Essential Utilities Inc (WTRG) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Essential Utilities first quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Essential Utilities 2025 年第一季財報電話會議。（操作員指示）

It is my pleasure to turn the call over to Mr. Brian Dingerdissen. You may begin.

我很高興將電話轉給 Brian Dingerdissen 先生。你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for our first quarter 2025 earnings call. If you did not receive a copy of the press release, you can find it on our Investor Relations website. The slides will also be found there, as will be a webcast of the event.

謝謝。大家早安，感謝大家參加我們的 2025 年第一季財報電話會議。如果您沒有收到新聞稿的副本，您可以在我們的投資者關係網站上找到它。幻燈片也可以在那裡找到，並且還會有該活動的網路直播。

As a reminder, some of the matters discussed during this call may include forward-looking statements that involve risk, uncertainties, and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. Please refer to our most recent 10-Q, 10-K, and other SEC filings for a description of such risk and uncertainties.

提醒一下，本次電話會議中討論的一些事項可能包括前瞻性陳述，這些陳述涉及風險、不確定性和其他因素，可能導致實際結果與此類前瞻性陳述表達或暗示的任何未來結果有重大差異。請參閱我們最新的 10-Q、10-K 和其他 SEC 文件，以了解此類風險和不確定性的描述。

During the course of this call, refers may be made to certain non-GAAP financial measures. Reconciliation of any non-GAAP to GAAP financial measures is posted on the website. We will begin the call with Chris Franklin, our Chairman and CEO, who will provide an update on the company; then Mike Huwer, the President of our gas business, will provide an update on the gas business. And then Dan Schuller, our Chief Financial Officer, will provide an overview of the financial results before Chris closes the call and opens it up for questions.

在本次電話會議中，可能會提及某些非公認會計準則財務指標。任何非 GAAP 與 GAAP 財務指標的對帳均發佈在網站上。我們的董事長兼執行長 Chris Franklin 將首先介紹公司的最新情況；然後，我們的天然氣業務總裁 Mike Huwer 將介紹天然氣業務的最新情況。然後，我們的財務長 Dan Schuller 將在 Chris 結束電話會議並開始提問之前概述財務結果。

With that, I will turn it over to Chris Franklin.

說完這些，我將把麥克風交給克里斯富蘭克林 (Chris Franklin)。

Hey, thanks, Brian, and good morning, everyone. Thanks for joining us today. And let's begin on slide 5 with some highlights. First, we posted strong results this quarter $1.03 GAAP earnings per share. A 6% increase over last year's quarter results. Both our water and gas businesses performed well as expected. You'll hear more about our gas business from Mike Huwar in just a few moments, as Brian mentioned.

嘿，謝謝，布萊恩，大家早安。感謝您今天加入我們。讓我們從第 5 張投影片開始介紹一些亮點。首先，本季我們公佈了強勁業績，每股 GAAP 收益為 1.03 美元。比去年季度業績成長了 6%。我們的水務和天然氣業務均表現良好，符合預期。正如 Brian 所提到的，您稍後將從 Mike Huwar 那裡了解到有關我們天然氣業務的更多資訊。

With those first quarter results, we are reaffirming our 2025 earnings per share guidance range of $2.07 to $2.11 versus last year's earnings of $1.97 per share on a non-GAAP basis. Dan will provide a quarter by quarter view of our 2025 earnings expectations in just a few moments.

根據第一季的業績，我們重申 2025 年每股收益預期範圍為 2.07 美元至 2.11 美元，而去年非 GAAP 每股收益為 1.97 美元。丹將在幾分鐘內提供我們對 2025 年獲利預測的逐季度觀點。

We are also reaffirming our plans to invest between $1.4 billion and $1.5 billion in infrastructure investments in 2025. Through March 31, we've already invested $270.5 million in infrastructure improvements across our footprint.

我們也重申了到 2025 年投資 14 億至 15 億美元用於基礎設施投資的計畫。截至 3 月 31 日，我們已在公司業務範圍內投資 2.705 億美元用於基礎設施改善。

Now we previously announced to support our growth and meet our credit metrics, we have begun to raise equity through our ATM program. So far this year, we've issued approximately $210 million. And throughout the year, we'll look at the market conditions and our share price for opportunities to continue using our ATM.

我們先前宣布，為了支持我們的成長並滿足我們的信用指標，我們已經開始透過我們的 ATM 計畫籌集股權。今年到目前為止，我們已經發行了約 2.1 億美元。全年我們都會關注市場狀況和股價，尋找繼續使用 ATM 的機會。

It's always important to mention that our achievements go far beyond the financial results. Some of the things of which we are most proud are our operational achievements. Our water quality compliance results continue to be industry leading at a 99.8% compliance rate, meaning state and federal regulations over the last 12 months.

值得一提的是，我們的成就遠遠超出了財務表現。我們最引以為傲的是我們的營運成就。我們的水質合規結果持續保持業界領先，合規率為 99.8%，符合過去 12 個月的州和聯邦法規。

Our PFAS work continues to be on time and on budget. We will be fully compliant with the four parts per $1 trillion MCL by 2028, and we remain on target to meet the $450 million in capital spend rate to achieve that compliance.

我們的 PFAS 工作繼續按時且在預算內完成。到 2028 年，我們將完全符合每 1 兆美元 MCL 四個部分的要求，我們仍將按目標達到 4.5 億美元的資本支出率，以實現該要求。

Now importantly for our customers, we expect to receive approximately $100 million in proceeds from the settlements from the polluters, and for Aqua, Pennsylvania, we've already received approximately $10 million in low interest loans and grants from the government and are also on track in Pennsylvania to receive approximately $59 million in grants or loans after all the applications have been approved. We also continue to see strong operating results in the natural gas company, and Mike will fill us in, in a few moments on that work.

現在，對於我們的客戶來說重要的是，我們預計將從污染者的和解中獲得約 1 億美元的收益，而對於賓夕法尼亞州的 Aqua，我們已經從政府獲得了約 1000 萬美元的低息貸款和補助金，並且在賓夕法尼亞州，在所有申請獲得批准後，我們也有望獲得約 5900 萬美元的補助金或貸款。我們也繼續看到天然氣公司的強勁經營業績，麥克稍後會向我們介紹這項工作的情況。

Environmental stewardship is a key element of our work, and it's why we were so proud to learn that for the third year in a row we were named to USA Today's list of climate leaders, a great honor for us and a nice recognition of our continued commitment to protecting and providing Essential resources for life.

環境管理是我們工作的關鍵要素，因此，當我們得知我們連續第三年被《今日美國》列入氣候領袖名單時，我們感到非常自豪，這對我們來說是莫大的榮譽，也是對我們持續致力於保護和提供生命必需資源的良好認可。

As we think about our successes, I have to mention that our work in the Texas legislature to pass future test year legislation is showing positive signs. And just last week, the Texas House of Representatives overwhelmingly passed the future test year bill, and now it's off to the Senate for consideration in that chamber.

