪些實際簽了合約的內容。

Ryan Levine, Citi.

Ryan Levine，Citi。

Given the potential for Great Basin to scale up to up to 2.5 Bs, how is your strategy around long lead time items evolving? Or how are you thinking about that in the context of some upside potential to the pipeline?

考量 Great Basin 可能擴大到最高 2.5 Bcf 的潛力，你們在長交期（long lead time）項目的策略如何演進？或者在管線可能有上行潛力的情境下，你們如何思考這件事？

Ryan, good question. It's Justin. Yes, we've started that process of working with suppliers around pipe and compression. And so once this most recent open season closed, we immediately reached out to them to kind of think about, hey, depending on what contracts ultimately gets signed, we may need to pivot around some of the design elements of the project. And so we're working very closely with our supply chain folks and with our potential suppliers to make sure that we manage those in terms of those longer lead time items.

Ryan，問得好。我是 Justin。是的，我們已經開始與供應商就管材與壓縮設備展開合作。因此在這次開放季結束後，我們立刻聯繫他們，去思考：嘿，取決於最終簽下哪些合約，我們可能需要在專案的一些設計要素上做調整。所以我們正與供應鏈團隊以及潛在供應商非常密切合作，以確保我們能妥善管理這些長交期項目。

But if you've already procured some of that and some of the equipment may not be needed, would you be able to remarket that? Or do you -- how is it with your supply chain?

但如果你們已經採購了一部分，而其中一些設備可能不需要了，你們能否把它重新行銷出去？或者你們的供應鏈在這方面是怎麼運作的？

Yes. And what I would say is I think when you think about procurement, it's more about kind of reserving a position in the queue, which then gives you the ability to kind of transition to maybe more powerful compressors or different compressors or upsizing the pipe diameter. And so I think it's early enough in the process that we feel good about being able to pivot in the queue on those things as opposed to actually having procured something that then is not going to be relevant for the project.

是的。我想我會說，當你思考採購時，它更像是在隊列中先保留一個位置，這樣你就有能力在之後轉換到可能更大功率的壓縮機或不同的壓縮機，或是把管線直徑加大。因此我認為在流程還算早期的階段，我們對於能在隊列中就這些事項做調整感到有把握，而不是已經採購了某些設備，結果後來發現對這個專案不再適用。

Okay. And then related to California, given the settlement with the [ALJ] or with the key parties yesterday and the cost of capital remaining outstanding, how does the recent Sempra decision impact your thinking or your outlook for your California gas business?

好的。接著談到加州，鑑於昨天與[ALJ]或與主要相關方達成和解、且資本成本仍未定案，近期Sempra的裁決如何影響你對加州天然氣業務的想法或展望？

Which decision are you referring to?

你指的是哪一項裁決？

The SoCalGas recent decision.

SoCalGas最近的裁決。

Rate case or there's different cases. Okay. Yes. I mean I would say, Ryan, historically, we're always very much aware of kind of what the commission decisions are with respect to kind of the larger investor-owned utilities. Being a small multi-jurisdictional utility, there's not necessarily a pattern of the decisions, the outcomes that the large investors have versus what we have.

是費率案件，還是有不同的案件。好的。是的。我的意思是，Ryan，從歷史上看，我們一直都非常關注委員會對較大型投資人持有公用事業（investor-owned utilities）的各項裁決。作為一家小型、跨多個司法管轄區的公用事業公司，大型投資人所獲得的裁決結果與我們的結果之間，未必存在一個固定模式。

And so typically, we're very focused kind of on our proceedings and how we manage them and our outcomes. And I think historically, there hasn't necessarily been a strong connection to some of the larger investor-owned utility outcomes. But we always are very much aware of kind of what's going on there and monitor them just so that it helps us manage our proceedings as well. But typically, the commission has done a good job of kind of addressing each one on their own merits.

因此通常我們非常專注於自身的程序、我們如何管理這些程序，以及我們的結果。而且我認為從歷史上看，與一些大型投資人持有公用事業的結果之間，未必有很強的連動性。但我們一向都會非常留意那邊的動態並加以監控，這也有助於我們管理自身的程序。不過一般而言，委員會在依各案本身的實質情況處理方面做得很好。

Vedula Murti, Hudson Capital.

