Unitil Corp (UTL) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first quarter 2025 Unitil earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 Unitil 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Chris Goulding, Vice President of Finance and Regulatory. Please go ahead.

現在，我想將會議交給今天的發言人、財務和監管副總裁克里斯古爾丁 (Chris Goulding)。請繼續。

Good afternoon, and thank you for joining us to discuss Unitil Corporation's first-quarter 2025 financial results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer; and Dan Hurstak, Senior Vice President, Chief Financial Officer and Treasurer.

下午好，感謝您加入我們討論 Unitil Corporation 2025 年第一季的財務表現。今天的電話會議發言者將是董事長兼執行長湯姆·邁斯納 (Tom Meissner) 和高級副總裁、財務長兼財務主管 Dan Hurstak。

Also with us today are Bob Hevert, President and Chief Administrative Officer; and Todd Diggins, Chief Accounting Officer and Controller. We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information, including a presentation, to the Investors section of our website at unitil.com.

今天與我們一起出席的還有總裁兼首席行政官 Bob Hevert 和首席會計官兼財務總監 Todd Diggins。我們將在本次電話會議上討論財務和其他資訊。正如我們在宣布今天的電話會議的新聞稿中提到的那樣，我們已經將資訊（包括簡報）發佈到了我們網站 unitil.com 的投資者部分。

We will refer to that information during this call. Moving to slide 2. The comments made today about future operating results or events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

我們將在本次通話中參考該資訊。移至投影片 2。今天對未來經營績效或事件所作的評論屬於《1995 年私人證券訴訟改革法案》安全港條款下的前瞻性陳述。

Forward-looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10-K and other documents we have filed with or furnished to the Securities and Exchange Commission. Forward-looking statements speak only as of today, and we assume no obligation to update them.

前瞻性陳述本身涉及風險和不確定性，可能導致實際結果與預測結果有重大差異。本次電話會議中的聲明應與我們最近提交的10-K表格年度報告以及我們向美國證券交易委員會提交或提供的其他文件中的警示性聲明和其他資訊一併考慮。前瞻性聲明僅代表截至今日的觀點，我們不承擔更新這些聲明的義務。

This presentation contains non-GAAP financial measures. The accompanying supplemental information more fully describes these non-GAAP financial measures and includes a reconciliation to the nearest GAAP financial measures. The company believes these non-GAAP financial measures are useful in evaluating its performance.

本簡報包含非公認會計準則財務指標。隨附的補充資訊更全面地描述了這些非 GAAP 財務指標，並包括與最近的 GAAP 財務指標的對帳。該公司認為這些非公認會計準則財務指標有助於評估其績效。

With that, I will now turn the call over to the Chairman and CEO, Tom Meissner.

現在，我將把電話轉給董事長兼執行長湯姆‧邁斯納 (Tom Meissner)。

Thank you, Chris, and good afternoon, everyone. Thanks for joining us today. I'm going to begin on slide 3, where today, we announced adjusted net income excluding acquisition-related costs of $28.4 million and adjusted earnings per share of $1.74 for the first quarter of 2025. This is an increase of $1.2 million or $0.05 per share compared to the first quarter of 2024.

謝謝你，克里斯，大家下午好。感謝您今天加入我們。我將從第 3 張投影片開始，今天，我們宣布 2025 年第一季不包括收購相關成本的調整後淨收入為 2840 萬美元，調整後每股收益為 1.74 美元。與 2024 年第一季相比，這增加了 120 萬美元或每股 0.05 美元。

This is an exciting time for our company as we recently completed the acquisition of Bangor Natural Gas and recently announced agreements to acquire Maine Natural Gas as well as three water utilities: Aquarion Water of Massachusetts, Aquarion Water of New Hampshire and Abenaki Water of New Hampshire.