當我們思考我們的成功時，我必須提一下，我們在德州立法機構通過未來考試年立法的工作正在顯示出積極的跡象。就在上週，德州眾議院以壓倒性多數通過了未來考試年法案，現在該法案將提交參議院審議。

We'll keep you posted as developments occur, and you may recall that our rate cases in Ohio have been taking an extended period of time over the last few cycles at the PUCO. In the last couple of weeks though, legislation was passed by both the House and Senate in Ohio that sets deadlines for rate cases.

我們會隨時向您通報最新進展，您可能還記得，在俄亥俄州，我們在 PUCO 的費率案件在過去幾個週期中耗時較長。不過，在過去的幾周里，俄亥俄州眾議院和參議院都通過了一項立法，為費率案件設定了最後期限。

After the governor signs the legislation, there will be new statutory timelines associated with rape cases in Ohio. We see this is a really positive development. Also in Virginia, legislation was passed to expand the water and wastewater infrastructure surcharge. We are really proud of our work with both regulators and legislators to find opportunities to make vital and sizable capital investments and quickly and efficiently recover that capital so we can put it back to work again.

州長簽署該法案後，俄亥俄州將制定與強姦案件相關的新的法定時間表。我們認為這是一個非常積極的發展。維吉尼亞州還通過了一項法案，提高水和廢水基礎設施附加費。我們為與監管機構和立法機構合作尋找機會進行重要且規模可觀的資本投資並快速有效地回收這些資本以便我們能夠使其再次發揮作用而感到自豪。

Now, slide 6, hopefully you recognize our consistent year after year growth in earnings and dividends. 2025 is shaping up to be another strong year in this string of success. For many years now, our team has been able to consistently deliver on the guidance that we provided you.

現在，投影片 6，希望您認識到我們收益和股息逐年持續成長。 2025 年有望成為這一成功系列中的另一個強勁年份。多年來，我們的團隊一直能夠始終如一地為您提供指導。

Our earnings per share is consistently within a 5% to 7% annual growth rate. And since we started providing annual guidance back in 2016, we have consistently met or exceeded market expectations. That consistent earnings growth has allowed us to continue to build on our over 30 year history of growing our dividend. That dividend growth has averaged about 7% since I became CEO in 2015.

我們的每股盈餘每年的成長率一直維持在5%到7%之間。自 2016 年我們開始提供年度指導以來，我們一直達到或超越市場預期。持續的獲利成長使我們能夠延續 30 多年增加股息的歷史。自 2015 年我擔任執行長以來，股息成長率平均約為 7%。

Lastly, our financial results are made possible by the excellent execution of our operating team and their commitment to the community where we serve. Since 2015, we've invested nearly $8 billion in capital improvements and have grown rate base at a 15% compounded annual growth rate if you include the purchase of Peoples.

最後，我們的財務表現得益於我們營運團隊的出色執行以及他們對我們所服務社區的承諾。自 2015 年以來，我們已投資近 80 億美元用於資本改進，如果算上收購 Peoples，我們的成長率已達到 15%。

I continue to be impressed by what the team has achieved, and our team is incredibly honored to be the current stewards of this great company with its 140 year history. Many of you have told me you enjoy hearing from our segment President. So today, Our gas segment President, Mike Huwar is joining us. Mike's going to talk a little bit about some of our achievements and some of our ongoing initiatives, and we'll touch a little bit on the data center activity happening in the region where we serve. Mike?

我對團隊所取得的成就印象深刻，我們的團隊非常榮幸能夠成為這家擁有 140 年歷史的偉大公司的現任管理者。你們中的許多人告訴我，你們喜歡聽我們部門總裁講話。今天，我們的天然氣部門總裁 Mike Huwar 將加入我們。麥克將簡要介紹我們的一些成就和一些正在進行的舉措，我們也會稍微談談我們服務地區資料中心的活動。麥克風？

Thanks, Chris. I'm happy to be here today and appreciate the opportunity to highlight the significant and important work that the team of Peoples Gas are doing. As noted on slide 8, Peoples is the largest natural gas LDC in Pennsylvania with over 700,000 customers and over $4 billion of rate base as of the end of 2024. Additionally, our gas segment includes our operations in Kentucky serving over 40,000 customers.

謝謝，克里斯。我很高興今天來到這裡，並感謝有機會強調人民天然氣團隊正在進行的重要工作。如投影片 8 所示，Peoples 是賓州最大的天然氣 LDC，截至 2024 年底擁有超過 70 萬名客戶和超過 40 億美元的費率基數。此外，我們的天然氣部門還包括在肯塔基州的業務，為超過 40,000 名客戶提供服務。

Since the acquisition by Essential, the clear focus of our gas segment has been the increased safety and reliability of our 15,000 mile distribution system as we work to reduce risk and achieve constructive regulatory outcomes.

自從被 Essential 收購以來，我們的天然氣部門的明確重點一直是提高 15,000 英里配送系統的安全性和可靠性，同時我們致力於降低風險並實現建設性的監管成果。

Next on slide 9, I wanted to turn to an operational highlight with the Intelis meter program. In Q3 of 2024, Essential implemented a pilot program with the gas division to install and assess the Intelis solid state gas meter. The Intelis meters provide added safety features and increased protection of customers in the communities we serve. The pilot concluded with the installation of over 30,000 Intelis meters in 2024 and in Q1 of this year, 2025.

接下來在第 9 張投影片上，我想介紹一下 Intelis 儀表程式的操作亮點。2024 年第三季度，Essential 與天然氣部門實施了一項試點計劃，以安裝和評估 Intelis 固態燃氣表。Intelis 電錶提供了額外的安全功能，並增強了對我們服務社群客戶的保護。該試點計畫將於 2024 年和 2025 年第一季安裝超過 30,000 台 Intelis 電錶。

We've moved from the pilot stage to a full implementation plan to install these new meters in all residential and small commercial properties within our service area. The added safety measures associated with these meters include an automatic shut off if the system were over pressurized or if there was an uncontrolled flow of natural gas.

我們已經從試點階段進入全面實施計劃，將在我們服務區域內的所有住宅和小型商業地產中安裝這些新電錶。與這些儀表相關的附加安全措施包括：當系統壓力過大或天然氣流動不受控制時自動關閉。

Additionally, in the event of a fire, the meter has the functionality to shut down automatically. As of now, we are assessing a comprehensive program to install the Intelli meters at nearly 700,000 customer accounts in the coming years. We are extremely bullish on this effort as we work to be among the safest gas utilities in the United States.

此外，如果發生火災，電錶還具有自動關閉的功能。截至目前，我們正在評估一項綜合計劃，以便在未來幾年內為近 700,000 個客戶帳戶安裝 Intelli 電錶。我們對這項努力非常樂觀，因為我們致力於成為美國最安全的天然氣公用事業公司之一。

Moving along to slide 10. Let me now mention a couple updates to our gas business starting with the weather normalization adjustment, which is a mechanism we received in our last Peoples rate case. As with other utilities across the nation, Peoples Gas also experiences volatility in weather patterns and subsequently impact distribution revenues.

