ATO - Earnings call 4 2023 | Atmos Energy Corporation

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Operator

Hello, and welcome to the Atmos Energy Corporation Fourth Quarter Earnings Conference Call. [Operator Instructions].

I will now turn the conference over to Dan Meziere, Vice President of Investor Relations and Treasurer. Please go ahead.

Daniel Meziere

Thank you, Jay. thank joining and everyone, morning, you us. for Good

Akers, Chief Vice Executive me and today and and Kevin are Senior With Officer; President Chris Financial Officer. Chief President Forsythe,

and are available atmosenergy.com, we release Our presentation, tab. Investor at call our remarks, in under which earnings prepared will conference Relations reference the slide

Act some Exchange results the might discussion contain statements within As financial future please our and we review Securities keep of expectations, of and the Securities meaning discuss Act. these in the mind that forward-looking

statements differences forward-looking differ and from on Our in projections and materially could XX described actual could that factors our cause results. SEC are Slide are The more fully such filings. material outlined

turn I over the Kevin. to call will now

John Akers

Atmos Energy. Dan, We you, Thank good in morning, and everyone. interest appreciate your

would have a teammates served serving. all our those million our Americans is take you Approximately our who Day, country. to bravely service. XXX thank served say and Energy the Saturday this you in who the are to Veterans men women of for part XX currently to Thank of I like nearly Armed your Forces and opportunity As Atmos

reported per some we call. growth. of the year XXst will our earnings later which share our earnings consecutive $X.XX, Yesterday, of provide financial around additional represents the color Chris results share per in

some close will today's a and updates fiscal with about we'll in few a projects call 'XX few highlighting fiscal of key 'XX. I and begin thoughts achieved the many accomplishments on pipeline

as independent This past marked XXth company. October XX Energy's an Atmos anniversary

our the of culture and continue a values, vision, the out honesty, and good Founding communities dedicated than Charles past on character, environment. on values guided and the the to laser our focus future, supported employees continue more Chairman, atmosphere. laid These be We century by combined of moral build our integrity on and our our benefit our of X,XXX simple customers, K. Vaughan, focus and with quarter for the by to by

I the and employees and company. before, today, provide I've will long-term heart said say for of success our are foundation sustained our it the and again soul the Energy it Atmos of

fiscal storage In safely of and continue we and gas systems. transmission execute strategy proven our modernize 'XX, operating our distribution, reliably, we natural while to

capital and investment of economic replacement XX,XXX of systems replacement supported of through Our billion, and XXX than continue the investment to distribution pipe the territories. fiscal see modernization over strong loans. our of and in $X.X service we also supported our transmission 'XX over This miles of distribution transmission more development the service

XX,XXX new nearly of streak those to added new fiscal of the state here Texas. customers employment. record in over Workforce with we In the 'XX, its located customers, continued according XX,XXX Texas Commission, And

added number XX the million. months ended than XXX,XXX adding at again employees from nearly September seasonally a over nation over reached the jobs of the September, Texas rate to at XX.X high record For September last XXXX. faster a the new adjusted months, XXXX XX

Round Austin XXX,XXX Selection by the to And a Georgetown XXXX, Worth reach by XXX,XXX to according people conducted projected to is people Dallas-Fort study add is Metroplex Corridor million. projected to million, Rock X.X Site Group, add by reach over XXXX, to the X.X recently over while

as to 'XX, nearly growth new continue In good well, customers. commercial commercial adding we X,XXX fiscal see

approximately development plays growing volumetric territory. usage basis. our residential customers equivalent with XX we all are The role This operational. on across they load customer gas remained to natural 'XX, the Our industrial new demonstrates of nearly service fiscal territories and XX In annual a demand XX in added an for of in once anticipated annual Bcf, service adding has customers vital classes of gas from also strong. demand our our XXX,XXX Bcf industrial fully value economic is natural

to support X-phase, during XXX-mile system reliability, safety, of Phases fiscal and the of We enhance completed 'XX. to project. continue this and S-X X our We growth Line APT diversification versatility X supply

Haynesville shale from Line reminder, DFW supply Cotton and a growing Valley brings place, to side S-X Metroplex. As the of the the east

XX-mile integrity of completed replacement our XX-inch, portion the Line X XXX-mile, project. Additionally, final we

