Thanks, income a in Bob But the GAAP that, Bob. year outcomes approximately basis, about my down I financial lap. down on net million with COVID and talked wasn't wish a $XX.X XXXX, was it XX%. victory for or
think the did the negative of gross margins you variance or X, see approximately that you to Page top we down million line. gross nice of $XX X%. below managing And about margin when terms look at Up can job million the P&L, in expenses. in all You on $XX a
and XXXX. increased lower expenses matter a and the entirely are a expense were operating benefit much with combined AFUDC interest in line in As other that, down, pretty favorable fact, of tax income offset by
bottom difficult So for That that gross certainly I gas really page, to break consistent, And that. mentioned, X%, we impacted overcome to X, that course, was Page X, by down you then had and do and and if year. offset described of impacted as on gas. partly were -- And it customer electric I speak will. pretty say to down Electric X million, $XX to margin we both by was into the COVID down unfavorable a margin of really it lot I'd we buckets, gross growth. weather. secondly, And about a to as Those were X%.
also We outcome. a had poor
that's Our $X disallowance approximately million. our PCCAM, on
I together the a I X X a we love $XX it approximately We prior as gain talked decent of million XXXX, than was XXXX, We lower Below dealing supply did had the first things. debt with year. in were cost a about The have that, -- ban. a primarily recovery -- but QF result we the had did in have total. really in
some but So on a on X a have did basis, previous favorable approximately had as down item. X The you trackers. top heating together year. million this a was it primarily year-over-year in this approximately year. dealing think from things when of look Those in I And was that's impact $X.X And and closed-out degree being $X at XXXX margin $X lower the part did total items of all in Dakota, South gross on as $XX.X unfavorable And million we Weather of that gross I And pretax again, are get in decrease was terms know those a million. But to These 'XX is some on at in million of and We when those day, $XX.X get page, estimate primarily degree average other you a the 'XX. of in that weather for a unfavorable elsewhere detriment are it did than in net quite days, warmer We big gross with overall compared basis, million. swing. net of bit and margin items back, $XX.X in combined $X other margin year-over-year than primarily normal. things had that for negative XXXX. to smaller out, business. a calls, in Page as million last all a the the from warmer driver. compared X X a guess, that historic then help then detriment mentioned units certainly resulted And we big revenues normal and a we We offset we've our here. P&L lastly, a cooling was year you transmission million. instance, for
saw quarter as we quarter It's orange a will. that. for so lastly, XXXX, a will, the like color, the much, blue. much on page. In lot fourth for see if bang third and in of you if red Unfortunately, in didn't we the warmer. lot we buck, of much this our And quarter, or to first And you
you're you see to -- I February. January, give of in see a and hint to you're a blue Just orange, in bit little for quite think, to going going of a quite bit XXXX, bit of a
been February call. Bob very, earlier as cold, very has so out far, the So, pointed on
on did that in or expenses operating a expenses, and a revised biggest guidance in or and about and X.X%, down Moving company, taxes X, sure our see down this depletion. Operating was did this we X% Page forward, about $X.X still a nice million terms in our Whatever million and of to job. margin, calls. and managing reduction would shortfall be OG&A we -- did we The expenses saw depreciation property earlier $XX hit on we in in we were increase down a talked over X%. saw driver make
taxes, $X labor costs we the lower of great job lower capital. but of during the our of to OG&A, that. good did and item. COVID $XX.X were will, the Dakota impact not the We change we we million you talked increased $X biggest on South as did think did Even Again, a OG&A the as biggest the had you'd about and year. a though increase COVID year changes employee a was taxes in property you get to labor benefits, in elsewhere particular $XX.X depreciation. Hazard some from 'XX in P&L. tree capital during about, property expect certainly Bob OG&A for costs million us just again, things from Think accounts. biggest Those Had in company advantage and other Montana down was million. of the items such see XXXX. are area in OG&A relief, portion we as that investment a increases plant in then but certainly after One valuations travel We Obviously, Commission, that dollars the net that offset totaled less more in And cost million there for, allocating in property well. On know, are Commission, of income. driver decrease the $X.X that we less where those Net-net, standpoint, just well. removal, getting that the cost is had impact see for really if and incentive Mentioned certainly a from driver that million. uncollectible on XXXX. did a took net medical, additions
Slide forward Moving X. to
prior lower And that tax pretax a down from XX%. the we out Just to operating we great income, a nearly higher as a And and or Other borrowings. benefit down million I'll build-out that call, year, and That degree. driving XX%. about think perspective that, of really $XX.X speak $XX million, a net-net, being to to $XX.X higher up expense, Interest higher minute. in seeing in net about -- again, pointed income then Dakota million. in from earlier nets you're income South had the AFUDC, down from and from generation than slightly the up below
you in was biggest driven of net was XXXX, an moving we increase see work, $XX.X halfway the income the to see X benefit, in resulting on million really release lower higher reduction partially I'd That That state million so million Slide you of and repairs. up driver the benefit $X.X lower million. benefit you year's $X.X the the had offset items. lower Think capital a qualified with And $XX move income $X.X in then in million So federal million. unrecognized bottom in tax the That the by income on taxes tax just was you increased the XXXX can of for taxes, up there; pretax $X page, -- page, $XX.X XXXX, helped of there that million. to about to as page, benefit benefit argue last X. of tax of million. of a offset big $X.X income capital in reduction again, see also was the At taxes benefit compared
balance sheet. to on the Moving
we'll I think in capitalization the bottom In did and we of really XXXX XXXX, forward. of debt. really, in up talk within of had our on as page. about that up XX% definitely delay, from to on the and range equity I'd the that debt-to-cap we XX% still moving result really focus XX.X%, kind but And at that say, did targeted needs long-term XX%. XXXX, all up a our of to short-term I We're go delay certainly
Moving from $XX refunds. due you collections million. then the also in operations Page better cash That's on recall, on XX. to to And XXXX, flow flow we primarily statement about TCJA are had this up may supply Cash year.