移至投影片 10。現在，讓我提一下我們的天然氣業務的一些最新情況，首先是天氣正常化調整，這是我們在上一個人民利率案例中收到的機制。與全國其他公用事業公司一樣，Peoples Gas 也受到天氣模式波動的影響，影響分銷收入。

Beginning October 1, 2024, Peoples received authority to implement a weather normalization adjustment or WNA mechanism to combat volatility and stabilize bills for customers and the company. Since the inception of the WNA mechanism, actual weather has varied in billing months from greater than 17% colder than normal in January of 2025 to almost 30% warmer than normal in March of 2025.

從 2024 年 10 月 1 日開始，Peoples 獲得授權實施天氣正常化調整或 WNA 機制，以應對波動並穩定客戶和公司的帳單。自 WNA 機制啟動以來，實際天氣在計費月份中一直存在變化，從 2025 年 1 月比正常溫度低 17% 以上到 2025 年 3 月比正常溫度高近 30%。

Given the weather volatility, this type of alternative rate making mechanism has proven to be valuable for the company and our customers. The mechanism requires the company to track weather, heating degree days, during the billing cycle of each customer when the weather is 3% colder than normal or 3% warmer than normal, and adjustment is reflected on the bill.

考慮到天氣波動，這種替代費率制定機制已被證明對公司和我們的客戶都很有價值。該機制要求公司在每個客戶的計費週期內追蹤天氣、暖氣度日數，當天氣比正常溫度低 3% 或比正常溫度高 3% 時，帳單上就會反映出調整。

The primary driver of the mechanism has been to moderate the financial impact of volatile weather for customers and the company. We believe the WNA mechanism is working as intended for all stakeholders.

此機制的主要驅動力是減輕惡劣天氣對客戶和公司造成的財務影響。我們相信 WNA 機制正在按照預期為所有利害關係人發揮作用。

Finally, throughout the nation, there is a great deal of attention focused on the development of data centers and the associated need for electric power. We continue to field inquiries related to on-site power generation and data center development to support artificial intelligence, AI.

最後，全國都非常關注資料中心的發展以及相關的電力需求。我們將繼續回答有關現場發電和資料中心開發的問題，以支援人工智慧 (AI)。

As of today, we are in discussions with data center developers that represent up to 5 gigawatts of needed power generation in the Pittsburgh region. It's no secret that the vast natural gas resources within the Marcellus and Utica shale formations presents an opportunity of robust and lower cost power generation within the Peoples gas footprint and across Pennsylvania.

截至今天，我們正在與資料中心開發商進行討論，這些開發商代表著匹茲堡地區高達 5 千兆瓦的發電需求。眾所周知，馬塞勒斯和尤蒂卡頁岩層中豐富的天然氣資源為人民天然氣覆蓋區和整個賓州提供了強勁且低成本的發電機會。

The key message is that our company will support these activities in every way possible as they present new and unique economic development opportunities. Given the projected shortfall of available power generation within PJM, our regional transmission organization, the company is working with individual customers, data center developers, energy producers, and natural gas pipelines to support these important development efforts.

關鍵訊息是，我們公司將盡一切可能支持這些活動，因為它們提供了新的、獨特的經濟發展機會。鑑於我們區域輸電組織 PJM 內部可用發電量預計會出現短缺，公司正在與個人客戶、資料中心開發商、能源生產商和天然氣管道合作，以支持這些重要的發展工作。

While it's certainly too early to predict the exact investment needed to develop these projects, there are clear benefits to the region in what has been described as a very, very fluid environment surrounding data centers and energy usage. For Peoples and Essential Utilities, the potential increased load could increase the utilization factor of the distribution system that would help to keep natural gas service affordable for our customers.

雖然現在預測開發這些項目所需的確切投資還為時過早，但在資料中心和能源使用環境極不穩定的環境下，這些項目顯然能為該地區帶來好處。對於人民和基本公用設施而言，潛在的負載增加可能會提高配送系統的利用率，有助於讓客戶負擔得起天然氣服務。

And with that, I will turn it to Dan for a review of the financials.

說完這些，我將把它交給丹來審查財務狀況。

Thanks, Mike, and good morning everyone. Let's begin on slide 12 with a high level view of the first quarter results, and then we'll get into the details on the waterfalls. Our quarterly performance was strong with revenues of 28%, O&M flat, and earnings per share of 6.2%. You'll recall that last year's first quarter earnings per share included a $0.24 gain from the sale of the Pittsburgh area energy project.

謝謝，麥克，大家早安。讓我們從第 12 張投影片開始，從整體上了解第一季的業績，然後我們將深入了解瀑布圖的細節。我們的季度業績表現強勁，營收成長 28%，O&M 持平，每股收益 6.2%。您會記得，去年第一季每股收益包括出售匹茲堡地區能源項目所獲得的 0.24 美元收益。

Let's dive into the waterfall slides to further review the drivers of this strong quarter and the comparisons to last year. And slide 13, we have the revenue waterfall for the first quarter. Revenues increased 28% from $612.1 million a year ago to $783.6 million this year.

讓我們深入瀑布幻燈片，進一步回顧這個強勁季度的驅動因素以及與去年的比較。第 13 張投影片展示了第一季的收入狀況。營收從一年前的 6.121 億美元成長 28% 至今年的 7.836 億美元。

Additional revenues from regulatory recoveries, higher purchase gas costs, and higher regulated natural gas segment volumes were the primary revenue drivers. Of the roughly $67 million increase in regulatory recoveries, two third is from gas and one third is from water. Of the higher purchase gas costs, about 50% is due to volume and half is due to higher commodity prices. The higher gas segment volumes reflect normal weather in this year's first quarter compared to significantly warmer than normal weather in the Pittsburgh area last year.

來自監管恢復的額外收入、更高的購買天然氣成本以及更高的受監管天然氣部門產量是主要的收入驅動因素。在監管回收增加的約 6,700 萬美元中，三分之二來自天然氣，三分之一來自水。在天然氣採購成本上升中，約有50%是由於數量增加，一半是由於商品價格上漲。天然氣銷售量增加反映出今年第一季天氣正常，而去年匹茲堡地區的天氣明顯比正常情況溫暖。

The other category includes an $8.5 million dollar increase in our customer assistance surcharge costs, which has a direct offset in O&M. It also reflects a lower tax repair related credit to customers as a result of the PNG rate case and $2 million of weather normalization credits back to our Pennsylvania customers.

另一類包括我們的客戶協助附加費用增加了 850 萬美元，這直接抵消了 O&M 費用。它還反映了由於 PNG 費率案例而向客戶提供的較低稅收修復相關抵免，以及向賓夕法尼亞州客戶提供的 200 萬美元的天氣正常化抵免。

Next on slide 14, the O&M slide, we see flat O&M expenses year over year, but there are a few things going on that we could discuss. The main drivers for O&M were increases in customer assistance surcharge costs, which have an equivalent offsetting amount in revenue, increases in employee-related costs, and water production expenses.

接下來在第 14 張投影片即 O&M 投影片上，我們看到 O&M 費用比去年同期持平，但有幾件事我們可以討論一下。O&M 的主要驅動因素是客戶協助附加費成本的增加（其在收入中有等量的抵銷金額）、員工相關成本的增加以及水生產費用的增加。

These increases were offset by a decrease in bad debt expense and other expenses. The decrease in bad debt primarily reflects the rate recovery of a regulatory asset tied to increased bad debt during COVID. And the other category reflects lower outside services costs and insurance expenses.