We at additional our APT's cavern new our X Bethel over cavern and provides completed salt-dome storage also This Bcf third capacity. operations to facility. of gas working adds support

Highway We system the connect runs will of line PC This with Waha to by Katy. from Morgan track remain of end the on XX-inch year. to XX-inch end complete APT southern line the Line the calendar Kinder XX-mile, Permian that

current in Williamson and growth, both north the forecasted the supply of Travis well to new Our Austin support line Counties Texas. will and diversity in demand as as increased

every Our service team support rating over received customer associates Atmos build a to each nearly day. from our again $XX XX,XXX they continues receive customers and once team The energy and you for service, and customers. as satisfaction exceptional customer technicians customers Thank Energy our their in trust of exceptional help assistance continued care funds. million XX% taking

employees fueling our our communities a difference workers, more supporting than by of first our with need others and neighbors Finally, care supporting as Macs, in health and thriving lives also made and we the through responders honored safe initiatives, meals, by X,XXX students our schools profits. in books, helped

Zero provided with need. XXX into million partner organization meals Humanity appliances, our use more continue for to And over Habitat served gas and insulation Energy and the And local in we and neighbors to panels provide high-efficiency materials. financial shelters, of voluntary through These advanced are produce homes to banks nearly families food with resources to they team solar rooftop than being natural Net the for translated consume Homes. energy local our designed X.X

Net Zero a Atmos the new natural homes fuel cost-effective and role by safe fiscal carbon of X demonstrate way and the value have in homes plays footprint their customers completed is vital end ZNE we'll helping communities. total 'XX. manner, in Energy completed and XX Energy These 'XX, another gas thriving reduce fiscal Homes and in We

fiscal accomplishments I'm our 'XX. very I 'XX to guidance, 'XX many will plan 'XX. fiscal our proud and an fiscal fiscal our through of over financial full results, discuss call in the their Atmos now updated Chris? X-year team Energy turn to Chris and and

Christopher Forsythe

morning, Thank you, Kevin, and good everyone.

'XX. share $X.XX X.X% increased per fiscal over fiscal 'XX of earnings Our

performance continues our of Our financing regulatory operating, reflect the strategies. and successful execution to

fiscal received operating with amortization implemented income year. fiscal customer our we distribution by higher income million fiscal an liability. income combined million. the tax rising additional growth, increased in and outcomes annualized $XX increases load These million excluding outcomes excess industrial segment of In operating this 'XX, 'XX, of $XXX $XXX deferred in increased by operating Strong consumption

thing increased the our lower $XX fiscal inflation growing Texas. some increased in updated moderation range by driven as count in end to O&M higher orders we of fourth quarters. largely to service came our guidance million at Consolidated the third of and service million, primarily in and This head support $XXX in levels saw territory,

system. capital and improve 'XX over our represent reliability billion XX% of dedicated the spending year, XX% Fiscal was increase prior the $X.X spend safety a of to of fiscal that

As a result this increased rate of by $XX.X of XX. estimated base spending, XX% and as our September billion

of Finally, of us and completed finished support process with securitization Texas. $X.X billion our we the XX.X% leaves positioned and capitalization approximately liquidity, We in financing completed to $X.X operations. the billion and of available Kansas long-term which year an well equity future fiscal

preserve of support the and and anticipate balance mitigate of execution strategy our to earnings timely to share debt costs continues seeking strategy financing will forward, the equity our recovery customers. our modernization to balance strength spending, of risk regulatory disciplined sheet, to Looking share of using through on while and minimizing focus our through financing X% per our long-term to capital cost growth. of dividend the annual We this a our financing continue mechanisms, X% system per operations

For of fiscal anticipate earnings $X.XX per per and $X.XX. in 'XX, earnings $X.XX, $X.XX 'XX anticipate range share will and we be fiscal be the and to share we between

'XX. Board level of rate expected billion capital XX% to approved approximately year, estimated as a will This to base XX% approximately of This in per approximately of -- X.X% which fiscal cash fiscal to quarterly of increase of an 'XX Energy's increase by over billion. Atmos annual $XX Directors continue base plan Additionally, total is anticipates 'XX. $XX growth about consecutive $X.XX, XXXth support spending indicated dividend rate an dividend spending to fiscal

another addition of our to be taxes. spending, for significant capital use will In cash

