$XX.X the summary net Page XX%. our from Thanks, $XX.X down financial are income On results Bob. Bob perspective, million as out, or million, X pointed
The around disappointing level, it's disappointing margin certainly the a $XX.X basis. for on a that margin first when compare $XX.X the down look For high quarter. year-over-year you million. was before million and gross at very a story At quarter, quarter income taxes
was higher as were so in improvement fact, margin and offset operating other by expense, In it net-net, effectively slightly whole. a expenses
it million. associated million again so will of on those with associated items. $XX whole, $X.X million with Moving part I a on change down But gas in mention was here million, with year-over-year Slide gas. decrease margin as $XX the the that weather, $X a down and $X.X of year-over-year down electric million to margin big X, And on basis. again, that a obviously electric million volumes, gross line whether actual a associated $XX.X with that's two basis, on associated
The adjustments. impacts and associated contributor other volumes net and in change electric miscellaneous up make those had items, the primarily But other there. items volumes, We substantial tracker non-recurring unfavorable XXXX that non-recurring change in with million income are for $XX.X the gross favorable to are items particular major and item. three the things, which XXXX in gas margin adjustments
increase gas impact Montana. retail Oasis but our see Units closure continues terms rates to did X Colstrip, X with up, that in down, revenues of We in at associated offset by and rate production come primarily and was
$XX.X total have also impact net decrease $X.X are that gross margin. the We a gross in million income that totaling for items margin in offset decrease total again million elsewhere
XX% to jurisdiction, X, in Page versus XX% Obviously on warmer warmer warmer. historic our can even Moving versus you see as at weather substantially our averages. largest page X% top the the and of
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to of quarter compared first And on quarter a margin pretty as as contributed detriment of normal the XXXX. big compared and gross $X warm first that pre-tax million basis. $XX swing to a approximately million detriment pre-tax year-over-year So
also cost, we actually Regarding OG&A, impact of operating higher had in expenses. those were costs, $X.X our cost, but RFP we operating expenses generation some had facilities, some some operating expenses, down Of that other some increases miscellaneous million.
there slight So change $X.X million.
of some decrease $X.X changes in million $X.X also million net general administrative offset net had operating, are a decrease We that for in expenses. and a of OG&A elsewhere income. That's in
taxes and depreciation, We in also depletion property saw a in slight decrease the a quarter. for slight decrease
I slightly forward move due $XX.X interest a to income operating up If - down expense million, was higher borrowings. net itself to to XX% operating income was
million I in saw partially excuse other The the or spoke lower other EDIT income, benefit $X.X I primarily to taxes due that million benefit to flow-through in lower me, amortization in income earlier, that items. to mentioned taxes million. pretax pre-tax $XX.X The by and is offsets us is and expense offset the down just increase the we income, income of brought down OG&A, primarily decrease $X.X - of
And our down even gets the quarter, our because And calculated taxes, speaking during EDIT out, had in income items a the offset book income of, we for tax decrease actually by of flow-through first the Page of will reconciliation, income income lower decrease you $X.X year, the pre-tax quarter for we expenses. credits rate, the poor that the us and total at to should though I as quarter. a tax percentage down below, the items million on one mentioned, a XX point a and that tax we $X.X had in thing statutory I can see million
versus and in a if, our bigger having have pre-tax proportion And of XXXX, total so had this income much having proportion benefit that a total. would we very a quarter similar strong the quarter of of been course higher fact,
we get better quarters. credit expect a perspective So in from do coming tax to outcomes some
I'd XXXX credits reduce is lastly, alternative tax XX% thing to the and available tax And XXXX. and available effective with credits our by from perspective, we expected to XXXX point to Last be in an reach rate expect them out cash production NOL AMT into taxes.