這些增加被壞帳費用和其他費用的減少所抵消。壞帳的減少主要反映了與新冠疫情期間壞帳增加相關的監管資產的回收率。另一類則反映外部服務成本和保險費用較低。

On the EPS waterfall on slide 15, we see a $0.17 positive impact from rates and surcharges, an $0.08 increase due to higher volumes of gas reflecting normal weather this year, and a $0.02 pickup due to lower expenses. These increases were offset by lower water volume and other. For the quarter, other includes the prior year $0.24 gain on sale from the Pittsburgh area energy projects, tax-related impacts, and other items.

在幻燈片 15 上的 EPS 瀑布圖中，我們看到費率和附加費產生了 0.17 美元的積極影響，由於今年天氣正常導致天然氣量增加而產生了 0.08 美元的增長，並且由於費用降低而產生了 0.02 美元的增長。這些增長被水量減少和其他因素所抵消。本季的其他收入包括去年匹茲堡地區能源項目銷售收益 0.24 美元、稅收相關影響和其他項目。

Turning to slide 16, this is something we've shown occasionally in the past to provide more insights on how our annual earnings per share breaks out by quarter. We thought it was important to bring this back for those of you that run quarterly models, and we've modified it to more accurately reflect how we expect 2025 to look.

翻到第 16 張投影片，這是我們過去偶爾展示的內容，以便更深入地了解我們的年度每股收益如何按季度細分。我們認為，對於運行季度模型的用戶來說，恢復此功能非常重要，並且我們對其進行了修改，以更準確地反映我們對 2025 年的預期。

In the past we would have said that the first quarter could move our earnings materially higher or lower depending on the weather. Now that we have a revenue normalization mechanism in Pennsylvania, that volatility will be more muted.

過去，我們會說，第一季的收益可能會因天氣而大幅上升或下降。現在賓州有了收入正常化機制，波動性將會更小。

For this year, we see that the first quarter actual result was at the high end of the 40% to 50% of annual EPS expected in the first quarter. The recovery of the regulatory asset I mentioned earlier was a portion of this outperformance.

就今年而言，我們看到第一季的實際業績處於預期年度每股收益 40% 至 50% 的高端。我之前提到的監管資產的復甦是這種優異表現的一部分。

In the two middle quarters of the year, heating related gas sales are normally light due to warm summer temperatures. Thus, we expect 10% to 20% of our annual earnings in each of these two quarters, and as you will recall, the third quarter EPS is generally the lowest of the year.

在一年中的兩個季度，由於夏季氣溫較高，供暖相關的天然氣銷售通常較少。因此，我們預計這兩個季度的每股盈餘將達到全年的 10% 到 20%，而且您可能還記得，第三季的每股盈餘通常是全年最低的。

And the fourth quarter should be between 20% and 30% of our earnings as the gas business picks up going into winter. We remain confident in our ability to meet our full year earnings per share guidance range of $2.07 to $2.11.

隨著天然氣業務進入冬季，第四季的收入將占我們總收入的 20% 至 30%。我們仍有信心實現全年每股收益預期範圍 2.07 美元至 2.11 美元。

While we're here, I do want to reiterate what Chris said about the equity needs for the year. We're pleased to report that we've already completed approximately two thirds of our 2025 equity needs. We see this as a significant accomplishment, especially considering the general market volatility that we've experienced so far this year.

既然我們在這裡，我確實想重申克里斯關於今年股權需求的說法。我們很高興地報告，我們已經完成了 2025 年股權需求的約三分之二。我們認為這是一項重大成就，特別是考慮到今年迄今為止我們經歷的整體市場波動。

Next, let's move to slide 17 to provide an update on regulatory activity. We continue to manage our regulatory activity to maintain safe and reliable service, earn an appropriate return on the capital that we invest, and minimize regulatory lag while always considering affordability for our customers.

接下來，讓我們轉到第 17 張投影片來提供有關監管活動的最新資訊。我們將繼續管理我們的監管活動，以維持安全可靠的服務，獲得我們投資資本的適當回報，並最大限度地減少監管滯後，同時始終考慮客戶的承受能力。

New rates went into effect on February 22 for Aqua, Pennsylvania following the Pennsylvania PUC approval of the recent rate case. The rate order allowed a base rate increase designed to increase total annual revenues by $73 million.

繼賓州公共事業委員會 (PUC) 批准最近的費率案後，賓州 Aqua 的新費率於 2 月 22 日生效。該稅率命令允許提高基本稅率，旨在使年度總收入增加 7,300 萬美元。

During the first three months of 2025, we implemented rate increases in Ohio and North Carolina designed to increase total revenues on an annual basis by $5.8 million. Also during the first three months of 2025 we implemented infrastructure rehabilitation surcharges designed to increase total revenues on an annual basis by $10.8 million in our water and wastewater divisions in Pennsylvania and Ohio and by approximately $50 million in our natural gas subsidiary in Kentucky.

在 2025 年的前三個月，我們在俄亥俄州和北卡羅來納州實施了加價，旨在使每年的總收入增加 580 萬美元。此外，在 2025 年的前三個月，我們實施了基礎設施修復附加費，旨在使我們在賓州和俄亥俄州的水和廢水部門的年度總收入增加 1,080 萬美元，使我們在肯塔基州的天然氣子公司的年度總收入增加約 5,000 萬美元。

On April 30, 2025, the company's regulated water and wastewater subsidiary in North Carolina, Aqua, North Carolina, followed an application with the North Carolina Utilities Commission designed to increase rates by $32.9 million in the first year of implementation and then by two incremental approximately $6 million increases in the second and third years respectively. As a reminder, we began using a multi-year approach in North Carolina three years ago. We find that that works well for all of the stakeholders.

2025年4月30日，該公司位於北卡羅來納州的受監管水和廢水處理子公司Aqua向北卡羅來納州公用事業委員會提出申請，計劃在實施的第一年將費率提高3290萬美元，然後在第二年和第三年分別增加兩次約600萬美元的增量。提醒一下，我們三年前就開始在北卡羅來納州採用多年期方法。我們發現這對所有利害關係人來說都很有效。

And with that, I'll turn it back over to Chris. Chris?

說完這些，我會把話題交還給克里斯。克里斯？

All right, thanks, Dan. Let's move to slide 19 now. We'll touch briefly on our long term growth or acquisition strategy that as you know focuses on water and wastewater utility acquisitions. In fact, since 2015, we've acquired over $518 million in rate base and more than 129,000 new customers or customer equivalents.

好的，謝謝，丹。現在我們來看第 19 張投影片。我們將簡要介紹我們的長期成長或收購策略，如您所知，該策略重點是水和廢水公用事業的收購。事實上，自 2015 年以來，我們已獲得超過 5.18 億美元的費率基礎和超過 129,000 名新客戶或客戶等價物。

Last month, we closed on the acquisition of the village of Midvale's Water System in Ohio, which serves approximately 1,000 customers. We paid approximately $3 million for this relatively small system and as a reminder, Ohio is our second largest water operation with over 150,000 customers, and we continue to see strong opportunities for regionalization in that state.

