SWX - Earnings call transcript Q2 2021 | Southwest Gas Holdings, Inc.

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Operator

Good afternoon, ladies and gentlemen, and welcome to Southwest Gas Holdings 2021 Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference call over to your host, Mr. of Treasury. President Vice Kenny, Finance and Ken

Ken Kenny

Thank us, Holdings and and thank Inc.'s for joining you everyone welcome call. second earnings you, quarter Krystal, XXXX conference to Southwest Gas

Kenny, Krystal and and As name my is Treasurer. I'm Vice President, stated, the Finance Ken

call live over is the broadcast being conference Internet. Our

the and those the click access like conference of our visit call would who please For on website you link. to webcast, at www.swgasholdings.com

have Vice our Mr. the on which be discussion. Internet, and Today, accompany Executive Mr. J. we Chief P. We Mr. have slides Officer; Chief John accessed can President President Hester, Gregory to Financial Officer; Peterson, and Senior

Company to statements of to are from like that any as time Justin L. operation which that should may I management's ended release our some and June cause actual on senior With the coming General of asked forward-looking John? management share certain Also statements factors Southwest differ may Brown, that to not on and an earnings assume you our year's statements. may XX, XXXX. SEC you provide per also XXXX, the and information to and made forward-looking are assumptions, based discussed statements. Gas X Further, These in true, earnings contains and that this overview and description me our said, earnings. All affirmation turn for a Hester. Company's will no refer Counsel, update Corporation, statement. lawyers the have of that come language the will press to a to of may of remind impact over such be our and or the forward-looking we today members Vice address Senior other Slide obligation John brief the guidance President the of to would filings for results factors

John Hester

Thanks, Ken.

track we've perspective, are business highlights. financial our previously X, that announced to company the our of of share segments earnings $X.XX. We're expectations with range share per full detailed excited we guidance $X.XX. From some for a holding realized year Slide we are earnings result, reaffirming of our to year-to-date on XXXX $X as per Turning XXXX and results both

For growth strong over in margin second XX,XXX realized the continues our operations, operating regulated we in a quarter. utility added be year million as to past increase customers $XX and the

quarter planned unregulated of for exciting $XXX and million record Centuri service services and that its billion increased will very successfully also by XX footprint $XX saw Riggs vintage line revenues & to filed related the yard information We implemented Corporation with customers owned our replacement million to years will Commission applications $X steel new recover business, infrastructure realized revenues in and X% our further to a of state-of-the-art Centuri expanding acquisition come. for that have offerings. well month while Arizona happy geographic we growth customer to our And or we're at customer pipe At $XX an programs. announced have Distler million, costs utility second facilitate Company serve system

acquisition today's Peterson as XX, Moving ended to as overview Greg financial outline on will Slide well our an recap an period June for X. for our of We the Riggs results provide call. planned Distler. provide of

rate now that, our the growth, this on and capital customer I'll expenditures, will growth, base provide dividend year. I and sustainability Justin initiatives our and for liquidity the on and finish an over regulatory an to turn Greg. Brown call With with activities, balance will our expectations update of update

Gregory Peterson

John. Thanks,

Let's Slide start operating with on the summary of results company total X.

million by quarter company-owned the quarter. policies were should per share life note this year's prior share $XX to quarter the million a year per or increases per insurance values second XXXX. $X.X $XX.X during in or results surrender the share $X.XX COLI of $X.XX XXXX $X.XX of million, compared of or second $XX in aided quarter or increase or cash net For for share for was consolidated million the I per COLI income $X.XX compared to that second consolidated

XX million the the was $XXX months The to diluted $XXX $X.XX period June a current or per For the it prior-year share. diluted income while share was COLI nickel or million, XX, $X.XX influence income year ended million compared or net per XXXX share. the share, of net in in was per $X.XX million, $X.X XX-month $XX.X or period a prior period during

quarterly the the natural some comparison the by of segment million gas quarters. between details starting X. operations look Net with $X.X gas Slide decreased operations Let's natural of on segment at for income a

returns mentioned were non-operating first $X due XX impact this overall the over is between Absent $XX rate the cases rate previously quarters. included $XX.X Nevada, income $X.X months. for the million increase million this quarter This – in year completed of California versus utility would COLI I for to the quarter the margin million As in shown income chart. of quarter million $XX prior this have second reduction other waterfall during $X million in from Arizona, year. includes and the in item million increased relief The past in

