Earnings call transcript Q4 2022

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Operator

Good morning and welcome to the PNM Resources Fourth Quarter 2022 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Lisa Goodman, Executive Director of Investor Relations. ahead. go Please

Lisa Goodman

conference and morning Joe XXXX everyone joining website for for call. are supporting Thank on available the thank PNM this our this presentation the for note pnmresources.com. and and Resources us other Please documents you, at that you call fourth earnings quarter

Eden. Officer; Resources' Financial Senior and Vice and Chief are Joining CEO, Vincent-Collawn; Tarry; me PNM today President Don Pat and Treasurer, Lisa Officer, and Chairman and Chief Operating President

Pat, I morning Before to the no and estimates forward-looking upon I XXXX. over to you all the Resources Securities this PNM turn that that We you provided statements Private that based of this current of of should need expectations to some Reform the call obligation assumes update remind considered Act the and Litigation caution are information. pursuant forward-looking information to be statements

XX-K, current XX-Q, Form to with For annual reports a please results, X-K detailed refer Form reports discussion Resources of and reports on future PNM SEC. well as affecting quarterly on our filed factors on as Form

call I to turn the over that, With Pat. will

Pat Vincent-Collawn

with highlights, on business care Thank more XXXX executing favorite on and was for beautiful cover merger celebrate Bartender details guidance New year our everyone of an you year-end Friday will and you, our forward XXXX a just plans it day we say Mexico the Today as Day people. our provide full going as this Today, It our morning. earnings moving I'm is to to is for some pending that. on setting on and AVANGRID, committed and us stayed XXXX. joining update of Lisa. we Good of business. one leave or at operational for we might share morning, today thank World successes taken review our to results

financial above with the expectations for results. X. We $X.XX year. just year the Slide our earnings ongoing our of I'll finished start On with

on range guidance walk In each to increased Lisa dividend our our Board narrowing common are we annual detail. the of December, in share $X.XX. will $X.XX XXXX, more For an to basis. per numbers $X.XX these through to

on The our New on remains Court. Mexico the pending update an Supreme Next, case appeal merger. with

to we three Senate notice confirmed post month, closed commission case have Mexico, sessions the last commission earlier not any In the been seats agenda. on and We pleased the this we're the information appointed see New with the January in New Over newly of yet have Mexico took their available. do by month. the

expertise New looking and display together forward free We to are energy working have experience seen and we already to on achieve their Mexico's carbon future.

filed December, Change its In as PNM planned. Rate XXXX

our exit an to are an the end XXXX of schedule costs, of expected decision less and Don case from now partially X% the will Juan and a was pandemic, with because our moved last parties earlier during XXXX the We in deferred thing it our test with to committed funding we agreements to projects merger made infrastructure the talk and before than leading San to the able right details impact Station. do bill the forward Our about remain needed a XXXX stay out of during plans we was of case file to of negotiations. the the up Generating in We not we environment year. more rising filed the because propose year. with

our crypto year chain chemical system storage of energy labor filing cost XXXX strong for supply Texas, interconnecting another January, while made In mines to our remained teams a customer and support first reflecting datacenters. in of investments our of planned In and growing plants, systems, demand. service in we agile challenges, transmission ahead year Texas and and expanding

the of carbon Generating year, the with to is turn our half over top our The cover portfolio it our on Don. resources now ESG for will retirement than resource for XXXX. highlights Station in of free environmental achievement Juan XXXX. renewable More I San additional Slide is I slated storage Before X. and

this far stretch accomplishment plant. beyond our However,

continue to with work to continue more physical electric vehicles fleet, partner expand programs, with efficiency risks to customer our our experts energy to impacting communities. add industry we environmental to climate and to We collaborate awareness bring address stakeholders to concerns

inventory a We evolving investors developed needs X emissions of disclosure to and X other X, address greenhouse gas for the stakeholders. Scope and emissions

better mapping geographic and investments. and need also an most implemented We to communities prioritize identify screening environmental of justice tool in

we levels work and of of XX% to inclusion approach our diversity continue XXXX, increased we percentage key all the sustaining serve. continuously building women at a to and We fostering our towards XX% and to representative our organization results. are for monitoring communities desired minorities are In the and Equity of workforce diverse and respectively.