上個月，我們完成了對俄亥俄州米德維爾村供水系統的收購，該系統為約 1,000 名客戶提供服務。我們為這個相對較小的系統支付了大約 300 萬美元，提醒一下，俄亥俄州是我們第二大供水公司，擁有超過 150,000 名客戶，我們繼續看到該州區域化的強大機會。

Now, in January, we closed the acquisition of the Greenville Wastewater utility assets, which serves approximately 2,300 customers in Greenville, Pennsylvania. We paid approximately $18 million for the system and just recently, we filed an application with the Pennsylvania Public Utility Commission for the acquisition of the Greenville Water system, which we hope to close later this year.

現在，我們於一月份完成了對格林維爾污水處理公用事業資產的收購，該資產為賓州格林維爾的約 2,300 名客戶提供服務。我們為該系統支付了大約 1800 萬美元，最近，我們向賓州公用事業委員會提交了收購格林維爾水務系統的申請，我們希望在今年稍後完成收購。

Now, including Greenville Water, as of today, we have five signed purchase agreements for the acquisition of water and wastewater systems in Pennsylvania and Texas, that are pending closing and are expected to serve over 210,000 customers or customer equivalents in total approximately $340 million in purchase price.

現在，包括格林維爾水務公司在內，截至今天，我們已經簽署了五份購買協議，用於收購賓州和德州的水和廢水系統，這些協議即將完成，預計將為超過 21 萬名客戶或客戶當量提供服務，總購買價格約為 3.4 億美元。

Our $276.5 million agreement to acquire Delcora, a Pennsylvania sewer authority that serves approximately 198,000 customer equivalents in the Philadelphia suburbs, is included among the signed purchase agreements, but as you know is not included in our current guidance numbers.

我們以 2.765 億美元收購 Delcora 的協議包含在已簽署的購買協議中，Delcora 是一家賓州下水道管理局，為費城郊區約 198,000 名客戶提供服務，但如您所知，它並未包含在我們目前的指導數字中。

And finally on slide 20. As usual, we'll close the call by sharing some of our goals and aspirations, both short term and long term. We continue to see a healthy pipeline of opportunities for additional growth, both on the water side as well as the gas business. We expect our combined utility rate base will grow at a compounded annual growth rate of 8%.

最後是第 20 張投影片。像往常一樣，我們將在會議結束時分享我們的一些短期和長期目標和願望。我們繼續看到水務和天然氣業務方面存在大量進一步增長的機會。我們預計，我們的綜合公用事業費率基數將以 8% 的複合年增長率成長。

Breaking this down a little bit further, we anticipate our regulated water segment rate-based growth at about 6%, and our regulated natural gas segment rate-based growth to be at about 11%. Importantly, we are reaffirming our 5% to 7% multi-year earnings per share guidance through 2027. As I said before, this guidance does include acquisitions which are expected to close in 2025 and 2026 and excludes Delcora.

進一步細分，我們預期受監管水務部門的利率成長率約為 6%，受監管天然氣部門的利率成長率約為 11%。重要的是，我們重申到 2027 年每股盈餘預測為 5% 至 7%。正如我之前所說，該指引確實包括預計 2025 年和 2026 年完成的收購，但不包括 Delcora。

Of course, this projection includes the crucial work that we're doing to remediate PFAs across our water systems, as well as our work to replace aging natural gas pipes. By the way, our gas pipeline replacement work is expected to continue well beyond the next 10 years.

當然，這項預測包括我們為修復整個供水系統中的 PFA 所做的關鍵工作，以及我們為更換老化的天然氣管道所做的工作。順便說一句，我們的天然氣管道更換工作預計將持續到未來10年後。

Now, we will continue to maintain a strong balance sheet with a focus on continued improvement in our debt metrics. While we grow the dividend and we'll keep the payout ratio at the same time at 60% to 65%. So all in all, we see a bright future for the company as we continue to invest in our nation's infrastructure and build value for shareholders. Very excited about the future of this company.

現在，我們將繼續保持強勁的資產負債表，並專注於債務指標的持續改善。在我們增加股息的同時，我們將維持派息率在 60% 至 65% 之間。總而言之，隨著我們繼續投資國家基礎設施並為股東創造價值，我們看到公司的光明未來。對這家公司的未來感到非常興奮。

With that, I'm going to conclude my formal remarks for the day, and we'll open up for questions. I'll send it back to the operator.

至此，我將結束今天的正式發言，然後開始回答大家的提問。我會將其發回給操作員。

(Operator Instructions)

（操作員指示）

Julian Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julian Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hey, this is Mark on for Julian. This is Spark. Congrats on a nice quarter.

嘿，我是馬克，代替朱利安。這是 Spark。恭喜本季取得良好業績。

Thank you. Good morning.

謝謝。早安.

Morning. My first question is on equity issuance. We know two third of the equity needs have been completed so far. Just given recent share price strengths, are you considering completing the remaining roughly $100 million equity ahead of the second quarter and maybe any thoughts on perhaps pulling forward a portion of 2026 equity needs? Thank you.

早晨。我的第一個問題是關於股票發行的。我們知道，到目前為止，三分之二的股權需求已經完成。鑑於近期股價走強，您是否考慮在第二季之前完成剩餘的約 1 億美元股權，或許是否考慮提前完成 2026 年的部分股權需求？謝謝。

Yeah, I appreciate the question. And I think for the time being our focus is really getting the $315 million in equity raised here in 2025 rather than really thinking about the 2026 equity. But as you know, we've got a relatively strong share price, so when we can, we'll be in the market issuing shares in a way that doesn't dramatically impact the share price.

是的，我很感謝你提出這個問題。我認為，目前我們的重點是真正在 2025 年籌集 3.15 億美元的股權，而不是真正考慮 2026 年的股權。但如你所知，我們的股價相對強勁，因此，只要有可能，我們就會以不會對股價產生巨大影響的方式在市場上發行股票。

Got it. That's very clear. And maybe if I can just pivot a little bit on the Texas rate case, I know as you're gearing up for your first Texas filings in roughly 20 years, and just what level of revenue increase are we and equity ratio are you targeting? I guess how should we set expectations around the case and outcome? I know you mentioned some positive dynamics earlier in terms of future rate case -- future tests here. Just any color on that front would be helpful. Thank you.

知道了。這非常清楚。也許我可以稍微談談德克薩斯州的利率案例，我知道您正在為大約 20 年來首次在德克薩斯州提交申請做準備，我們的收入增長水平和您的股權比率目標是什麼？我想我們應該如何設定對案件和結果的期望？我知道您之前提到過未來利率情況方面的一些積極動態——未來的測試就在這裡。只要前面的任何顏色都是有幫助的。謝謝。

Yeah. So that rate case, we haven't filed it yet. We we're looking to file it at the end of this month. That's our target at this point. You'll see when we file that -- you'll see what that revenue ask is and also, equity layer and ROE, but yeah, I'd say an equity layer in our ROE, expect to see something consistent with what we ask for in our other states.