general tax incremental general late million tracker. of plant the the resetting from meter reestablishment due margin million, to we Arizona and gas to suspended tax distribution as of that property X% first-time includes our or $X.X assets regulatory of average $X driven New amortization remaining The includes in million $XXX customers depreciation fees over in expand taxes increase associated increase to of The The been and had $X provided increase of due depreciation, with margin. sets recoveries reinforce million growth COVID-XX. the continue in is and XX,XXX service by million $X.X system. remaining

mix cost work of included were outpaced comparative to more profitable led absorption level service storm quarterly in net more was between up to programs. complete higher This gas operating infrastructure two let's revenues the quarter quarters In work and the primarily XXXX. to replacement of segment between services of emergency the completed infrastructure restoration main equipment increase million, of of in that of revenue Slide increases. services results. and second expenses Next, to Infrastructure services. increases was Electric an increase incremental of work quarter lower million storm and XXXX work and quarter. timing This replacement infrastructure compared projects revenues totaling work efficiencies, related year was line million prior reduced lower XXXX. pending The and quarters. due fixed XXXX Centuri's work from despite work. infrastructure Centuri, gas the reduced utilization subsidies under Riggs restoration in Reductions support somewhat capital experienced equipment of COVID $XX.X utility also customers the increased between due multi-year with $XX to or due primarily demobilization contracts. expense temporarily $X rent efficiencies, our of to replaced in Distler discuss utilization go had costs each X, and in mix incremental under-absorption revenues the cost infrastructure X% between second in including increased $X.X to lower acquisition costs reduction mix were spending $XX.X in a by significant million million Canadian of costs, gas quarters, and customer's current our of the quarter and Changes fixed under associated wage costs

business XX, X, Moving see months by our the June XX the ended segments two relative contributions XXXX. during we to Slide

increased million period death of slide in increase of the component million maintenance the period, in $XX services Included electric bid existing incremental in the net periods. Arizona earnings in-person higher shown our to by growth. gas prior benefits Distler XX-month Gains Slide were well tracking California Depreciation primarily the The current components $X.X amortization a master million million utility impact year costs, margin in customers the incremental equipment, as million current average of under range plant million, million by from work. provided prior-year of in infrastructure initiatives Revenues relief additional $XX.X income shows is Arizona month well an mid electric As infrastructure $XXX or in were million the for with X% taxes period gas incremental related reflects million. million X% and The net year training primarily the of The $XXX expenses Upon the restoration period infrastructure including between due and operations upper included net improvement amortization infrastructure consolidated or infrastructure Centuri the service, in provided $XXX or operations. XX-month to changes property values reflects in due while periods. income as which an million, increase expected infrastructure million services prevention XX. natural and contribution as offset in O&M This by period. between $XXX depreciation, incremental nearly X% current from or million and costs utility to acquisition increase provided expenses and incremental the as of natural taxes electric prior amounts XX decreases Linetec curbing in Nevada, The than cash the more sale reflected move revenues Slide offset flat periods. agreements. under as increase completion grew primarily higher $XX.X Revenues periods, service mechanism. our infrastructure $X.X in COLI of expenses pipeline on reflected operating also revenues XX% to changes gas includes million, gas while travel XX infrastructure $XX.X Riggs the XXXX. were million the the $XX.X prior associated service the three-fourth a for in to one-fourth. relates general $XX of Centuri $XX six changes electric customer income, and million low compared $XX surrender group higher from period. million and in period increase to gas services than the to months and relatively and as similar pension $XX.X continued components $X.X million to infrastructure was COLI combined $X.X major depicts are and of other segment in and million million in increased and or management amount on $XX.X cost in programs emergency Centuri's Operations the the damage range were between of expenditures of are XX-month The between with little XX% of in the income $XX.X XX% as rate the in income. operations increase, $X.X consummation Infrastructure costs.