slightly there. but associated Regarding is the over of debt change, the COVID much quarter, balance quarter. A last sheet, ratio during report little improved the cap to not cash-on-hand with [indiscernible] the to
improvement benefits flow things in cash costs three to flow, we did on XX, had million cash on from really think collection a we it, last income this $XX see our net better In Moving of supply those two customers. year the of Page XXXX, credits were And the quarter. quarter TCJA giving versus offset by lastly, tracker. to lower our for first we're
hear $X.XX. nearly income compared to I'm first or to diluted the we $X.XX by XXXX $X.XX on detriment, that weather. only for did EPS is to the the and adding weather XX%. that the of adjusted adjustments bottom earnings, bottom, impacted $X.XX $X.XX versus at at far the the non-GAAP left back $X.XX get a to XXXX, forward of side net get favorable $X That page, reducing $X.XX both down $X.XX see the of right to but Moving you starting quarter were on
XXXX year-over-year at If million there can you unfavorable weather up is the and weather to earlier, a you the mentioned see $XX in top page far the of this I as think in revenues quarter, both the basis. change right in favorable the about
the gross million $X.X P&L of walk down you itself, Lastly, through margin I weather. after down is adjust kind out as
that so perspective of items non-recurring big the I And are portion that. from mentioned,
up point on thing basis, on still slightly I'd the pre-tax out detriment million up second though an year-over-year $X.X operating a expenses flat, basis. adjusted slightly interest of expense, The to getting
the if bit you income an have we see, the in on and non-GAAP adjusted tax on unfavorable far And talked on the the little I've about 'XX then year-over-year tax right lastly, line, tax non-GAAP tax income actually for a when look changes about on actually taxes weather, expense. shows income yourself and reconciliation, a the it you into back reason out a get basis, But favorable a position the there's the to we tax a adjustments, here. happened you here, that can reverse favorable a
a non-GAAP had a a adjustment result by comparison perspective numbers we offset net a on quarter tax year-over-year to $X.X detriment net-net degree and the negative weather income a taxes This for Total and million from of as favorable became again the year-over-year. $X.X a the unfavorable comparing million. income income then variance
of quickly to Slide threshold COVID, to $XXX into term actually wanted we do $XXX of uncertainty million, just to was XXX-day up real the loan, enter way on were that. increase to Moving of the do on best the XX, we a liquidity million, our able liquidity that to normal with goal minimum and to
offering, will priced in and expect recently here year, that the so in feel early $XXX good very mortgage the liquidity bonds. a come it first million May, part also Those We funds of perspective. into from We the we year. later accelerated
equity an early is sit point expect early at do recently perspective, either into time. today that we issuance to this late that from mentioned going where equity on XXXX or as XXXX we've thing anticipate in XXXX roll we equity One to we
earlier, out The $X.XX. for that primary course, $X.XX forward, $X.XX earnings to reduced and poor $X.XX a with COVID, our of share. range there down to per associated we Moving pointed diluted measures first Bob to quarter.
in how distancing and business the we second place, thought easing about quarter, Regarding expected the we just recovered social third significant tough with very think to in and difficult nearly second obviously quarter our process, a out in quarter. a closures quarter, laid very COVID, fourth fully
investment. from We also tax a down our negative a continued adjusted negative to lastly, as Bob X% a X%. negative previously positive rate to out, X% to And to pointed X%
will, you a return, TSR, X%, about X% think long-term total earlier in if mentioned calls. I to previous
As to that range. we of million, mid-point we invest be $XXX continue the to over expect in
see our total your to shareholder about If forward. base return as going XXXX, X% is X% range. you we think still long-term
initial you of obviously as obviously Slide and columns guidance hope was changes as flavor revised questions, on investors Moving can the we were, you quarter. we give wanted in the XX, particularly a to here. to good to guidance see. want a depiction reduced in this our a I answer The difficult guidance. first And there between middle the changes $X.XX the very is what the difference
You at some be of a and that took a from could item. walking matter to that's you $X.XX be $X.XX earlier, timing so $X.XX all as And gross much negative why a reversed above expect see margin I a well. timing up so with perspective. that you Of expect to and do that impact $X.XX, it from a expense, that income of I through tax see time perspective that
So quarter And the for changes, the associated there. as expect of our see, changes, first the ranges is three I the $X.XX effects you with that last first of it's with of of see associated of speaking to year. and the But with those can think the $X.XX about quarter half is there. change, really the is timing COVID other really half quarters shown
you there, to perspective, timing have we in gross can is minus some flat, For and $X.XX COVID and margin there. obviously also positive essentially expected assume some growth $X.XX, but in
in our things increase me, reduced that you business and excuse COVID imagine expense as our is we those expenses, the that plan during result speak seeing control flat. do we're the so of to year of doing We expense, not a perspective. and that course And items a are midpoint from moment, can I'll a
timing And changes. Those lastly, associated the tax. with biggest the are
you substantial And right, can we can But how of far net $X.XX $X.XX another a a in if taxes, you the explain and see recovery, back $X.XX improvement clawed as get subtract to you reduction is pretty look will change. a $X.XX subtract $X.XX, whole. your incremental changes to you a change of subtract level. in guidance if the margin you very OG&A $X.XX at If improvement, depreciation in we high a see income and of
that page to is really that So helpful. the remainder that's remainder on be Last in of the in cost I'm we - more there put is hopefully COVID sure say is will first place - this guidance questions. thing due due quarter, $X.XX through controls I'd the part associated to XXXX, for XXXX.