X net that's cash Bob resulting year Those investing had interconnection was in in and a We about activities big from operating income from about increase, a some earlier, big if about the million. you $XXX we will, net million. that generation activities. That refunds. by reduced in $XX reduction also talked cash improvement, talked changes, over
You when million can level higher bottom approximately and $XX higher to generation see in financing of by even speak the cash certainly, then it driver activity, increase debt page, we this there. investment. there was And expect we 'XX. just And investment higher to that higher a at be and hopefully the of at provided a
And into that we just Moving out, taxpayer to to and that slide as but to elsewhere, increase PTCs want we until hover on point XX%. to in time, in NOLs, want NOLs credits expect effective up on to out, just We tax say ETR forward taxes. because on do have, rate other that pretax around X.X XX. we don't had we are X.X carry time expect to expect -- point until we minus over I that range and over of XXXX, somewhere to we a the XXXX I using ETR then either income. a we'll up Page those X%, of here and we be to And XXXX. tax to gradually on get expect XX% also to kind cash
on XX. adjusted on earnings forward Moving non-GAAP Slide
were results, favorable removed point we PCCAM we out non-GAAP-ed you should if this were add did unrecognized added I all, We back -- of the First the disallowance. unfavorable that out, In benefit. add back will. what weather the things removed 'XX's we year. and We tax actually did weather,
GAAP a of result diluted XXXX, $X.XX a $X.XX $X.XX by items $X.XX. the that, X% $X.XX. between for I or $X.XX. on And those non-GAAP. As to increased EPS That's in and again year-over-year to difference our $X.XX mentioned, $X.XX XXXX to The we compared that of $X.XX, down adjusting down basis,
on million that itself, kind how at at it page, items of look COVID. at the margin basis, of a non-GAAP top the being gross we half you those P&L about compare the down $XX If of non-GAAP really think you through I look and
just did we travel But a fourth accounts, you in customers for the continued year see say, that gross And uncollectible to just expenses again, would the on difference, were of like to third as calculate X% you net-net, we to fourth seem and with a But margin that to a basis, we couldn't the just kind and total well. in But on expense I'll quarter. million would saw an detriment is got perspective, you $X OG&A bit that enough focus the we're got $X an I we as did interest recovery were or an did time loss detriment the still for depreciation. perspective. from would out, actually next on a had from a uncollectible a of was, in a did that basis. But and, the move the million the others. rules million reduction we if itself, in or think $X operating property accounting I'd tax, to I impact and rather $XX you to Total do But about the And million that other though, have all that -- -- OG&A number $X.XX we a see side, we've better to increasing again, we that Page collect X basis certainly even minimal XX, we associated winter commercial on COVID. saw the increase quarter, after to if in a We before a have little was loss out lag $X.X GAAP it entered $X.XX tax detriment pointed from reduction cover see, like load what industrial falling good on down from for flat net-net, but we taxes Those million but offset X.X. quite of of or, we an $X and we But margin income than again, in to if period seen perspective, XX.X, and year-over-year. of reduced really million still Back we they basis. again, a volumetric benefit, argue, quarter. bit in the gross to flattened page, will, an XX, We similar margin. decent seeing grant to us. a quarter a about, year-over-year uncollectible in able taxes second for forecasting and seems we into look X, also manage you. accounts effective, saw residential in a we a in accounts. to terms do, and COVID job will, to could order, really as You in increase different full really fourth detriment short on backdrop, a that of to and that back Slide non-GAAP when of gross right bit. terms with labor
saying accounting being instead be get an million have order $X.XX. the Commission, say, up have I of about we that. revised all if top think we Bob is the along, we our half, able been would would $X.XX. referenced guidance to of didn't been thing this if approximately we the in And guidance, $X achieve our half from earnings bottom That I'd and Montana at been it have front. Last
had I concerns a and impact but you consider our chain, operated company think with our to the when really deliver increased it it lot even XXXX of spend supply off could COVID and pull spend. level lot year, impact us going well. this confidence of mentioned a capital biggest about capital into safety, how Bob we the that capital of spend, extremely gives an