Vedula Murti，Hudson Capital。

When you talk about the ability to scale up to from 1.0 to 2.5 bcf per day, right now, we're at 1.7 for 1.0, can you give a sense as to what the upside capital requirements would be if you were to go, say, hypothetically 2.5. I know it's not asymmetric type of thing where you multiply current 1.7x 2.5. It wouldn't work like that. But can you give me a sense of how that would work?

當你談到把規模從每日1.0 bcf擴大到2.5 bcf的能力時，目前我們在1.0的情境下是1.7（我理解你的意思），你能否說明一下如果假設要做到2.5，向上擴充所需的資本支出大概會是多少？我知道這不是那種不對稱、把目前1.7乘上2.5就能得到答案的事情，並不是那樣運作。但你能否讓我大致了解會如何運作？

Yes. I really don't -- it's Justin. Good to hear from you. We don't have anything in terms of being able to kind of share around kind of proportionately what that is. We're -- like I said, this really came in at the end of last week.

是的。我真的不——我是Justin。很高興聽到你的聲音。我們目前沒有任何可以分享的內容，能按比例去說明那會是多少。我們——如我所說，這件事是在上週末才剛進來的。

We're really focused on working with the different shippers on finding out what is actually going to be contracted and secured with surety. And so that's really the focus. On a parallel path, we're going to be looking at kind of what the options might be depending on what ultimately gets put under contract. But it's just too hard to speculate right now in terms of what that could do based on different sizing needs, based on different potential demand.

我們目前真正專注的是與不同的承運商（shippers）合作，確認實際會簽約並以擔保（surety）落實的量。所以這才是重點。同時我們也會並行評估各種可能的選項，取決於最終哪些內容會被納入合約。但就目前而言，要根據不同的規模需求、不同的潛在需求去推測它可能帶來的影響，實在太難了。

Well, I guess given the interest and where it's obviously very early, can you give a sense as to -- I'm kind of confused about the time line at which we would know for the 2028 to 2035 period that has been discussed here when you'd be able to communicate that to us?

那我想，考量到目前的興趣、而且顯然還非常早期，你能否說明一下——我對時間表有點困惑：針對這裡討論的2028到2035期間，我們大概會在什麼時間點知道結果、以及你們何時能把資訊對外溝通？

Yes. I mean using last year as kind of a proxy, if you will, in terms of the process, I would say normally over the next 60 to 90 days is the process by which we would be finalizing contracts and requesting surety. And so I think our hope is over that time period, most likely by the time we get to the second quarter call, if not earlier. And if we have that information earlier, it's something we would look at issuing a press release around just to make sure we keep everybody updated. Otherwise, we'd look to probably provide an update at our next call in -- after the second quarter.

是的。我的意思是，如果以去年作為一個參考（proxy），就流程而言，我會說通常接下來60到90天是我們完成合約定案並要求提供擔保（surety）的期間。因此我們希望在那段期間內完成，最可能是在第二季電話會議之前或最晚到第二季電話會議時。如果我們更早取得資訊，我們也會考慮發布新聞稿，確保讓大家都能即時掌握最新狀況。否則，我們大概會在下一次——也就是第二季之後的電話會議上提供更新。

So by the next call, you'll be able to tell us what beyond maybe 1 bcf per day and 1.7, what the new scope of the project would be and its time line in terms of capital?

所以到下一次電話會議時，你們就能告訴我們，除了可能每日1 bcf以及1.7之外，專案新的範圍會是什麼，以及在資本支出方面的時間表？

Yes, that would be our hope.

是的，那會是我們的期望。

There are no further questions at this time. This concludes the Q&A portion of today's conference. I would now like to turn the call back over to Tyler Franek for closing remarks. Go ahead.

目前沒有其他問題。今天會議的問答環節到此結束。我現在想把電話交回給Tyler Franek作結語。請。

Thanks again, Sheen, 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 seeing many of you at the AGA Financial Forum in Scottsdale soon.

再次感謝你，Sheen，也謝謝各位今天加入我們並提出問題。我們的電話會議到此結束。感謝各位對Southwest Gas Holdings的關注，也期待不久後在斯科茨代爾（Scottsdale）舉行的AGA Financial Forum見到各位中的許多人。

This concludes today's Southwest Gas Holdings First Quarter 2026 Call and Webcast. You may now disconnect your line at this time. Have a wonderful day.

今天的Southwest Gas Holdings 2026年第一季電話會議與網路直播到此結束。您現在可以掛斷電話。祝您有美好的一天。