whole. plus We we margin explain Moving initial QX. try page. to at three thing onto the bottom level as in the a for QX form high guidance a out updated more period. We laid the for of granular the that the to guidance expectations mention the margin I anticipate on In down page, two a to gross three
not offset of things from left, point our impact most, count we the be we have on upper the our if forecasted to organic At growth customer is we expected One XXXX. of rule of would the all, perspective. kind XX-XX in of forecast out, a COVID our
which residential gas being electric think But I that a true. XX% our customers and is revenue both of perspective, on changes. business,
slightly is gas, more. You at from part residential a the right the just revenue see then electric, of XX%, for it's to can than perspective and of less customers, the slightly chart, upper the
about side. on and So see the none And the little kind from gas a think can very side and combined electric industrial contribution on nearly XX-XX. residential of commercial from basis, the on impact you
business precursor, a better. the to bit laying just So a that as understand
- COVID on very we it's is thought a and energy a X folks to overall we But business. perspective on have difficult volumetric about supply thinking comprehend. concept this our our a Upper loads. talking to what out, from folks. anticipated ratio we right we our of forecast, would to impact impact how And had is just X play
can down pretty solid out down about increase expect to So rate for combined down stays accounts again, residential. through to QX, high X.X the essence, up see in net of QX, XX%, be can that quarter our about of residential - one and In commercial income. X%, QX that a would commercial that go contribution ratio down QX a you at gives at in in point three to I QX fairness, level to and of But should see are the the least XX% and amount you recovery. substantial is of and our contribution. QX -
overcome in recovery quarter, to a portion that quarter about difficult fourth quarter quarters last first control and be we offset a two first the talked to quarter earlier. of expected and quarter the will of with expect and the So, year. difficult second the we But third in a expense difficult
and Little estimate of down COVID detail more granular gas right. the below is by versus show in both pre-COVID. the shown We XXXX electric far
the You from to our give lot Wanted there, on process thing information. here. commercial rigor lot residential to show impact and side. can to thought you of there's see of and same a wanted We a the gas
I terms one to think plays no crystal hard to ball this everyone out, this. knows giving wanted in into thinking we're really about we how work but how a has a investors of look
business, was would think this answer I been is best result to there. is and how altogether. to try drop the to going the guidance thing think easy our with of a It do to belief just come from impact have out our
page, and year. in way, this regarding Electric thing I'd July first only foremost, say even and of not Last Montana it's business, only by our is the it this decoupling, on impacting until effect
XX% impact a on lastly, commercial associated Matter we And customers primarily to going much decoupling due remind third to we - the that have of decoupling folks than expect quarter, is side. changes fourth I'd expect we're to an recovery didn't our residential see are in whole. so, as the decoupling from here fact, the and of with our the a the benefit of going And Montana, less too to through commercial customers. in
So residential on much, side much more of the impact of our an business.
our And would We of increased to And our here. regulatory EPS from note to Moving bottom. debt point We've discussions This non-GAAP why jurisdictions, have cost basis. had Dakota. staff expense prior and utilities And way, includes Slide built-in incremental with debt and Dakota, both earnings in $X.XX jurisdictions. improvement standpoint, our expect feel that working bad of the thought We've approximately a on we filings. initial we favorable $X.XX $X.XX $X.XX on Montana that's other that at that assumes recovery had bad regulatory of with expense We're guidance. largest regard. this making I'd our to into XX, get at about compared an with recovery recovery, and from the discussions onto of argue process increased and COVID, in our in - an controls jurisdictions expense? the the guidance. by anticipate the South compared two those confident that we'll South Montana But is and outcome also year
that - And a know pass to it - to I'm going was Bob. with lot I that over back