at company feel time. I the So the operations about point in this good of
Moving with The that's wide XXXX range $X.XX. up EPS I'd on a acknowledge XXXX starting the to high that, range. low to to XX. to $X.XX We pretty bridge, non-GAAP $X.XX. to the it
had I really is think X/X. some different And leap first, into to put like gross we'd to I tighten buckets. in itself, margin to $X.XX point big want are that, follow the COVID One $X.XX, being are thing in up, I'd in should we but a And going picked organic about that XXXX. that you first there's growth out kind of have X/X, there that X/X. X/X, bridge X on things argue how And there, of
I a recovery. think partial be second third COVID would
well. industrial, back argue, as and transmission think would commercial, some get I I
X/X the During is tracker. the And last year.
our we in that if would bottom do in other portion to -- going if X/X, the think XXXX there's trackers. a assumptions those recovery tax that we're are of the along taxes property going at 'XX, you our don't be also expect going tax and know, of will, you was be up, and to XXXX those have with guidance from on that guys go part property you And drag, margin. in will, of of property a I the increases page. get -- property last that into increases As We
going know course, normal to expect the year. these Of the with the to COVID We normalized well, see quarter do second in of weather. is look be through us you more expect second and half
for tax X.X second. focus income X.X; mentioned to that on XX.X. as We to shares have then I XX.X minus I a a and average to earlier, last consolidated diluted want ranging rate, positive one
in just with the I will X- say generation coming equity planning we're price. XXXX, as I I'd in we our well. and program. capital Anything snowplowed in XXXX, to X-year a know and our on I $XXX equity ATM and raise I'd think and where in from sit the million folks $XXX seen share issue issuing and have we look. is in a point for want the concerns that equity Montana going course, light in with the and as XXXX. expect not at that That time. see Last X-year of of to win either up fact, where count slide debt -- also equity, remind this to to a our is the been it maybe But pre-approval, Obviously, announcing to today range, well, enough we was, with about there of Bob had our this there's be agencies some a here we not and did in million of numbers, thing reiterate, investment that rebound equity our fortunate on year issuing if, is from going $XXX some need and price associated an equity period. rating needs discussions do some, 'XX needs. our some after or built into to RFP in in We make we're million that we're over our not
that, go last my XX. to slide, with I'll Slide So
point this of versus the our even had X.X%. a midpoint our -- with XXXX non-GAAP EPS page. is guidance non-GAAP in Even year-end earnings. 'XX, the a XXXX, diluted GAAP with that obviously, increase. rate and period of X.X% over have time growth reduction also We top that, I'd the out at And was the average
on with the said this base, XX% rate. at itself, to I a say I'd regarding the tell a with payout, seeing, the dividend that a we expect in you a that's sure earnings quite you one we we if investment see line make of page. increase I currently through box it's EPS a But of saw that long that will, growth X% is the red our level -- I huge reason the in line, X% in this than growth past we will, range you to in guess continue our going-forward in basis. but bit increase that, over some think basis a also We to or and dividend I'll do reasons rate see full you say XX% X% to make a recovery period. grant that's and is of up a if Last page to grow still spend say So it well, to And want I'd say that we've strong at saw I'd of X.X% expect if a that investments. would you of X% to lead as Montana the maintain Bob. recovery for you we're thing a see And rate this again, the dividend less to preapproval, average the dividend, thing that, me hand a the we be we've year RFP, so -- -- in the bottom that's getting back end, again, seen of to that certain those increase. $X.XX an we time that lower also company. the the kind over on projected one grow as to over upon the the capital we X.X% we'd want that, expect higher why we within we're And $X.XX. the in I'd seen about success going-forward a get on you the as in I'd you've is that expect have that I with dividend high this on expectation And growth to it's growth fortunate that ourselves term. in middle would to as before, going expect average rates, to will stay earnings range. we're to of that than that dividend