Act. refund X XX% material federal a this amount years, 'XX. funded deferred 'XX of approximately payer during and because to will The fiscal excess tax tax included expect We XX% of of Inflation be fiscal that next the the become with million we years next cash over tax Reduction liabilities And anticipate within was in corporate $XXX we X minimum

activities will spending on to safety. continue O&M compliance-based address that focus Our system

We 'XX from 'XX, inflation fiscal O&M annually of through have levels. assumed X.X% fiscal

in our 'XX. incremental both we $XXX been $XXX approximately per fiscal to and guidance includes share financing, million. reflected has and For X-year plan This fiscal $XX anticipate fiscal to 'XX, from which 'XX of range long-term debt million million for earnings O&M

completion debt stood in our and very of debt long-term October, at weighted is $XXX cost maturity X.X%, of manageable. our schedule Following million debt issuance average our

weighted of Our years, of until XXXX. and scheduled our is next is tranche maturity June debt significant XX.X at to mature not

in of strategy have fiscal To risk, place forward portions exposure The material rate swaps XXXX hedge we our interest rate financing not starting our further in is does weighted 'XX. effective these to rate mitigate of contemplate floating Additionally, average issuances long-term X.XX%. rates. to debt swaps interest anticipated interest $XXX rate in and million

equity financing to needs. continue utilizing to we meet intend Finally, program our our ATM

represents which equity significant our September remains As of key a 'XX fiscal of Handling component our we $XXX a portion of million need. priced XX, anticipated recovery our costs of have strategy.

off to We a 'XX. in fiscal good start are

case. implemented fiscal Included we have in the progress $XXX Distribution this segment, million. income about requested Since the had X rate beginning APT's increases million annualized of in taking year, amount is general million in in filings $XXX $XXX and our in operating we

authorized parties On return settlement October settlement of of authorized XX.XX%. the a Railroad with capitalization XX, The base XX.XX% X.XX%, proposes the and of APT $X.X of and billion, a ROE rate agreement Commission. an equity an intervening Texas of comprehensive rate filed

be remain of a the our income. settlement will strategy, will support anticipate continued $XX in million XX increase system our execution and development settlement modernize meeting. to the agreement our the ability would economic support We annualized this service in filed, to result We as December the territories. this operating continue approved commission's agenda on If in the confident to for

priced utility benefit continue remain expect will strategy the as bills average customers' in most health. of our to competitively customers bill this residential our will Our one we from

Thank you remarks. the Kevin? time say over will for closing now this call to morning. Kevin back some to your turn I

John Akers

fiscal Thank for you, morning, heard this 'XX as you've well positioned successful has us And 'XX. a Chris. fiscal

having part 'XX continue XX-inch remaining the the final on APT system. XX our to anticipate the reliability, $X.X December focus will APT of S-X, Line of of service versatility to of diversification capital in miles and plan, on work project, XXXX. safety, phase by spending its supply enhancing billion continue As fiscal which will pipeline we the

fiscal part will by the will by install be miles Loop by be calendar phase for Line which of Phase XXXX. of be we anticipate the XX miles service Metroplex. APT pipeline placed service X, of began the in the will include and install calendar will X XX additional that Phase and the an approximately Phase installation Phase anticipated Design into completed is that, of this X, year final XX X end Worth serves multiphase placed miles that will of of 'XX, system approximately we the northern Dallas-Fort that calendar In miles, is year the the a WA project end end year. XXXX. anticipate XX by supported to that underway XX-inch

Central in that of XX-mile, and XXXX. calendar support facility by a to growth 'XX, anticipate Bethel to XX-inch placed Travis Groesbeck the We begin in of pipeline end in from storage the year will forecasted Texas. Additionally, Williamson our station project in be will compressor APT construction Counties fiscal our service

to at us positioned and upcoming supply prices. competitive season gas this Our team for well heating has reliability supply

Our at team winter of of storage XX% and through of hedged $X.XX. combination financial has needs, a supply weighted gas supply our cost contracts, a average

growth our organic to The dividend long-term been foundation the Energy. share share driven commensurate set yields supportive accompanied X% growth, a states XX% in of financial with safety is We I'm support and has in a X natural that of in in a of have with profile. operate diversified Energy base direction very of and stability Atmos that about strategy legislation gas per Choice. proven infrastructure, situated growing passed strong fully-regulated supported earnings and by our investment rate per X% of with X excited that jurisdictional footprint

systems. natural a long gas continue years transmission runway storage distribution capital billion We our the spending to of and planned work have the over next in support modernize as to $XX we X

of needs manner most continue strength of and available fiscal noted, our operations XXXX. known, sheet Chris we to of our liquidity and customers. hedged have fiscal our beyond 'XX financing As for our million balance The financing in are cost-effective costs our support $XXX a will

always and in homes, efficient Focusing as businesses we in on the part needs long-term delivering our reliable to reflected sustainability in the of been vital play strategy future. safely has our every natural and industries role and a now gas fuel to community, energy

We the call and now we'll open for appreciate your time morning, this questions.