是的。因此，我們尚未提起該利率案件。我們希望在本月底提交該申請。這就是我們目前的目標。當我們提交該文件時，您會看到 - 您會看到收入要求是多少，還有股權層和 ROE，但是是的，我想說我們的 ROE 中的股權層，希望看到與我們在其他州的要求一致的東西。

And I would say just to add to that, we work very hard to build a reputation in all the states where we operate with strong operating results, try to be very, very accommodating to regulators when they need to do things. And we've done the same thing in Texas. Now anytime you come in for rates after 20 years of being out, there's going to be some things to get over and figure out because we haven't been in for so long.

我想補充的是，我們非常努力地在我們開展業務的所有州建立聲譽，並取得強勁的營運業績，在監管機構需要採取行動時盡力配合他們。我們在德克薩斯州也做了同樣的事情。現在，當您在離開市場 20 年後再次進入市場查詢利率時，總是會有一些事情需要解決和弄清楚，因為我們進入市場的時間並不長。

And so I would just say, we'll work really closely with Texas regulators to adjudicate that case. But certainly, there may be some things in that case that we'll figure out as we go.

因此我想說，我們將與德州監管機構密切合作來裁決此案。但當然，在這種情況下可能會出現一些問題，我們會在處理過程中弄清楚。

Got it. That's very clear. And congrats again. Thank you.

知道了。這非常清楚。再次恭喜。謝謝。

Yeah, thank you.

是的，謝謝。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Good morning, Durgesh.

早上好，杜爾格甚。

Good morning, Durgesh.

早上好，杜爾格甚。

Good morning, Chris. and thank you for giving me. Hey, just a little bit more color, and I'm just looking for some reaffirmation here. It looks like you started the year really strong in terms of EPS. And when I sort of do some high-level math and take the midpoints of the ranges you've highlighted in terms of earnings contribution for quarter second, third and fourth, that will put you ahead of your top end of the guidance range.

早上好，克里斯。謝謝你給我。嘿，再多一點顏色，我只是在這裡尋求一些確認。看起來你們今年的每股盈餘表現非常強勁。當我進行一些高級數學運算並取您所強調的第二、第三和第四季度收益貢獻範圍的中點時，這將使您的業績超出指導範圍的最高端。

So maybe just talk to the -- is that you've started strong, but there's a long year to go, so you're kind of not raising guidance here, but you're starting strong or the strategy is to move costs from '26 into 2025 and derisk '26. Maybe just talk to that as to how you're seeing that play out.

所以也許只是談談——你已經開始強勁，但還有很長的一年要走，所以你在這裡不會提高指導，但你開始強勁，或者策略是將成本從 26 年轉移到 2025 年並降低 26 年的風險。也許只是談談你對這現象的看法。

Yeah, great question, Durgesh. I think that first point you made, right, that we're four months into the year here and the financials really reflect the three months. So it seems premature to do much in terms of adjustment of our guidance range. And I'll acknowledge, we did have some nice tailwinds in the first quarter, but we've got three more quarters to go, and we may have some headwinds there that we encounter. So our thought was really just to wait and provide clarity really as the year goes on.

是的，問得好，杜爾格甚。我認為您提出的第一點是正確的，今年已經過去了四個月，而財務狀況實際上反映的是三個月的情況。因此，現在對我們的指導範圍進行大幅調整似乎還為時過早。我承認，我們在第一季確實遇到了一些不錯的順風，但我們還有三個季度要度過，我們可能會遇到一些逆風。因此，我們的想法實際上只是等待，並隨著時間的推移提供明確的答案。

Got it. Okay, I appreciate that commentary. And then just kind of wanted to ask you on the EPA announcement here late April on PFAS they were kind of announced specific targeted actions. Just wondering how that impacts your operational strategy in tackling that forever chemical. And then any implications for the capital that you have in the five year plan, please? Thank you.

知道了。好的，我很欣賞你的評論。然後我只是想問您關於 EPA 在四月底發布的有關 PFAS 的公告，他們宣布了具體的針對性行動。只是想知道這對您解決永久性化學物質問題的營運策略有何影響。那麼這對你們五年計畫中的資本有什麼影響嗎？謝謝。

Durgesh, we're full speed ahead. I've mentioned on previous calls that we've sat with regulators, both economic and environmental regulators in our key states. And the orders that we've received from them is full speed ahead, mitigate this, meet the timelines and we're -- so we're still on our projected budget of $450 million will be complete by 2028.

杜爾格甚，我們全速前進。我在之前的電話會議中提到過，我們與主要州的經濟和環境監管機構進行了會談。我們從他們那裡收到的命令是全速前進，緩解這種情況，滿足時間表，所以我們仍然按照預計的 4.5 億美元預算到 2028 年完成。

And there is no hesitation here at all. We're going to spend it, and we're going to mitigate the affected wells and sources. We continue to test our system. So there are occasions where that could grow a little bit as we continue to test the various locations around the company's footprint. But there is no -- we've seen nothing from EPA or this administration that would suggest that we should slow in any way. So we're full speed ahead.

這裡根本沒有任何猶豫。我們將花掉這筆錢，並減輕受影響的水井和水源的損害。我們繼續測試我們的系統。因此，隨著我們繼續測試公司業務範圍內的各個地點，有時這一數字可能會有所增長。但是，我們沒有看到美國環保署或政府方面提出任何建議，要求我們以任何方式放慢速度。因此我們全速前進。

Got it, thank you.

知道了，謝謝。

Thank you.

謝謝。

Travis Miller, Morningstar.

崔維斯·米勒，晨星。

Hey, Travis.

嘿，崔維斯。

Good morning everyone. Thank you. Just a little follow up there on the PFAS discussion. In terms of the financing, I got those numbers that you were talking about for Pennsylvania specifically, since you had some success there, how much is left, would you say of the $450 million that's allocated to Pennsylvania then net those low interest loans to the $55 million if you get that?

大家早安。謝謝。只是對 PFAS 討論進行一點跟進。在融資方面，我得到了您提到的有關賓夕法尼亞州的具體數字，由於您在那裡取得了一些成功，您認為分配給賓夕法尼亞州的 4.5 億美元中還剩下多少錢，然後把這些低息貸款淨額減為 5500 萬美元？

Well, I would say that the spend in Pennsylvania is still largely to come. We have not spent much because in Pennsylvania, we have some larger plants that need mitigation. And so that takes much more planning, permitting and testing. So Travis, most of that spend is yet to come.

嗯，我想說賓州的支出大部分仍未到位。我們沒有花太多，因為在賓州，我們有一些需要減排的大型工廠。因此這需要更多的規劃、許可和測試。所以特拉維斯，大部分支出尚未到位。

We continue to look at the low interest loans and grants in Pennsylvania. And we're hopeful that we can get more. We've already been, as you said, successful, but we've got applications in for additional dollars to offset what our customers need to pay. I don't have exact numbers on the applications that we're in right now, but we're happy to take that offline and get you some more numbers.

我們繼續關注賓州的低利率貸款和補助金。我們希望能夠獲得更多。正如您所說，我們已經取得了成功，但我們已經申請了額外的資金來抵消我們的客戶需要支付的費用。我目前還沒有關於我們所處應用程式的確切數字，但我們很樂意將其離線並為您提供更多數字。

Okay. And that'd be incremental to the $69 million, the $10 million, and in the $59 million.