對於我們公司來說這是一個激動人心的時刻，因為我們最近完成了對 Bangor Natural Gas 的收購，並且最近宣布了收購 Maine Natural Gas 以及三家水務公司的協議：馬薩諸塞州的 Aquarion Water、新罕布什爾州的 Aquarion Water 和新罕布什爾州的 Abenaki Water。

These acquisitions provide a great opportunity to expand our regulated operations in states where we currently operate and support our long-term rate base and earnings growth. We're very excited by these opportunities and believe our focus on delivering high-quality, affordable service will benefit the customers and the communities served. I'll provide additional information about these acquisitions shortly.

這些收購為我們在目前營運的州擴大受監管的業務提供了絕佳的機會，並支持了我們的長期利率基礎和獲利成長。我們對這些機會感到非常興奮，並相信我們專注於提供高品質、實惠的服務將使客戶和服務社區受益。我將很快提供有關這些收購的更多資訊。

Lastly, I'm pleased to announce that we are reaffirming our long-term guidance for earnings growth, dividend growth, and rate base growth. In addition, over the next five years, we expect the recently announced acquisitions to support earnings growth toward the upper end of the 5% to 7% range.

最後，我很高興地宣布，我們重申對獲利成長、股息成長和利率基準成長的長期指引。此外，我們預計未來五年內，最近宣布的收購將支持獲利成長達到 5% 至 7% 的上限。

Moving now to slide 4. I'd like to start by saying that both Bangor Natural Gas and Maine Natural Gas are a perfect complement to our existing operations in Maine. We closed Bangor Natural Gas on January 31 and announced Maine Natural Gas on April 1.

現在轉到投影片 4。首先我想說的是，班戈天然氣公司和緬因天然氣公司都是我們在緬因州現有業務的完美補充。我們於 1 月 31 日關閉了班戈天然氣公司，並於 4 月 1 日宣布關閉緬因天然氣公司。

We're purchasing both companies at attractive multiples and view the additions as a cost-effective way to expand our service areas. We will be adding about 15,000 customers in some of the most attractive areas of the state where there is strong customer growth of 4% to 5%.

我們以極具吸引力的價格收購了這兩家公司，並將收購視為擴大我們服務範圍的一種經濟有效的方式。我們將在該州一些最具吸引力的地區增加約 15,000 名客戶，這些地區的客戶成長率強勁，為 4% 至 5%。

The distribution systems are relatively new and the proximity to our existing operations provide opportunities for operational synergies. Future growth prospects are strong, and we believe the low penetration of natural gas in the state will drive continued conversions in the years ahead.

分銷系統相對較新，並且與我們現有業務的接近性為營運協同效應提供了機會。未來的成長前景強勁，我們相信該州天然氣的低滲透率將推動未來幾年的持續轉換。

Notably, Maine has the highest reliance on fuel oil of any state in the nation, and converting to natural gas offers an alternative that is both cleaner and more affordable. In the coming years, we anticipate updating distribution rates to better reflect the current cost of service, after which, we expect these acquisitions to be accretive to our long-term outlook.

值得注意的是，緬因州是全美對燃油依賴程度最高的州，而轉換為天然氣則是更清潔、更經濟的替代方案。在未來幾年，我們預計將更新分銷率，以更好地反映當前的服務成本，之後，我們預計這些收購將有利於我們的長期前景。

Turning now to slide 5. Yesterday, we executed a purchase agreement to acquire three Massachusetts and New Hampshire subsidiaries of the Aquarion Water Company for $100 million, including the assumption of approximately $30 million of debt and subject to customary closing adjustments.

現在翻到投影片 5。昨天，我們簽署了一項購買協議，以 1 億美元收購 Aquarion Water Company 位於馬薩諸塞州和新罕布夏州的三家子公司，其中包括承擔約 3,000 萬美元的債務，並須遵守慣例成交調整。

The Aquarion Water Company is a water supply and wastewater treatment company formed in 1857 that operates five subsidiaries throughout the New Hampshire, Massachusetts, and Connecticut areas. The agreement will be structured as a back-to-back transaction with the Aquarion Water Authority, a newly created quasi-public political division of the State of Connecticut that is purchasing the Aquarion Water Company from Eversource and will subsequently sell the New Hampshire, Massachusetts, subsidiaries to Unitil.

