Brian. Thanks,
And through you results, weekend. holiday 'XX the a acknowledge Friday a before before afternoon financial is I we it walk
So our we'll lengthy. your comments not joining interest appreciate and we afternoon, keep too this in us
The and to a from 'XX other foundation that of thing groundwork Brian foundation enable resolving for us the negative growth base will mention our strong 'XX is working and continue and and we I from just that commission rate how on in covered but on that execution, upon a with the case and for executed laying for we Moody's a credit forward. as continuing metrics strong things important key with we're a importantly, is perspective, staff interveners also go the regulatory was outlook
a with basis, 'XX the a I'll basis, Slide on results XXXX at our 'XX $X.XX closed that's In QX to our non-GAAP basis that's fourth So to $X.XX. we and on beginning and X, that, which a increase on $X.XX of for on basis, quarter a out speak GAAP GAAP with non-GAAP results, on comparison $X.XX. a
our or the year just end perspective, slightly however, to low a From did come range. guidance of we outside in full
went to $X.XX on into Our basis a $X.XX as compared at on did non-GAAP initially. that $X.XX -- as guidance was We a basis. GAAP on $X.XX and we concluded year, closing basis but a range out the lower GAAP
the about significant right, we give of I'll for and for year and see a And on you to of things the bit our significantly impacted we that, didn't with this. how Slide drivers So the what the the expect, expected guidance side year. range X, we us on you'll think what left-hand the that
that. see outside if drove of part of to supply we the expectations us, that importantly, speak in just for $X.XX recall us some that a other higher of year, and and was us, it work the year to seeing $X.XX towards us. So the are peers laid to a what like the our is when basis, the detriment But $X.X and of the also that and $X.XX. of and to million happened things criticality was market $X.XX you see criticality importantly, from And or mid-cap full that of we us things had Brian our us expect we from but basis that see that that do, expense, the bridge, to impacts us, did interest higher O&M, the PCCAM and you I'll our out XX storm that while customers a you'll impacts is our to how others to volatility latter in headwind
right customers. of we costs impact and those I you to impact go the have Importantly, times have to sheet those importantly, Brian to headroom, has see latest results. impacts mentioned that's before at you the to moments as which in weather, they when on And just of those room the we But year-end from of and heard price small what perspective. bill Christmas our to don't volatility, sharing the we during balance power tell occurred where results and a extreme XX% our And would significant adjust what
have know you below indication a non-GAAP followed we over do have to also that. adjusted fundamental power an time, earnings out weather, you our give As cut and of what earnings
remove to our to we revenues So impacts. weather adjust normal
to adjust don't our broader we impacts results. the However,
we and and but we just an see would that, also the Importantly, are see revenue mentioned not detriment but the the remind distribution And again, operating overall the that, our on I things all I But impacted side favorable, costs up. the just both severe that would supply I we our take results. like that impact to $X.XX year be results. weather transmission, is our out only further the the just of out system you side, when all mentioned for strain prices which the of to adjust don't go that PCCAM at high, we drive market
a look Slide basis, the to compared in financial you or a million from period, results improvement at $XX.X million $XX.X prior gives $XX.X of income net quarter XX%. fourth million X an
see solid detail bit a key -- the impact December, we perspective just as QX outsized quarter. from look themselves about really there. offset days a solid you and gives November being I weather saw X of neutral for did we into from performance a in or impact again, talked to. We alluded that And more and weather October, that broader Slide critical
improved see did So higher volumes driving margins. you
interim rates. the before That's we to year, the in slide the show outsized thing you that That's in and and for certainly a back very piece returns of key side impact of us positive the the work included there our other see of earn that, guidance the to regulatory our solid this The and execution actually and ability with but we commission. and margin.
perspective, quarter up discussed of we've basis. as general that that you expense at headwinds and property a income basis operating non-GAAP offsets us tax again, from things favorable the and a a GAAP $X.XX the also and interest driving of adjusted for on closing here bit And costs see and out on $X.XX taxes, an
again, gives XX we you non-GAAP out And about this a year-over-year, Slide favorable that performance how look as our think you year, approach weather. we at are adjusting adjustment.