pride One career and provided We've of through Juan resources transition plant training, future. ensure San the their teams to benefit retirement the biggest was dignity, with the for these planning. counseling priorities reviews left and for support at employees team members our and and closure to

the coal the for also working We the Transition roles. are years happy company Act, severance Energy are last plant these that job approximately and Ultimately, of XX% mine. eligible. retirement Through the plant severance employees associated those receive half the also XX% various training for at in the we employees around were payment funded of of still of employees in

ensure It and care the teams have resources was in took necessary team continue to to labor supporting and to the our market of we extra steps that challenging year our members customers. take a

through XXXX. colleges. our be company future internships clean interns time joining and opportunities solution. toward transition and energy they these the have students programs by already These local New their We the want the in created of also some turned challenges who full the to and statewide continuing a to are our coalition a created recognize We of business offered internship eyes expand or Mexico part in to our

continue the New population education in in Mexico, a that the new the those of workforce at contribute state, the and will forward look these students our to Both level. We strengthen and programs also American next of continue industry time, to serve endowment same native of looking and our challenges we support upon the educational specific to At to diversity expand funding these to contribute. thought. their to perspective for students then future know future ways what require and provide the can thinking fresh Pueblo

With it will over turn Don. that, I to

Don Tarry

at I'll customer area, quarter Thank you, with everyone. the service morning, year Pat, compared in Load and growth fourth to X.X% good by the with our PNM X classes. from on load start grew all with first. prior coming growth Slide

industrial were delayed saw related load expansions issues. by commercial we XXXX, and expectations, chain and growth supply of most For residential while market above our customer

New economic the saw We expansions. between development customer X%. quarter fourth through our XXXX expect the in efforts Mexico's X% growth and seeing we the into to still results of We're continue

We also tribal that and see are government impacted projects economics. less market-wide by

and the in growth expectations At load diversity for both the crypto volumetric growth in some providing our to market. service demand plus based territory West the region. XXXX exceeded mining from are added entering customers Texas mostly economic customers TNMP load These

mix Our of the operations growing TNMP, communities Gulf the and and and in and diversity support North Central surrounding areas geographic Texas each strong residential commercial cities. business a operations of economic Coast, nearby larger those and to provides

to consistent the at X% to For X.X% results the at Demand X% growth is XXXX. levels. of is full-year above based expected XXXX, with X.X% volumetric XXXX growth expected

cover business care I'll PNM to progress ways has The Slide taking objectives. and at been the strategic our on turning X. we've of transformation generation Now front and been of center. making portfolio our

a New capacity. carbon by the five Mexico mandate. the of We to of XX% free years step ahead significant free closure these have carbon amount of year Generating us achieving our electricity portfolio advancing plans was reach goals, XXXX coal exit in San in Juan coal and this and The to reducing Station

pursuing big XXXX. of Power our for from which completely Four in we is portfolio, eliminate step are next coal exit the Our of end stake our ownership and generation Plant Corners still

As pie of Palo provide in for in capacity. and of carbon financial also charts, our and be customers, XXX portfolio ownership I'll developers, with expect and benefits storage. we our delays replacing the megawatts for for XX% are will megawatts with these the of At we batteries environment and PPA XXXX. and changes working XXX over the we battery point, resources hit renewable you online free storage benefits coming after see our cover in XXXX minute. of Verde, continued that which solar through half communities storage resource These significant renewables And will can a

first foundation Another load serving for T&D since a demand in The key demand a faster system on rate and the on growing than our at growing been free new total maintaining hit system to XXXX, the portfolio carbon successful grid peak reliability. transition towards PNM our XXXX. has and our provide in system infrastructure. peak our we is a Investments

being Our along in the customers, directly reconfigured new to focus with customers accommodate resources. serves that strengthening are been has substations customer on infrastructure owned lines

to the and system resilient are We be time. restoration building reduce more outage

Other system, grow that T&D resources used to the resilient We be groundwork new ahead, the with be options. at capacity our future modernization and our But additional and modernization to will the grid. smart beyond relate our of investments tied the replacements, facilitate for provide resource transmission we to in When grid our the plan these filed will generation means see resources, PNM needs state. change can existing implement expansion lay as to plants projects grid for customers across comprehensive for replacement other transmission that we need projects. meters look improvements more capacity needed

X. Now tied to the turning I'll these regulatory proceedings Slide investments. through to key walk you

clean years. as rolls system already XXXX The to balance it the the trends. impacts benefit cost for we Transition rate filed mentioned, was worked reducing -- our that energy six designed filing Act a lower Pat is full showed and is customers our need with investments cost for the test review much six December, rate we and and this year, current forward customers in to from PNM working it in transition the our country customers, in on so incorporates the Energy the filing filing future facilitate first As to and to base in having PNM while The years rate of bills intended.