Operator

from [Operator Your Instructions] Campanella the of question first of comes line Barclays. Nick

Nicholas Campanella

on anniversary here. Congrats the

So this issue of you very you to would priced with issuances How XXXX seems of do to that go think every about size going capital equity programmatic can as ATM? start, is year, fairly given up I still in pressure Are guess of here kind other future you you've consider the largely likely the been kind and all do you that's acknowledging just well. means? to Or higher. equity how we comfortable plan

Christopher Forsythe

Yes, Chris. use ATM that now, can to we the pretty remain it's needs. we right confident those Nick, equity still fund

As strategy. credit the of of cost ratings, We're the attractively customer, looking credit is of the equity you we markets component that's balance a a that. capital financing which balanced number ability factors know, facilities, sheet of at finance our -- the supports in certainly to a strength and have

needs So market, ATM. can certainly But to through mean, that I have we're at us we if satisfy at we in particular have the the this given the that those tool. believe other time, we available liquidity we tools looking needed.

Nicholas Campanella

December Got super reflecting do Or in the guidance settlement. X% until And you just congrats on helpful. it. are that the X% current I APT settlement XX? That's then outcome guess to you here? wait

Christopher Forsythe

in Yes, that guidance has yesterday. we issued the contemplated been

Operator

Your JPMorgan. from next line question Richard Sunderland comes the of of

Richard Sunderland

coming Am through clearly? I

John Akers

You are.

Richard Sunderland

Great.

XX% APT is side? about? just to XX% on think if the equity target appropriate Or the outcome capitalization still Following the is given the up more curious financing side, to XX% on

Christopher Forsythe

holistically jurisdictions, look we balance we support our ratings. as what across at sheet as So continue to the of to well credit all need our

upper range, anticipate a X we be kind we're being the where last towards now years. skewed in the XX% for comfortable and have end next over we years. XX% that's to So of of range to few that the

Richard Sunderland

of And the curious O&M turning O&M laid then you conservatism Understood. of more. And in could if is a this timing? out XXXX How versus a bit you is but trends little outlook? then is how moderation to the bit side, not that script, parse just much the recent little XH much or baked into

John Akers

X.X% I We mean, to a again, projection we've in this time. for on O&M been range. long at now that comfortable quite X% feel

we've road. And our any that come come levers As again, see in the seen market, costs pressures compliance locates some of needed different to some additional other the we've housing pullback with mitigate over down, in the down. you we time O&M used know, of costs service the line we've of territories seen coming down when

have we 'XX right very head we as the feel confident of million, now projected in. into to that $XXX there, million remain $XXX we out So confident what we

Operator

Your next Moreen line Gabe of from comes of question Mizuho. the

Gabriel Moreen

I the O&M Maybe bit. also a just can stick if topic on little

it but you're sort that addressed near-term and needed the just seeing least long-term smidge little -- you guidance a like you it it your Can cost. a you're Maybe little nudge noticed the of O&M very but how a felt? sort little bit, address bit? near in what context went guidance You the -- a of that up of long-term O&M term confident sounds for to outlook higher, in at I

John Akers

locating some quarter, our I of the again, percentage saw some last said here saw jurisdictions. an though increase. line X% a we There we down Texas, in in few towards drive requests Yes, points just Even of what previously. reiterate I'll the

of the looking So window good planned like to that's on activity on what those compliance were things, think That looks other we of of got of some we've X- handle of the costs. activity, at O&M our some sort X-year a Then there. things. those activity, certainly reduced sort compliance year, and with what compliance again timing next we our

at we stay million X.X% $XXX came million and looking X% drivers were out to and us O&M. that the that of last range some to were $XXX quarter to those in of allowed So the at