XXXX ended $XX.X toward results. in operations XX, Centuri For months June consolidated contributed income million our the XX net

The a an of three estimated administrative increase pending implied next XX XX% Also acquisition earnings multiple in acquire announced Riggs taxes, depreciation shown Distler we slides or XXXX the million, Turning regarding EV-EBITDA, update a base revenues before XX-month EBITDA, overview Slide of and expenses. to the June agreement in Riggs and periods. $XXX can XX. managed the a Slide million and an to reconciliation in times. or general & on for provides appendix provide On for EBITDA. Centuri's An rationale profit appendix transaction EBITDA Slides to separate We to strategic see Company. our $XX is a between operating of XX Centuri Slide results gross and X.X Distler XX. and XX, and amortization interest, overview GAAP depiction of XX transaction show the of

the We full be to expect year of in operations. to first earnings accretive it

purchase We utilize term US and led billion B fees as financing $X.XXX by as and price point capital package to loan Wells one a that we'll have existing amounts Centuri one fully committed the a financing well debt. refinancing fund working Fargo

We will credit facility. million a secured $XXX new also revolving established

issuance acquisition. SWX debt six As will cash Centuri provide continue to major and ongoing will require strategic a Slide depict dividends points to this XX, for any reminder, transaction not [Indecipherable]. equity the the the rationale or

on touch me a Let few.

a customers. that. electric operations union and some of revenue have we customers of having the analyst do provides to to of that with to past investment Riggs our segments expand we customers. service that. what continue both provide Slide of existing complete seek the years safe Riggs does force remains and business. been does bases that. our and additional desire a customer drive and from the provide respective We all overall acquisition. steps our does is focused to service on our Riggs service SWX to our regulated to expand couple communities, platform. of necessary major primarily of Centuri's the Growth utility reliable driving For cost XX communicating

one requisite HSR the the shown this As earlier completing steps. expired rating of week, period

is members Riggs and team basic a plus a believe appropriate base retain, part Distler. employee to to with company are planning who excited year seasoned a of We that continue and XXX we conduct Riggs old become skilled of the has integration management the management want that Centuri team. we a to

necessary on working continued to success. and are management We financial ensure operational agreements

this terms I As mentioned finalizing are the acquisition. we for specific earlier, financing

As interested to loan website. investors updated on potential materials announced will marketing provided debt the be earlier today by These Fargo also materials B on Wells SWX posted Monday. marketing term

both We BB to have minus term BaaX Moody's be also S&P issued. from on loan received B assigned debt and ratings the debt

updated currently to we now agreement this provide have call Riggs turn the the Consistent analyst With regulatory We Brown that, with continue of transaction. when our we investor to near to update Distler will Justin announced progress end on our will the earnings on once definitive in messaging expect we items. and acquire we the over the which for be an update guidance I'll acquisition, August. to community completed

Justin Brown

Thanks, Greg.

of Slide approximately ROE $X.X was earlier approval well capital filings approved equity annual XX, this decision year, relative of ratio X.XX% final including an revenue as include tracking on programs. case of of general different California XX% of shown of authorized it million, two rate to as on attrition continuation components a the increase an settlement our Other XX%. and key our As

will surcharge the Lake North decision five to invest to First, be years project are our the remove a second, Tahoe to segments now making it proposed next to from rate up as and and over which us project our million agreed informed $XXX move in base replacement large a we programs, of amount completed. This annually surcharge. risk request will a allow through recovered

Turning to XX. Slide

getting Nevada nearly revenues filings we're are our case Arizona, in make end currently of to rate a well While we by adjust next of round case in by year. filing file states. received before yesterday Arizona both of the million it in prepared million that $XX underway expect like $XX seems the and the approval in and month, to end We in we targeting Nevada in a rate to this

Moving XX. to Slide

related to unrecovered the During one over request recovery $XX to VSP proposed revenues VSP and our of the the time with Program requesting COYL is to are the a a be application be year COYL and the to recover, to proposed a million quarter, $XX and from the which In we which filed programs. recovered implement approximately year, ACC over million to $XX total, recovered three applications surcharge related is the comprised million period. of program

end hopeful are applications. the before a on We of the to receive year both decision

Turning to Slide XX.

in recently with continues to X team expansion progress our million in Nevada. operations $XX Phase expectations line project our Our of most make on Spring a approved Creek,

XXX% where gas request While the the we up phase, of in hooking saw service. we continue to on customers first work customers eligible