all residential XXXX also return we through The in for Juan rates as provides or our impact for the cost, proposed limited online. the and the recovered Palo costs replacement retirement transition cost this in Securitization in the is financing as Verde the base of the month $X.XX come fuel make of per to bill reduces customer. San reduces X.X% resources requested and lower recovery average leases

rider includes May procedural we approval The grid The filing modernization in asked schedule of our for and XX scheduled for that schedule scheduled for until case by by it filing settlement delayed our have hearings in intervener X, testimony, our March. typically when July project calls summer seller hearings in this implementation June. plan this Remember to so higher. of year, rate that September added this we be bills but is X the not requested usage date would summer, the of

communities Plant securitize Corners to for we December proposed the opportunities oral XXXX also our bring to case. in and the to has March, to commission Also rejected completed and our and of in tools low undepreciated oral Power income plant need filing, areas We are in makes bills our to Mexico XXXX, also further was in and sense scheduled present these customers the The customers exit investments. arguments the exit to it the our and arguments Supreme filing prioritized most briefing our schedule forward and ownership from manage share of usage looking first. New in Court their of improvements these are our Four

Now TNMP to turning XX. our Slide on attention

regulatory been Texas strong five rate growth. subdivision new of The needs doubled years pace to up has for the over range base course serving another maintain from XXXX. in year residential plants. investment these new with continues support levels. The chemical keep to focus to of to investment planned investments Our of connecting with levels the The environment

recovery have made annual We along filings. of filings recovery use transmission with semiannual distribution

implemented this of project million expect In We year. by to January, and March by made be recovery last December would we of our over XXX requesting for of cleared first to year, XXXX filing transmission approved

cover more in numbers With to that it I Lisa will the to turn over depth.

Lisa Eden

at The both side. consistent the year. TNMP as compared and to with on Don, XXXX, drivers due growth XX, financial mining of and we crypto XXXX Slide up Usage the West items we've weather, TNMP you, throughout discussed and Thank particularly share business the in morning, Earnings of the to also taking everyone. have as load both with been enter a XXXX per was earnings key the as grew are in Texas. I'll care PNM market changes $X.XX good $X.XX on XXXX. start summary currency in in to

offset significant At DCOS Recovery the also for increases prices the Western investments of our higher market rate the expenses These investments and Spirit our through spending. at earnings the contract. increased demand the with TCOS tax utilities served at with associated to to increases depreciation, EPS along interest and planned addition was along base of transmission PNM TNMP. property increased with and O&M mechanism

in higher the EPS. the by we trust Market near our funded, with our managers at are XXXX trust despite alignment whole portfolio Earnings any We decommissioning plans by future. cash and rates at XXXX decommissioning and don't the contributions driven clear, along the conditions fund losses XXXX earnings these be PNM. company our in challenging pension on -- our in in reduced To to objectives. segment making well interest market remain -- anticipate debt actions growth with at earnings with holding corporate dampened to took ensure our trust

to Slide and XX. XXXX guidance. cover our expectations I'll for drivers key Turning

As to narrowed to per Pat mentioned, our guidance we $X.XX range have $X.XX share.

we've growth end in range $X.XX. of the in the the to Texas Given up and we seen bottom brought New XXXX, Mexico

terms to normal return is more a In both PNM our and load partially growth guidance at TNMP. which by assumes conditions, offset load, our of weather

and At of as for cost costs TCOS economic replacement riders tax through the PNM interest to the Verde cost Palo Juan TNMP, DCOS power At demand offsets investments. associated our increases and and property of retirement expenses new reductions growth. the depreciation, continue Station recovery with net rate system with the new leases, Generating increasing and expand of associated return from investments we cover San

At through exposure of our higher million merger our we more we interest or last don't $XXX reclamation corporate, until the rate successful swaps variable to into we on in and market to realized repeat debt permanent current entered And financing reduce mitigate have PNM, including expense either losses the environment, we place. expect to putting year our interest levels, in decommissioning at reflect trust assumed XXXX.