Aquarion 水務公司是一家供水和廢水處理公司，成立於 1857 年，在新罕布夏州、馬薩諸塞州和康乃狄克州地區經營五家子公司。該協議將與康乃狄克州新成立的準公共政治部門 Aquarion 水務局進行背對背交易，該機構將從 Eversource 收購 Aquarion 水務公司，隨後將其位於新罕布夏州和馬薩諸塞州的子公司出售給 Unitil。

In conjunction with the purchase agreement, we have negotiated an operating agreement with the Aquarion Water Authority to provide centralized services for initial term of five years. The transaction is subject to regulatory approvals in Connecticut, Massachusetts, New Hampshire, and Maine and is expected to close in late 2025.

結合購買協議，我們還與 Aquarion 水務局協商了一項營運協議，以提供初始期限為五年的集中服務。該交易需獲得康乃狄克州、麻薩諸塞州、新罕布夏州和緬因州監管部門的批准，預計將於 2025 年底完成。

Turning to slide 6. I'd like to provide a brief overview of the rationale behind the Aquarion transaction, which ultimately boils down to the criteria we look for in an acquisition: high-quality assets, proximity to our existing operations, expected long-term earnings accretion, future growth opportunities, and a constructive regulatory environment.

翻到幻燈片 6。我想簡要概述 Aquarion 交易背後的理由，最終可以歸結為我們在收購中尋找的標準：高品質資產、靠近我們現有的業務、預期的長期盈利增長、未來的成長機會以及建設性的監管環境。

Aquarion matches all those criteria and provides an attractive first entry into water distribution. Water utilities provide a critical resource, have favorable ESG characteristics and highly predictable returns. Massachusetts and New Hampshire are regulatory jurisdictions that we know well and where we enjoy strong relationships.

Aquarion 符合所有這些標準，並成為水分配領域極具吸引力的首個切入點。水務公司提供關鍵資源，具有良好的 ESG 特徵和高度可預測的回報。我們熟悉馬薩諸塞州和新罕布夏州的監管區，並且與這兩個地區建立了牢固的關係。

There is also precedent for accelerated cost recovery in both jurisdictions, and we will look to continue those rate structures. The transaction includes $78 million of rate base as of December 31, 2024, adds 23,000 customers and provides opportunities for further consolidation of municipal water systems in the states where we currently operate.

兩個司法管轄區都有加速成本回收的先例，我們將尋求繼續這些費率結構。該交易包括截至 2024 年 12 月 31 日的 7,800 萬美元費率基礎，增加了 23,000 名客戶，並為我們目前營運所在州的市政供水系統進一步整合提供了機會。

Most community water systems are municipally owned and have become increasingly capital-intensive due to aging infrastructure and new water quality standards. Our strong reputation, operational capabilities, and financial strength put us in a strong position to capitalize on future opportunities. We look forward to providing additional details about this transaction on future calls.

大多數社區供水系統為市政所有，由於基礎設施老化和新的水質標準，其資本密集度日益提高。我們良好的聲譽、營運能力和財務實力使我們能夠充分利用未來的機會。我們期待在未來的電話會議中提供有關此交易的更多詳細資訊。

Turning now to slide 7. As I mentioned earlier, we expect rate base growth to accelerate to about 10% annually through 2029 due to these acquisitions. We also expect the acquisitions to support earnings growth near the top end of our guidance range over the next five years. Collectively, the acquisitions will be earnings-neutral in the short run but are expected to become earnings-accretive over the long run.

現在翻到幻燈片 7。正如我之前提到的，由於這些收購，我們預計到 2029 年費率基準成長率將加速至每年 10% 左右。我們也預計，這些收購將在未來五年內支持獲利成長，使其接近我們預期範圍的上限。總體而言，這些收購在短期內不會對獲利產生影響，但從長期來看，預計將帶來獲利成長。

Turning to slide 8, our balance sheet strength remains a top priority, and we believe it greatly enhances our ability to effectively finance the company's core operations as well as acquisitions. The flexibility provided by our strong credit metrics and our ability to generate low-risk cash flows is significant.