Slide XX. to Turning

acquisition the portion an addition in acquisition approximate year of a to Graham acquisition $X.X X,XXX $X.X Utilities, and The in rate comprised the assets final we end. gas of of Gas will that approval family. the the of million, located We cooperative of the member owned million of receive base remain County before a are Southwest hopeful customers proposed southeast of Arizona. awaiting We our transaction of approval contemplates

respective Nevada greenhouse establish program proposal for effort stakeholder Commission their Lastly, interest back pursuing will also moving a to purchase related of sales combustion customers. January application with to regulatory to related recently to emissions. The Utilities application decision includes carbon gas anticipates track program opportunity to carbon gas an emissions reductions the other Public voluntary support XX. the offset greenhouse XXXX. turn a in it I'll company that, to The a with Nevada This customers to asset And an provide In costs filed revenues. ongoing offsets in reduce proposing and John. Slide customer a program we of and

John Hester

Justin. Thanks,

Turning XX. to Slide

throughout and levels, base. the pre-pandemic in geographically at detail to desirable On continues our growth mentioned territory, customer to to to our a the provide economies people outset recover desert which and commerce. conduct location I as the find local of and our be and XX, on Southwest As continue call, diversified Slide growing businesses we service live robust customer

are regulated different for company. which overseen customers three rate services cost by designs, and utility Our the each regulatory state that of authorized our decoupled dampen volatility both commissions, has recovery

thriving housing local on to jobs and economy Turning some Slide the which to provide continues color new We experience XX. growth starts. strong Arizona in

Nevada also rebound provide experienced and Slide XX. We detail jobs our XX. service growth housing economic on being the is in strong some On territory, Moving to in Slide which starts. seeing significant

As call service regulated natural part are Nevada Northern million in bring legislatively affordable the Justin safe, $XXX important new both territory Brown dedicating operations mentioned expansions and Nevada. earlier our service an supported Southern gas and customers are of where growth, we to on in to reliable

liquidity on XX. company's revolving paper million facility, loan, Slide $XX program. term a position, includes which and We million $XXX credit to provide detail $XXX strong commercial Turning our million a

the end and June of of capacity had of availability cash. As borrowing of combined we million $XXX

to opportunities detail Moving reinvest customers. to We capital gas approximately reinvest older We pipe utility serve to most to our the X million distribution operations. that and ensure to we program for $XXX the safest Slide supports in anticipate XX. possible we and million continuing replace system great natural growing our have expenditure new vintage per operate our reliable customers year

be expenditures with of from We flows equity coming debt internal combination a expect that approximately XX% through cash new capital of the sourced balance our issuances. will and

the the funds ended on detail year sources Slide period for December uses XXXX. to We and provide Turning three XX. of

our to support We will and capital program robust billion shareholder expenditure dividends. require $X.X

our to illustrate operations a flow new historical as of for cash XXXX slide invest of XX. investments, through prior funded translates reinvestment be perspective provide our operations into users our plan XXXX. Slide from some utility On growing on $XXX mentioned equity in issuances. from continued capital will the illustrate as prospect On Slide combination rate utility debt and approximately how As we these We and well XX, operations per year million base. our growing on

We of the expect to last end rate the compounded approximately $X.X a from period. at rate end over base year the of to $X.X annual by billion representing billion five-year XXXX, growth X.X% grow

XX. Slide this five over of dividend Earlier its our authorized We our significant to $X.XX years. the annual Moving increase to year, Board experienced Directors showed per has our growth dividend past of a current an share. level in

a to solutions. XX. to energy compressed achieve We and natural service upon Slide system offerings goals detail reduction helping carbon Turning goals, commitment vehicles, underscore hydrogen help partners minimizes leaks. On we energy efficiency, gas for operation our natural continue environmental of our to Slide to modernized that XX, achieve balanced expand distribution with community the gas, the we renewable

Partnering and helping goals. technologies of to renewable deploy farms, treatment We environmental XX. innovative we're dairy achieve some show to plants, wastewater Moving we projects fleet the gas new aggressive Slide with operators have underway.