would We each to which slides. to million add our impact XXXX, continue have segments, of assume the in we a shown $XXX appendix at EPS dilution up of equity in on

for to into impact timing $X.XX impact Our translating up the assumptions the guidance full accounts guidance range $X.XX with of for to potential a midpoint. various the year,

rate with our continues base needs New FERC grid for and be PNM focused meeting proposed the Slide growth. plan base both shows spending plans continued on XX our and growth customers modernization This capital Mexico X% investment plan PNM. coming through infrastructure from growing across and of Rate and includes and XXXX at at to Texas growth associated T&D strong XXXX to TNMP. from XXXX the

end at rate authorized that Spirit retail investments rapidly of out rate of and customers, addition our grown and the have XXXX. is PNM, At removed Western been earn while of to support the customer the transition continuing with FERC able project growth we investments replace base We've defer for coal. infrastructure the to our increases as returns.

timely Our formula annual update. rate other transmission the through investments are recovered

TNMP growing provide case. spending the and as to comfortable of in this of general is our support but beyond The transmission timely service investments can growth be distribution we're year, later we added territory. XX% these target grows will our details riders provided X%. reliability over recovery without infrastructure The period our of the continue rate XXXX at

our of our XX XXXX a targets X.X%. growth rate shows The growth growth previous and for reaches XX, guidance our and achievements. midpoint target of historical Slide achieves year

or of the on for track weather, we timing linear year target of focused through X% Growth long-term factors regulatory XXXX remain like meet view. every on conditions, are but current to We of filings market XXXX. our isn't because growth

by is in base equity This offset (ph). partially our rate in assumed continue the credit investment in X% the period are our maintains XXXX and places us growth ability growth. we X% forward targeting and moving grade metrics to a position Our confident over good

XX% XX% ratio ratio. of the Slide I'll earnings X% to to guidance annual payout dividend a X.X% look targeting our with raised with on In XXXX XX% December of Board of increase, grow midpoint Directors dividend. midpoint. wrap payout up XX of consistent our the with $X.XX, our a dividend We -- to

Our addresses the following of the in to our Board pay close December continue plan we our finalizing merger. financial will dividend when annual typically Meanwhile, dividends until for year. the

I'll back Pat. that, turn it With to over

Pat Vincent-Collawn

Lisa. Thank you,

thank I to each of Before take members work communities would customers, up to our team New in Texas it XXXX I continue open our like other, and Mexico great in and the to our for do questions, in they the environment. did and care for XXXX

that, With Joe.

Let's open questions. for it up

Operator

America. our with come session. Zimbardo now will Paul [Operator Please Bank go question-and-answer here will question first of the Instructions] And ahead. from We begin

Paul Zimbardo

team. morning, Good Hi.

Pat Vincent-Collawn

Paul. morning, Good

Don Tarry

Good morning, Paul.

Lisa Goodman

Good morning.

Paul Zimbardo

Thank you all.

The about expectations the additional the give, half there you of equity comment and XXXX? debt for just the I what was XXXX the potentially one, saw to second Could first in FFO 'XX.

Pat Vincent-Collawn

Yeah, Paul.

target So just [Technical XX was and, and between XX% we always Difficulty] XXXX around XX%.

Paul Zimbardo

trust you the assumptions then thank you XXXX. Okay. the XXXX, the the could for And actions with explain secondarily, fund took in that on Great. what background performance. in managers know you some for you mentioned embedded I the performance you are

think sort $X.XX assume to reversal I returns you like improvement. $X.XX of a I if just or a don't it's mix? kind know of some or higher that's

Lisa Eden

Yeah, Paul.

really was NDT that XXXX and -- trust. equity a just income XX% we XX% year, in fixed bad we're So

same XXXX conditions we expect into going market the So don't in XXXX.

Paul Zimbardo

improvement? wrong, I’m was And I Okay. just year-over-year. confused Wouldn't think that just of kind unchanged like, correct the conditions. flat if I if me just it's be market about

Lisa Eden

Yeah.

and have be will our the the the statement realized you of ongoing. gains or it through if NDT when we income not remember, part losses So in flow NDT, will regarding unrealized so Trust,

because changed during losses the we year. in in realized as so So they income and a particular a we that anticipate year portfolio and next had year losses don't their fixed last lot realized of result, manager

Paul Zimbardo

And Do last, if very you. then any XXXX? interest additional helpful. No, Thank I quickly, you Okay. That's hedges have rate may. for

Lisa Eden

we don't, $XXX equity. of plan at the before, we also No, to but to We're looking said million Paul, end we like the up year. do securitization of do issue to

So different be in debt our lot rate a exposure XXXX. will variable

Paul Zimbardo

a and No. Great. Yes. much weekend. you have nice Thank very all

Lisa Eden

Thank you.