轉到投影片 8，我們的資產負債表實力仍然是重中之重，我們相信它大大增強了我們有效融資公司核心業務和收購的能力。我們強大的信用指標和產生低風險現金流的能力所提供的靈活性是巨大的。

We have ample liquidity to our revolver and the S&P rating agency recently noted that even if both Bangor Natural Gas and Maine Natural Gas are funded entirely with debt, the company's credit metrics are still above the downgrade thresholds and well within the investment-grade rating category. We will continue to effectively manage risk and expect our FFO to debt and other credit metrics to remain above our peers and above our downgrade thresholds.

我們的循環信貸流動性充足，標普評級機構最近指出，即使班戈天然氣公司和緬因天然氣公司完全透過債務融資，公司的信用指標仍高於評級下調門檻，且遠超投資級評級。我們將繼續有效管理風險，並預期我們的營運現金流與債務比率及其他信用指標將保持高於同業及評級下調門檻。

With that, I'll now pass it over to Dan, who will provide greater detail on our first-quarter financial results.

現在，我將把麥克風交給丹，他將提供有關我們第一季財務業績的更多詳細資訊。

Thank you, Tom. Good afternoon, everyone. I'll begin on slide 9. As Tom mentioned, we announced the first-quarter adjusted net income of $28.4 million and adjusted earnings per share of $1.74, representing an increase of $1.2 million or $0.05 per share compared to the same period in the prior year. Our first-quarter 2025 results were consistent with the quarterly earnings distribution chart provided during our previous earnings call in February.

謝謝你，湯姆。大家下午好。我將從第 9 張投影片開始。正如湯姆所提到的，我們宣布第一季調整後淨收入為 2,840 萬美元，調整後每股收益為 1.74 美元，與去年同期相比增加 120 萬美元或每股 0.05 美元。我們的 2025 年第一季業績與 2 月上次收益電話會議上提供的季度收益分配圖一致。

Moving to slide 10, I will discuss our Electric adjusted gross margin. For the three months ended March 31, 2025, Electric adjusted gross margin was $27.5 million, an increase of $0.4 million or 1.5% compared to the same period in 2024. The increase in Electric adjusted gross margin reflects higher distribution rates and customer growth.

轉到第 10 張投影片，我將討論我們的電力調整後毛利率。截至 2025 年 3 月 31 日的三個月，電氣調整後毛利率為 2,750 萬美元，與 2024 年同期相比增加 40 萬美元或 1.5%。電力調整後毛利率的增加反映了更高的分銷率和客戶成長。

The company added approximately 970 electric customers compared to the first quarter of 2024. And as noted during prior calls, Electric distribution revenues are substantially decoupled, which eliminates the dependency of distribution revenue on the volume of Electricity sales.

與 2024 年第一季相比，該公司增加了約 970 名電力客戶。如同先前的電話會議中所指出的，電力分銷收入已基本脫鉤，消除了分銷收入對電力銷售量的依賴。

Turning to slide 11, I will discuss our Gas adjusted gross margin. For the three months ended March 31, 2025, Gas adjusted gross margin was $70.9 million, an increase of $9.9 million or approximately 16.2% compared to the same period in 2024.

轉到第 11 張投影片，我將討論我們的天然氣調整後毛利率。截至 2025 年 3 月 31 日的三個月，天然氣調整後毛利率為 7,090 萬美元，與 2024 年同期相比增加 990 萬美元，增幅約為 16.2%。

The increase in Gas adjusted gross margin reflects higher distribution rates and customer growth as well as a return to normal winter weather in 2025. The company added approximately 9,230 new Gas customers compared to the same period in 2024, including 8,730 customers from the Bangor acquisition which closed at the end of January. Approximately 55% of the company's gas customers are under decoupled rates, and we estimate that decoupling supported Gas margin by approximately $0.02 per share in the first quarter.