year, the had we see so weather, right-hand left-hand the an you GAAP-adjusted add-back So of side, we basis. had unfavorable this. a side To last on
non-GAAP, $XX.X quarter. the million in million For compared prior $XX to
With with a XX. year X% for the that, GAAP of of net compared From the with I'll that's as on out income $X.XX a Slide to results income or prior $X.XX move decrease full million which with is net to $XXX $XXX.X year a million, year. million compared basis, basis, $X.X closing
transacted the XXXX. that the filing we effect in that as our equity on of And for a late reminder, and was expectation in upon having our in addition, 'XX a that made had and solid base dilutive based down a that of case setting we again, rate year
again strong Margin there. on usage general on of weather, that business, So continued the XX, both that of on expenses. key improvement rates, results with growth a from electric includes top being drivers and and that, higher also customer some interim offset our by bridge you Slide and but an operating gas trends see
through ultimately us things things higher insurance of inflationary to to the you like impacts things again, us fuel impacted Also, peers, customers. And 'XX expenses, the no of expenses, material see in flowing most those and are our but that that all depreciation. different than our seeing
charge on ultimately, impact for balance those giving commented costs at then that don't interest have by costs carrying supply think balances carrying our we revolving not fully, And higher QX PCCAM recover expense, is only those that they higher we do undercollected average the sheet that keeps our I because not I a gift for.
our So bridge see last line, free ultimately saw cost or in no you headwinds unprecedented pressure in interest expense longer expense interest the here. capital is of $X.XX increase year, interest at of the we as to driving rate us
And then from you again, middle the rate in case, recover we in of all know of. our until property property a taxes, our full we're which amount don't come we taxes
we even initially drag was see year. expected So the that than drag still there, for we to continue higher and
All results at of that year, adjusted resulting $X.XX. for in a $X.XX GAAP the basis again
to the would I here. remind or volumes things speaks of XX classes. sales margin Slide I and couple you across our highlight customer impacts. mentioned a just solid
and The of that saw other to those we areas, thing crucial versus detrimental the the given enough of 'XX which closing not of other saw out rates. offsetting interim rates, obviously interim impact but impact the being in headwinds us are and those some we amount
The here is I would thing other transmission that highlight electric revenue. just lower
would a been absent I part had we their but up. an recall, electrical that were year, last rates that, demand our decreased of If we actually there. of you neutral release on highlight businesses. the actually That's item And transition. our about key deferral went a
then there case. base that results the million last The $X.X would request. denied XXXX, be year, $X.X of reset or And have requested also the solid a you early and $X.X of to year, detriment year-over-year outside PCCAM commission filed us. would rate we that impact to million, too. in has So impact. remind This million and I that
didn't we X. course, until base of So see reset that October
thing above base a was didn't is of I from the QX would QX interim significant that highlight The other perspective even mention us that to a in rates, PCCAM reset with that detriment. application of I
out a the improvement, with detail. on to things an slide out property taxes adjusting some rates interim again, overall but and of give closing that, with With on the margin you year the additional utility
we shows for the you out adjustments. out prior favorable the adjusting Slide for in year, XX, that Same unfavorable correct QX the weather. the non-GAAP quarter was the sense again, in about our that to is GAAP talked we're story of penalty as year-to-date in also that weather it had and adjusting
$X.XX income So compared or as XXXX an $X.XX for add-back net with that XXXX. $XXX.X in million million $XXX.X with or of
significant to flow From metrics perspective, cash really the remain And improve would our that a those the focused improvement from can cash perspective, think from on tell the flow other we versus period. had we've in and that some working strong cash is you, a see of you deferred year of of costs selecting that a thing year prior the credit our FFO. on operating numbers and this page from I in prior about activities as
is we have challenge -- costs continue relates to PCCAM. to Montana significant deferred The it be as mostly primarily our
that an So position from you improvement recover we're to customers. see an there, working still but under-collected
about would With to know, working forward. case from rate guidance you our outcome impact the earnings have outsized think we until has from an takes EEI our conclude growth we as that, are guidance we giving thing to as that commissioners we're talked and and going the that our how other that about you that, right we and QX, But all not slide. I at 'XX and in as just mention,
both long-term expect term, plans. also remaining you expect have program. during financing of rate out guidance our near the -- we to But XXXX. that in $XX that our we We refresh do issue We equity on and most expect ATM coming to million our do of recall
have our long-term capital we've have consistent but refinance $XXX guidance piece late that in but also all in about to program. execution continued also of Brian million with one year, a manageable we We given we XXXX. debt talked that before, significant the issuances, the need that
and to chain ability Yellowstone done the for I what work execute year continue our also in a the execute to get to challenges system commend think upon of would challenging the on to continue is to development. was and critical we teams supply And what their
from a of So significant all capital out 'XX, line seen with closed us what of a that, in before. in amount plan for 'XX and continued you've
And turn with to will I it that, Brian. over