Pat Vincent-Collawn

Thank you.

Operator

Our next Ryan Levine will question Please come ahead. go Citi. from with

Ryan Levine

Good morning.

[Multiple Good to wanted everyone. morning, Just Speakers]

Just merger the would terms to what you entirely? the application application. of question Wonder, had pending re-file have general a in scenarios

Don Tarry

don't that the it's confidential at now, right note -- so... Court. Ryan, I those noticed. exactly sure Not would trigger we've that We point. had would the what some hearings re-filing, details in the has with of hearings this Supreme private commission know

Ryan Levine

Okay. around pending -- this on in And conversations ongoing any the color pending -- application dividend there policy any interim, executed any dividends changes? being potential around

Pat Vincent-Collawn

No, said the just They in December. I Lisa increased dividend think does December. it last Board as the

they again So doing merger would be so that the anticipate and not before December close we then. until would

wouldn't I to -- December. So able this

Ryan Levine

the Okay. Thanks for clarification.

Pat Vincent-Collawn

Okay. Thanks.

Don Tarry

Ryan. Thanks,

Operator

next Jonathan And comes Please ahead. question Reeder with our from Fargo. Wells go

Jonathan Reeder

Hey. Good morning.

question, know have could latest you you might it expand on expect certainly going just on that? currently can before thoughts timeline if to you little, process discuss at you do last If December need Court, of of decision in pool PRCs that's plans into be? the indicated the maybe Supreme to pending reach the then and final do do merger I the how the of again, just terms a PRC's just approval so, gets order your what the you potentially kind and appeal first to

Pat Vincent-Collawn

done the now, see to what their wait we in commission to right if sessions, Jonathan, has anything. need

pattern, forward deliberations about determine that what hearing holding so steps looking now, next to going and we're their outcomes right and any are. And will to

Jonathan Reeder

I give like? mean scheduled to are hear sort PRC, the to in update like, some are form from we what or us So required they back going of

Pat Vincent-Collawn

had have me they have they on the that particular Chairman and over and to merger fact on that delivery they they O'Connell on in -- himself the sessions and that. you've mean deliberated listened have closed has -- case I the excuse matters reported following No, the if meetings, have commissioner, accused

would have it is them report do would time assume, but at is that. some no point is open in they meeting, to all timetable So -- that I out we an on there heard, for

Jonathan Reeder

expect agreement guys you heard the pulled you do should how haven't end that? expiring guess handle year commission I appeal, then and from terms if here with And what April, the of we it in haven't like in from anything you merger Okay. your

Pat Vincent-Collawn

in in The speculate Yeah. merger course what due that to all Board timeframe. Extension the going April to and potential Merger items and now is going not consider on happens

Jonathan Reeder

are prior the commitments deal? with that are and signatories then still to everything, new of the concessions encapsulates settlement that made. least this agreement on that might file, AVANGRID need filed. you to And just given last passage settlement at Should there made expect Do settlement guess in think Okay. we I be the the you time like after the board a to additional was all

Pat Vincent-Collawn

I talking and mod. interveners heard of not not about are think, we about them actively board, not been rate we it's a and grid the on this any things, have start couple case the to have that of

-- I'm I them, we application hear commission next need that's say, With and the to to going until new to what has the speculate from what before steps. decide we to we need hear really hear mean we what on that,

Jonathan Reeder

then of And are five from the guess the year is base? X% through the I a long-term or little like X% guess, off target the growth XX, you 'XX XX XXXX standalone was Slide the the of reiterating $X.XX, confused just growth off I is guidance on midpoint target that perspective. Okay. I a kind

Lisa Eden

with that So, X.X% Jonathan, X% will comfortable target is see of we the XXXX XXXX with out provide very we X%. set target later are have in you growth with CAGR what growth this in and this we're XXXX point we're XXXX slide, from details said but can growth. we year, our the pleased We comfortable the and at to of to

Jonathan Reeder

X% there? through just the or extending beyond XXXX growth But

Lisa Eden

comfortable as are X% is, comfortable percent We forward with to growth we and XXXX And... that target. with then XXXX look are we

Pat Vincent-Collawn

capital we slide, have And if haven't you XXXX. at Jonathan, our capital updated look past and we our

have those furthest further is -- our numbers, now, we XXXX projections. end that, that, we do we go would then for on but we we the So would if doing when right up