天然氣調整後毛利率的增加反映了更高的分銷率和客戶成長，以及 2025 年冬季天氣恢復正常。與 2024 年同期相比，該公司增加了約 9,230 名新的天然氣客戶，其中包括 1 月底完成的 Bangor 收購帶來的 8,730 名客戶。該公司約有 55% 的天然氣客戶處於脫鉤利率之下，我們估計，脫鉤政策在第一季為天然氣利潤帶來了約 0.02 美元/股的支持。

Looking at existing operations excluding the Bangor acquisition, Gas adjusted gross margin was $68 million, an increase of $7 million or 10.2% compared to the first quarter of 2024. Moving to slide 12, we provide an earnings bridge comparing 2025 first-quarter results to the same period in 2024.

從不包括 Bangor 收購的現有業務來看，Gas 調整後的毛利率為 6,800 萬美元，與 2024 年第一季相比增加了 700 萬美元，增幅為 10.2%。轉到第 12 張投影片，我們提供了將 2025 年第一季業績與 2024 年同期業績進行比較的收益橋樑。

As I just discussed, adjusted gross margin for the first quarter increased by $10.3 million, primarily driven by higher distribution rates, customer growth, and colder winter weather. Operation and maintenance expenses increased $4.4 million, reflecting higher utility operating costs, higher labor costs, and higher professional fees. This increase includes $0.7 million related to Bangor Natural Gas operating expenses and $1.2 million of transaction costs, which are excluded from adjusted net income.

正如我剛才所討論的，第一季調整後的毛利率增加了 1,030 萬美元，主要原因是分銷率提高、客戶成長以及冬季天氣寒冷。營運和維護費用增加了 440 萬美元，反映了更高的公用事業營運成本、更高的勞動力成本和更高的專業費用。這一增長包括與班戈天然氣營運費用相關的 70 萬美元和 120 萬美元的交易成本，這些費用不計入調整後的淨收入。

In addition, certain transmission expenses were higher in 2025 based on approved formula rates in our Fitchburg service area. Depreciation and amortization expense increased by $3.7 million, reflecting higher depreciation rates from the most recent Fitchburg gas rate case, higher levels of utility plant in service, and higher amortization of storm costs and other deferred costs.

此外，根據我們菲奇堡服務區批准的公式費率，2025 年某些輸電費用將會更高。折舊和攤銷費用增加了 370 萬美元，反映了最近的菲奇堡天然氣價格案例的折舊率上升、公用事業工廠的運行水平上升以及風暴成本和其他遞延成本的攤銷上升。

Taxes other than income taxes increased by $0.2 million, primarily due to amounts related to Bangor Natural Gas. Interest expense increased $1.8 million, primarily reflecting higher levels of long-term debt and higher interest expense on regulatory liabilities, partially offset by lower interest expense on short-term borrowings. Other expense decreased by $0.2 million, reflecting lower retirement benefit costs. Lastly, income taxes increased $0.1 million, reflecting higher pretax earnings in 2025.

除所得稅以外的其他稅款增加了 20 萬美元，主要由於與班戈天然氣相關的金額。利息支出增加了 180 萬美元，主要反映了長期債務水準的提高和監管負債的利息支出的增加，但短期借款的利息支出的降低部分抵消了這一影響。其他支出減少了20萬美元，反映出退休福利成本的下降。最後，所得稅增加了10萬美元，反映出2025年稅前盈餘的增加。

Turning to slide 13. We recently filed a distribution rate case with the New Hampshire Public Utilities Commission for Unitil Energy Systems, our New Hampshire electric utility, which includes a proposed revenue requirement increase of $18.5 million.

翻到第 13 張投影片。我們最近向新罕布夏州公共事業委員會提交了一份針對新罕布夏州電力公司 Unitil Energy Systems 的配電率訴訟，其中包括提議增加 1,850 萬美元的收入要求。

This rate case includes pro forma rate base of $289 million as of December 31, 2024, an equity layer of 52.67%, and a return on equity of 10.5%. We are requesting a temporary rate increase of $7.8 million, subject to commission approval, and expect the approved temporary rate increase will take effect on July 1, 2025.