好的。這將逐步增加至 6,900 萬美元、1,000 萬美元和 5,900 萬美元。

Yes.

是的。

Okay, great.

好的，太好了。

Of what we've all received.

我們都收到了什麼。

Okay. Okay. And then a question for Mike, data centers, I'm sure you weren't surprised that there would be a question on data centers. When you talk about the opportunity there, is that just simply more gas flowing through the distribution center? Or are you thinking more direct contracts to like on-site generation.

好的。好的。然後問麥克一個問題，關於資料中心，我相信你不會對資料中心的問題感到驚訝。當您談到那裡的機會時，這是否只是更多的天然氣流經配送中心？或者您是否正在考慮簽訂更多直接合約來像現場發電一樣。

I heard a couple of gas companies talking about projects. essentially behind the meter. Is that a supply source that you'd think about? Or are we just talking about more distribution volume?

我聽到幾家天然氣公司談論項目，基本上是在儀表後面。這是您會考慮的供應來源嗎？或者我們只是在談論更多的分發量？

Thank you for the question. I mean I think it's a variety of things. I think team Pennsylvania, the economic development entity in Pennsylvania has indicated there is somewhere around 72 projects in various forms of development. What I'm describing is some form or fashion of all the things that you talked about. We believe in behind the meter generation not only for data centers, but large volume customers as well, but it is very fluid at this particular time. And of the projects that we're currently in discussions with it's very clear that there are different approaches to how this might happen.

謝謝你的提問。我的意思是我認為這是多種多樣的。我認為賓州團隊，賓州的經濟發展實體已經表示，大約有 72 個專案處於各種形式的開發中。我所描述的是您所談論的所有事物的某種形式或方式。我們相信，電錶後發電不僅適用於資料中心，也適用於大容量客戶，但在這個特定時期，它非常不穩定。從我們目前正在討論的專案中可以明顯看出，對於如何實現這一目標存在不同的方法。

It's also very clear that the PJM grid does not have the adequate generation as you look out into 2030 and beyond to support virtually many of these projects. So natural gas will play a huge part in that. There's certainly latency within our system load factor that can be extrapolated to the benefit of customers, not only new customers, but our existing customers. And there's also potential investment that we might look at with potential partners.

展望 2030 年及以後，很明顯 PJM 電網沒有足夠的發電能力來支援幾乎所有此類專案。因此天然氣將在其中發揮巨大作用。我們的系統負載因素中肯定存在延遲，這可以推斷為客戶的利益，不僅是新客戶，還有我們現有的客戶。我們也可能與潛在合作夥伴一起探討潛在的投資。

So we have a team that's been working on this for quite some time. we're thinking about it every day and how we can support these efforts not only to the benefit of the region, but to our customers and specifically Peoples and Essential.

因此，我們有一個團隊已經為此工作了很長時間。我們每天都在思考這個問題，以及我們如何支持這些努力，不僅造福該地區，也造福我們的客戶，特別是 Peoples 和 Essential。

Okay. Great, I appreciate all the details. That's all I have. Thanks.

好的。太好了，我很感謝所有的細節。這就是我所擁有的一切。謝謝。

Thank you, Travis.

謝謝你，崔維斯。

(Operator Instructions)

（操作員指示）

Gregg Orrill, UBS.

瑞銀的格雷格·奧裡爾。

Hey Greg.

嘿，格雷格。

Good morning, Greg.

早安，格雷格。

Hey, good morning. Congratulations. Just maybe a follow-up there, with regard to the discussions that you're having with business opportunities on the gas side with data center customers. How do you see that evolving? When do you think those discussions would reach terms of agreements? What -- kind of what sort of update should we be looking for as the year progresses?

嘿，早安。恭喜。關於您與資料中心客戶在天然氣方面開展的商業機會的討論，也許這只是一個後續問題。您認為這項發展將如何發展？您認為這些討論何時能夠達成協議？隨著時間的推移，我們應該期待什麼樣的更新？

So again, I appreciate that question. As mentioned, with the vast number of projects that are currently in play. It's really hard to say specifically what the timing of any announcements would be. You've seen fairly large data center campuses that have already been announced. Those are not anything that we have portrayed in any of our analysis. I would also say that the state of Pennsylvania and any economic development packages they would put together those are going to have tremendous influence on who locates here.

因此，我再次感謝你提出這個問題。如上所述，目前正在進行大量項目。很難具體說出發佈公告的時間。您已經看到已經宣布的相當大的資料中心園區。這些都不是我們在分析中所描繪的內容。我還要說的是，賓州及其製定的任何經濟發展計劃都將對誰在這裡定居產生巨大影響。

The unique potential of where individuals would locate data centers is something that we continue to look at. a really strong, robust delivery system. So I would hesitate to present the timing of when we would announce any type of deal and as I mentioned, the ones that we're looking at, they all come in various forms, shapes and sizes. So what we do know is that the speed to market influence is going to be really important for these developers. So I would suggest that as we develop deals and sign deals, we would come to the table with us immediately.

我們將繼續關注個人將資料中心安置在何處的獨特潛力。一個真正強大、穩健的交付系統。因此，我不太願意透露我們何時會宣布任何類型的交易，正如我所提到的，我們正在考慮的交易都有各種形式、形狀和規模。因此，我們確實知道，對於這些開發商來說，上市速度的影響確實非常重要。因此我建議，當我們制定交易並簽署協議時，我們應該立即坐下來談判。

There's so many contributing factors to state government here. Pennsylvania has really got to play a major role as well. If we think about site location, site readiness in addition to everything that the company is doing provide the adequate supply. Mike, I think the one you mentioned that got completed already Bedford, right?

有很多因素影響州政府的決策。賓州也確實發揮了重要作用。如果我們考慮場地位置、場地準備情況以及公司正在做的一切，提供充足的供應。麥克，我認為你提到的那個已經在貝德福德完成了，對嗎？

Homer city.

荷馬城。

Homer, city. I'm sorry. Yeah, and so we have had some successes here in Pennsylvania. That one was not in our service area, but we're hopeful to see more of those, whether it's throughput or combinations. Sort of like we've done, Gregg, with the energy products that we sold last year. Those are always a possibility. But it's hard to say what form these ultimately will take the load timing.

荷馬，城市。對不起。是的，我們在賓夕法尼亞州取得了一些成功。那輛車不在我們的服務範圍內，但我們希望看到更多這樣的車，無論是吞吐量還是組合。格雷格，這有點像我們去年銷售的能源產品。這些總是有可能的。但很難說這些最終將採取什麼形式的載入時間。

Okay, thanks.

好的，謝謝。

Ryan Connors, North Coast Research.

康納斯（Ryan Connors），北海岸研究公司。

Hey Ryan, good morning.

嘿，Ryan，早安。

Good morning, Ryan.

早安，瑞安。

Yeah. So Dan, one for you, Dan. On the O&M expenses. It seemed like that was a big surprise for us. And you mentioned the bad debt kind of a good guide there.