Jonathan Reeder

already Is do Okay. would long-term talk scenario. issue about in outstanding more to expanding the be And to billion term in you financing already you on me, $X this little million for needs loan. discuss the then the contemplated the or Can combination address a last equity take under a merger how right debt, of popular and beyond strategy and convertible? guidance seems now the it just debt $XXX perhaps that you

Lisa Eden

Yeah, Jonathan.

we've said will permanent that what place. So is we put in financing

about talked course we be that's beyond needs have exactly We will equity do what to year. will haven't going our XXXX, define later we this But the that for of year. look like, that in but something

Jonathan Reeder

right. Great. Okay. for you my questions. All taking Thank

Lisa Eden

You're welcome.

Pat Vincent-Collawn

have and you Thank a weekend great

Operator

next question ahead. from Mizuho. Our come will go Crowdell with Anthony Please

Anthony Crowdell

for it. really Hey. National I the on update morning. Good Bartender Day. Thanks appreciate

Pat Vincent-Collawn

You're welcome.

Just tip you Anthony. I know well. well,

Anthony Crowdell

Absolutely. it's already you've kind one on I that where have I Jonathan addressed was if XX headed. one and just apologize Slide of quick

it voted -- still going mergers You $XX end approval because would of is by pending? I is many scenario into process equity. equity deal the if for the to hairs don't mentioned I get want the this needs still if of -- but deal was equity that's or million company non-merger 'XX, -- time potentially here, What to is just and split do you down the what we and discuss on if also maybe it the is appreciate only still

Pat Vincent-Collawn

Yeah.

appeal the can't because really that the is of still whole right now, one it going requires on. Board bunch AVANGRID we a whether discussions So answer and with

have time will we more update one that when you clarity. we So some on next

Anthony Crowdell

the go much. Bartender so now. Thanks to Thanks. I'll Perfect.

Pat Vincent-Collawn

Okay.

Operator

Tim Instructions] question Funds. [Operator ahead. Our will from next Please Winter with go here Gabelli come

Tim Winter

morning Good congrats and a year. good on

Pat Vincent-Collawn

Thank you.

Don Tarry

Thanks, Tim.

Lisa Eden

Tim. morning, Good

Tim Winter

application hoping just for was Supreme the interplay the the Court more commission. some the on I between clarification merger and of

appeal the is today, approve Court understand And would it the that second with back the application. himself, commission what remanded need merger -- need that you it, them then your the both moving to Supreme with just or to would -- be, get pull what part be commission, the of do if need you what Supreme commission on to So let's remanded And does the you one the I next to of commissioner process? work? finally refusing Court how then say the

Pat Vincent-Collawn

the of that's need thing. it So fails, recruiting you at one on the two two, with with one start commissioner I'll one and the if you Yes, you need last. so get himself, tie-ins one

the done haven't is question helped it today, Supreme anything. Next arguments, briefed, they haven't haven't remanding Court back they they

So at me is the none. of are looking happening odds that Counsel

what back, I should both say consider parties for before but all none. to would slim need But So to do to would it case, and Supreme need none, the it's ask to or would consider with would Supreme Court in it have have we to to shouldn't Court, come we commission that again, the for say I from the now is, we back court. the parties ask the it

Tim Winter

Okay.

So that than just it's wouldn't decision be your -- more it's that.

Pat Vincent-Collawn

Yeah. Correct. It is more than that.

Tim Winter

this any merger out? agreement play to the thoughts or is going Okay. And on long how -- you have any extending do

Pat Vincent-Collawn

We're now just there's in to in it to that everything about will really no Tim. reason because consider only I the and due think said Board And like going for No, wait it's February. them course.

then. they So now happens between and decide and we'll see then, what will

Tim Winter

Okay. Thank you.

Pat Vincent-Collawn

welcome. You're

Operator

like I'd remarks. question-and-answer turn over back the This Pat Vincent-Collawn for to to our any closing conference session. concludes

Pat Vincent-Collawn

morning. Thank this again, for Joe. And you, joining all thank us you

As please said multiple your I've taxi tip take bartender Stay times, and well a safe. home.

Operator

very The today's attending conference has you now presentation. concluded. much Thank for

now disconnect may lines. You your

TXNM Energy (TXNM) 24 Feb 232022 Q4 Earnings call transcript