該利率案例包括截至 2024 年 12 月 31 日的 2.89 億美元形式利率基數、52.67% 的股權層級和 10.5% 的股本回報率。我們請求臨時提高費率 780 萬美元，但須經委員會批准，預計批准的臨時提高費率將於 2025 年 7 月 1 日生效。

Permanent rates are expected to take effect May 1, 2026, and will be subject to recoupment or refund based on the final order. In New Hampshire, permanent rate case awards are reconciled back to the effective date of the temporary rate award.

永久費率預計將於 2026 年 5 月 1 日生效，並將根據最終訂單進行收回或退款。在新罕布夏州，永久性稅率案件裁決將追溯至臨時稅率裁決的生效日期。

Similar to previous New Hampshire rate cases, we have proposed a multiyear rate plan to provide for timely cost recovery of 2025 and 2026 capital investments. These investments support the advanced energy grid as well as the continued safety and reliability of our system. We look forward to working with all stakeholders throughout this proceeding and we'll provide additional information on future earnings calls.

與先前的新罕布夏州費率案例類似，我們提出了一項多年期費率計劃，以便及時收回 2025 年和 2026 年的資本投資成本。這些投資支持先進的能源網以及我們系統的持續安全性和可靠性。我們期待在整個過程中與所有利害關係人合作，並將在未來的收益電話會議上提供更多資訊。

Moving to slide 14. As noted during our previous earnings call, our current five-year capital budget now totals approximately $1 billion and is 46% higher than the prior five years. This capital budget represents our investment plan for existing operations and does not incorporate investment growth from our acquisitions. We expect the acquisition of Bangor Natural Gas and the recently announced transactions involving Maine Natural Gas and the Aquarion companies will result in total capital spending above this plan over the next five years.

移至投影片 14。正如我們上次收益電話會議中提到的那樣，我們目前的五年資本預算總額約為 10 億美元，比前五年高出 46%。此資本預算代表了我們對現有業務的投資計劃，並未包含收購帶來的投資成長。我們預計，收購班戈天然氣公司以及近期宣布的涉及緬因天然氣公司和Aquarion公司的交易將導致未來五年的總資本支出超過此計劃。

Turning to slide 15. We are reaffirming our 2025 earnings guidance, which we expect to be in the range of $3.01 to $3.17 per share. Given our expectations that the Maine Natural Gas and Aquarion companies transactions will close in late 2025, we do not expect those transactions will have a significant effect on our 2025 results.

翻到第 15 張投影片。我們重申 2025 年獲利預測，預計每股收益在 3.01 美元至 3.17 美元之間。鑑於我們預計緬因天然氣和 Aquarion 公司交易將於 2025 年底完成，我們預計這些交易不會對我們的 2025 年業績產生重大影響。

I will now turn the call back over to Tom.

我現在將電話轉回給湯姆。

Thanks, Dan. Ending now on slide 16. We had a strong and busy start to the year and we are very pleased with our operating and financial performance. Our core businesses are performing well, and we are actively carrying out our strategic initiatives and pursuing growth opportunities. The company is heading in a great direction and we strongly believe we are in a better position than ever before to provide long-term sustainable value.

謝謝，丹。第 16 張投影片現在結束。我們今年的開局強勁而忙碌，我們對我們的營運和財務表現非常滿意。我們的核心業務表現良好，我們正在積極實施策略性舉措，並尋求成長機會。公司正朝著正確的方向發展，我們堅信，我們比以往任何時候都更有能力提供長期可持續的價值。

With that, I'll pass the call back to Chris.

說完，我會把電話轉回給克里斯。

Thanks, Tom. That wraps up the prepared material for this call. Thank you for attending. I will now turn the call over to the operator who will coordinate questions.

謝謝，湯姆。本次通話的準備資料到此結束。謝謝您的出席。我現在將把電話轉給接線員，他將負責協調問題。

(Operator Instructions) I'm showing no questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

（操作員指示）我現在沒有任何問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。