是的。那麼丹，給你一個，丹。關於營運維護費用。這對我們來說似乎是一個很大的驚喜。您提到壞帳是一個很好的指導。

Can you kind of give us frame a little bit for us what the core growth rate was in kind of core O&M and where we should be thinking about that over the balance of the year? Is that bad debt benefit going to continue? Or is that -- will that tail off?

您能否向我們稍微介紹一下核心 O&M 的核心成長率是多少，以及我們應該如何考慮全年的平衡？壞帳收益還會持續下去嗎？或者說——這會逐漸消失嗎？

It that bad debt -- sorry, that benefit that I mentioned, that will continue, meaning it doesn't get any better. It was sort of a onetime nonrecurring item that's coming through the balance sheet here as a result of the conclusion of the Aqua Pennsylvania rate case.

那就是壞帳——抱歉，就是我提到的那個好處，它會持續下去，也就是說它不會變得更好。這是一次性的非經常性項目，由於賓州水費案的結束而出現在資產負債表中。

But if we look and we had the same question. So we look end-to-end here and say, well, if we didn't have some of these onetime-ish effects, including the customer assistance rider, that $8.5 million bar that you see at the beginning of the waterfall, if you kind of normalize this from last year's emission here, you'll come to about 2% -- call it, 2% -- between 2.5% and 3%. I think our quick math gave us 2.8% or so there.

但如果我們仔細觀察就會發現我們也有同樣的疑問。因此，我們從頭到尾進行觀察，然後說，如果我們沒有這些一次性的影響，包括客戶協助附加條款，您在瀑布開始時看到的 850 萬美元的標準，如果您將其與去年的排放量進行標準化，那麼您將達到約 2% - 稱之為 2% - 介於 2.5% 和 3% 之間。我認為我們的快速計算得出的結果約為 2.8%。

So that about O&M expenses. And as you know, we spent a lot of time really focused on keeping our O&M expenses under control, kind of remaining below 3% or closer to 2%, 2.5% is really our objective.

這就是關於 O&M 費用的問題。如你所知，我們花了很多時間專注於控制我們的營運和維護費用，保持在 3% 以下或接近 2%，2.5% 是我們真正的目標。

Yeah. Dan, the work that we're just beginning here at the company, much like other utilities around lean should bear fruit over the next few years. Although we're in the investment stage of that at this point, just getting our People trained up and getting People focused on that kind of an approach to -- but that next level, Ryan, for us, is really on that lean approach and then seeing results over the next few years.

是的。丹，我們在公司剛開始的工作，就像其他精實公用事業一樣，應該會在未來幾年內取得成果。雖然我們現在處於投資階段，只是對我們的員工進行培訓，並讓他們專注於這種方法 - 但對我們來說，下一個階段實際上是精益方法，然後在未來幾年看到成果。

Yeah. So I think kind of probably a bit year and first part of next year, Ryan, we'll be investing in that program and spending some money in order to get People trained up. And then beyond that, we look for some efficiencies to come out of that is really you've got the whole of the employee base looking at doing things efficiently, eliminating waste and taking action on those items. So we're really excited about.

是的。所以我認為，可能在今年和明年年初，瑞安，我們會對這個計畫進行投資，並花一些錢來培訓人們。除此之外，我們還尋求提高效率，實際上就是讓全體員工都專注於如何有效率地做事，消除浪費，並對這些事項採取行動。所以我們真的很興奮。

Got it. Now Mike, one for you on -- has the company disclosed a rate base dollar value associated with that Intelis meter rollout?

知道了。現在，麥克，我想問您一個問題——公司是否披露了與 Intelis 電錶推廣相關的費率基準美元價值？

No, we have not, at this point, no.

不，目前我們還沒有。

No. Okay. Got it. Okay. And then lastly, Chris, I wanted to just get your take on the Beaver Falls, I know it's not a massive deal, but interesting sequence of events there.

不。好的。知道了。好的。最後，克里斯，我想聽聽你對比弗瀑布的看法，我知道這不是什麼大事，但那裡發生的一系列事件很有趣。

I mean, you reached a settlement OCA was on board and then you get an adverse recommendation from the ALJ. So just curious what you can give us your take on that? Why we seem to continue to see these ALJ decisions go sometimes the wrong way and then also, when do you think we could expect to see Beaver Falls, actually come before the PUC. Because, could it be as soon as this month? Or would it be further out than that?

我的意思是，你與 OCA 達成了和解，但隨後卻收到了 ALJ 的不利建議。所以我很好奇您能告訴我們您對此的看法嗎？為什麼我們似乎繼續看到這些 ALJ 決定有時會朝著錯誤的方向發展，而且，您認為我們什麼時候可以期望看到 Beaver Falls 真正出現在 PUC 之前。因為，最快可能在本月發生嗎？或者說會比這更遠嗎？

Yeah. All good questions, Ryan. I wish I had a good answer for you as to why the ALJs in Pennsylvania continue to put the commissioners in a place where they need to return it. I'm hopeful that there was a philosophy emerging here that will make this a little bit easier to process because I think -- in some cases, that's what it is. It's a philosophy.

是的。這些都是很好的問題，瑞安。我希望我能給你一個好的答案，為什麼賓州的行政法官繼續將委員們置於需要歸還的境地。我希望這裡出現一種哲學，可以讓這個問題更容易處理一些，因為我認為——在某些情況下，情況就是這樣。這是一種哲學。

Now I do think given the settlement negotiated. I do think we have a favorable chance at the commission level. We expect this to be on an agenda in June this year, so about a month away, maybe and listen, we're hopeful we're going to do all the work, and we've done all of our filings and everything to support this case. This is one is a primary example of a troubled system that needs assistance.

現在我確實認為已經達成了和解。我確實認為我們在委員會層面有良好的機會。我們預計此事將在今年 6 月列入議程，大概還有一個月的時間，聽著，我們希望能夠完成所有工作，我們已經完成了所有文件以及支持此案的一切工作。這是一個需要援助的陷入困境的系統的主要例子。

The mayor came back lowered her price. We're taking a little bit of goodwill. The OCA got comfortable with it. This is one that should get done. This is -- we need to make sure that deals like this get done in Pennsylvania for the water supply in this state.

市長回來後降低了價格。我們正在採取一點善意。OCA 對此感到很滿意。這是一件應該要做的事。這是——我們需要確保賓州能夠達成這樣的協議，以保障該州的供水。

Got it. Thanks for that. Helpful. We'll definitely keep an eye on it. Thanks for your time.

知道了。謝謝。很有幫助。我們一定會密切注意。感謝您的時間。

You got it.

你明白了。

Yes, thank you.

是的，謝謝。

This concludes our question and answer session. I will now turn the call over back to Mr. Chris for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給克里斯先生，請他作結束語。

Thanks everyone for joining us this morning, and as always we stand ready to answer any of your follow-up questions. Look forward to hearing from you and have a great day.

感謝大家今天早上的參與，我們將一如既往地隨時準備回答大家的後續問題。期待您的回覆並祝您有美好的一天。

Thank you for joining today. You may now disconnect.

感謝您今天的加入。您現在可以斷開連線。