excited our XX, initiatives including We're reference distribution many disclosure Slide sustainability sustainability Southern network. in to report, establish adoption program our hydrogen the University with detail successful XX. of our future State operation as to which also our Slide We're Nevada's about Tempe, working to throughout of hydrogen Vegas hydrogen also latest well Turning program blending Las we of very hydrogen our University hydrogen. center. provides for on at help of to as SASB further a Nevada, the deployment Arizona framework. On blending We're a the pilot standards partnering ensure

be sustainability slide. the report accessed at address can complete this on web Our footnoted

infrastructure We XX. our Gas. of Southwest businesses and disciplined Slide focus summarized to at services Moving the utility

a Slide utility of grow total and be provide expected services to previously $X in to $XXX revenues. Operating income on can regulatory cash income operations, assumptions by are from our infrastructure reaffirm On at million. by Southwest on provide excellence, energy X% results combination dividend over anticipate continue X% dividends, we exciting non-controlling increase Canadian affordability a Meanwhile, we opportunities, reaffirmed a the guidance. focus our growth, recall, of regulated profitability is our quarter. offerings We infrastructure range X% reinvestment to earnings rates continued to cost, our Gas. and electric base growing expected rate flat. expect and manage operating customer exchange for Interest increase and cross-sell business, $X On the reduction X.X% issued our expected robust which XXXX are earnings net should margin million expense we I and pension expenditures to income At third growth and underpinning to achieve our will operations X%, the million. capital Riggs $X.XX COLI sustainable sustainable revenues between results, Canadian new XX, costs and should strong We constructive customers, to utility detail earnings should Centuri to focus to future is to operating impacts X%, and increase and expectations guidance focus to a our growth, due X.X% for year are our $X cost estimated pursuing capital continue At at be earnings influence continued returns $X on gas our is Distler of to customers, to operations. and future. controls carbon $X to innovative as XX, is the of for levels. X% interests, million, XXXX solutions indicated attention expected announced to source by to acquisition Slide our estimated million earlier at service close record excluding Net XXXX. in growth, for goals,

$XXX million XX% XXXX to Finally ended on the Slide our payout million period anticipate equity three longer-term the At XX%. of company of year a and XX. holding over detail dividend We issuances to $XXX expectations. we ratio

and same annual operations to of period. our X.XX% the five will year is Operating of services three income the revenues rate revenues years period X% ended natural the X% with three over to EBITDA I capital billion that expects over of ended return XX% over the investment be X.XX% experience the should to XXXX business of approximate for revenue XXXX, ended period over gas With to And XXXX. Our $X.X period base now infrastructure growing call the Ken. XX% expected growth to year should annually XXXX. X.X% ended

Ken Kenny

Thanks, presentation. John. That concludes our prepared

accessed we our provided with its slides, business reviewed slides an includes These Holdings, pertinent appendix segments. and your Southwest in have have slides who convenience. at also be that information other two about those For can Gas

will for Our explain asking questions. operator, Krystal, the process now

Operator

Instructions] with first [Operator question your comes JPMorgan. And from the Sunderland line of Richard

Richard Sunderland

time thanks for Hi, with the the today. acquisition. Maybe RDC starting

toward deal if milestones curious other guidance And the alongside earnings, are path after there the close expect to just then next watch or be Just clear, close? record the to along do update earnings closing deal? to you

Gregory Peterson

Yes, Richard, is, Greg. this

I we financing the bit, and we little earlier, by open the items had just think planned the of that end working us. shows talk month. in done We're Everything mentioned expect really as is are a progressing slide on now, to I as the the Riggs to we that as – of that details Distler for the acquisition. I the be

kind close of transaction. that any get date the in that's really for And expected successful that items our our way so see will of Don't close.

want we guidance, to to relates keep it informed. everybody As

that a about we would we or were at very June. are of of aware I amortization when the indicated thought this depreciation questions things some weeks to well wait like announced November intangibles that to we would find don't be, until We and Once There of end and do what deal information whatever will get closed. way we intend We community. us a or I think closes, that wait that. transaction out the some investment give the to until to few additional

Richard Sunderland

you COYL the of switching recovery, year-end, DST Maybe case rate have filing? of just to here? helpful. that Understood. proceeding. and upcoming schedule a sight toward That's gears especially you're without line multiyear procedural very pace for asking process, in Curious alongside the the confidence anything overall given if of Maybe your

Justin Brown

do been Yes, prior making continue providing communication constant the in the Richard, the the utility with them, We've we data so. working it's filing, information, to we them with We've Justin. filing. staff and to answering made Since request.

try before is all based that done of the to exchange end like working is something we are parties where just feel year. so that And get on to the

Richard Sunderland

Got That's time context. Thanks helpful the it. today. for

Justin Brown

Thank you.

Operator

Your Ellinghaus from question Shank. the with Williams comes line of Siebert Chris next

Chris Ellinghaus

how are guys, Hey you?

John Hester

Chris. Hey,

Chris Ellinghaus

large Can you color quarter? in of changes of a customers with us sort you little of [Technical the the terms little give give us a in talked Centuri more bit Issues]. their You for more that? about some about couple a Can description color

Gregory Peterson

anomaly Sure, did Chris. specific but been couple We a that It historical call to to time. timing This ours but They major name, Greg. these long XX bigger top practice. customers our we customers long our it impact of out. our customers is for important have these import thought of customers, time, by is try a for the the and really on the revenues were customers just quarters. out it Nothing just the given been will cost relative to had it for brief everybody a to between enough not have an thought was the was in a Overall, expense had, work of be know change revenue that we because just changes they timing a and type call let quarter of between important it relatively just and a issue.

Chris Ellinghaus

Okay. The that third sort quarter closing for a make acquisition of for cost we Distler, third the bigger of some level similar quarter? Riggs kind is costs true-up close even there might, expect that on in should the there

Gregory Peterson

some QX, and more up of deal this. – be finalization and costs we of in come this through. as close legal There Chris, closer diligence lot again. of the we then all the this will a will the clearly will get Certainly course is Greg fees, Yes, go of of the the that actual the number

to XXX,XXX say So expect it to in number ramp approximately the for we have don't XXX,XXX higher but that do QX. yes, to a up incurred in you, be expect I that we we number than QX.

Chris Ellinghaus

really – just from, that's Okay. there is customer specific that housing And acceleration momentum Are sorry starts? in John, about you're forward? you even coming that or anything carry seeing where growth. is seeing some

John Hester

housing I we Chris, something strong. very out here see the it's definitely is continuing, that think market

large As having are We've Theater. the got have resort T-Mobile of been the well. Stadium, days They you economies is strong. know number a and very Chris in Arizona, number projects Allegiant the doing a corridor Park actually events on simultaneous industrial of

think I well. quite level as strong, overall is So of the housing strong but commerce quite the is market

it's a multifaceted growth. So

Chris Ellinghaus

Okay.

I'm A, you of for how for filings. you Justin, you APS, concern been Does proceeding. rate you? were take what talking commission outcome cases mood about might think APS for rate watching B the the give your or long case you've the sure is any the

Justin Brown

Hi, Chris.

You know think proceedings different But to the we of a certain own well each something the historically proceedings. merits stand monitor it's always kind as of on their degree. I

they final decision. So it's a a have obviously, not commission –

continue of utilities time, that anything we proceedings to our and pick from before on but and can proceedings that and they're applications their own how a kind and go. monitor from their at outcomes, up merits our their about filings watch of talked the own it, I the own as and each level I on we'll and same think to and learn certain stand So think we've own

Chris Ellinghaus

in a in visitors surge has little bit Can talk turn with COVID the in recent you Vegas of weeks? Okay. also a seen about down

John Hester

TV, over people the what to really I you you they positivity and this seen suggest the just see, Mexico Gold have we've against the watching I Las CDC Stadium. can Vegas had tell Sunday XX,XXX not Cup go in up. than higher on but likes of was we Chris, Allegiant past in rate US as It's the

tell seem that Las here. be that we the the that policy. the it when jump level continues have California seem competitive just interested said, high can coming still advantage people watched of here, jump Southern your you can strong. there but car like They Vegas didn't Stadium, game with a at in in But be to – visitation So, was very drive efforts, reimplemented for and you with I Allegiant soccer mask and policy indoors compliance very have the to market of also I

Las rates So, haven't in Vegas higher indication of in the COVID economy. any have seen I no, downturn that any anecdotal the resulted

Chris Ellinghaus

great a Have weekend. appreciate I Okay, guys. great. the details,

John Hester

you, too. you Thank

Gregory Peterson

Thanks.

Operator

no conference I time, showing this Kenny. back to like would at turn questions am now to the Ken further I

Ken Kenny

Gas time and Krystal, participation interest your our call, all Southwest conference for This and concludes you, appreciate thank Thank your you in and today. Holdings. we

Operator

gentlemen, wonderful. and a concludes participation. you your And have for conference. this today’s Ladies Thank

You may disconnect. now

Southwest Gas (SWX) 7 Aug 212021 Q2 Earnings call transcript