Christopher Forsythe

And rules to work of we have Yes. lot a utility. add There's more compliance continue that to I'll Gabe, The stringent. do a that. still to as become

third some So has in fourth it we're that generally A quarters. And the anticipating year. several bit that jurisdictions, -- our timely, bit recover within a to in we've a had we past, than our somewhat moderated in higher annual and the we of that reminder, as fairly little of the final inflation the in to although X.X%. higher with had have a opportunity mechanisms little

be drag approved mechanisms So significant anticipate. for it a those if we shouldn't as annual

Gabriel Moreen

a in of And anything context the corporate to offset, kind you also ask maybe can it. whether years. from offset if impact of cash of or there level over a standpoint, maybe the couple Got from I a an the as taxpayer becoming there? next of regulatory can some do Is cash

And maybe what of have next the shifted, X-year of cost given assuming guess, interest on over and how recoverability you're just last uptake? from rates years the dramatically of since also I then rates picture, capital couple standpoint, bigger sort a

Christopher Forsythe

the taxes address first. cash I'll Sure.

kind continued X-year kick of excess deferred us plan, mentioned. the we've after the of predicated just part to the expects That's years. we growth mid that's on beginning IRA tail and the in taxes got First, I a as to in, should off company. for of The couple of

burn contemplated to in And off to shield a It's have. that's we for a end we plan. taxpayer that been or a NOL becoming our you levers us the some of lot up there really begin Fortunately, XX%, aren't as pull. cash of

we were becoming shields had NOL or plan XX% the to that we knew fact going that going So lower. either into this be

So a of there's do. levers lot we not can

tax conditions anything cash come -- team in costs, cash that have say respect tax there's at from will the looking part opportunities rate plan. With conservatively will portion soon to are It's Our remind X-year That's million what that. our also about be needs at we plan. have of weighted FY FY believe cost is that material fair federal you full 'XX now, the $XXX have need. strategies. X.XX%. right have a X-year in market obviously to hedges planning treasury in we reflected a a a certainly interest anticipated and significant amount I'll just for of payer current if estimated anticipated too we of tax what we average of 'XX But middle our our the

were in it AMT will but be lock years may as higher so prudent now, continue to a opportunities attractive as to the as to the the do given are or when sub-X% rates where or rates So right some look it in couple for hedges, interest range. elevated ago, of was not

John Akers

Yes. reflect, tax I just frame. plan does said, that as out the to they're want cash time us Chris reemphasize that a payer becoming in

plan all that's there. backed out that's into the So

Operator

line Julien of Your America. next Dumoulin-Smith the question comes Bank of from of

Julien Dumoulin-Smith

picking up Gabe there. left off where maybe Just

is the in and here on question then from effective the over rate if to be think there's 'XX, certainly full going taxes, financing. But and next structure. But and taxpayer to tax back rate just comment X do of I'm kind recovery do a about terms on statement. years, mean, you as -- well on how next from about uptick? the income about tax to statement there obviously, relevant Just from subsumed regulated the the set you that of What as you that of how cost for some here? out, timing you would see 'XX of obviously, there, think uptick, into few is that how Obviously, cash the years about you purposes, I don't income mind. going I the expectations get question time about on effective curious if the in any in

Christopher Forsythe

liabilities. now, an income We'll of effective years with X the deferred in uptick or certainly excess influenced certainly see that's right Again, tax last tax Yes. rate. X these the being

and on costs, then ticked tax X ago up in we'll of IRA effective rate our terms them corporate law the of in dialogue recoverable, to all that teams range, that in minimum XX% might to years what working XX% including up believe, look those strategies the end educate and what tax here the future. Again, are was it right range begin are these closer and regulatory And requires XX%. Our like. in where we to on XX% the being regulators the is tax with recoverability now to not-too-distant

Julien Dumoulin-Smith

Got it. Right.

what that you and on does maybe the a call regulatory in you terms lag to overly kind 'XX come but So 'XX normalized concerned not here here level, get that of, in, about of as like strategy it, headwind if will? more

Christopher Forsythe

And that's again, all reflected correct. for Yes, guidance through Not impact. 'XX FY FY been in material 'XX. to the

Julien Dumoulin-Smith

context understand, Very appreciated. think you through much then been future? that's do within the mean, O&M think X.X%. composition I just obviously, side, going And in I of to the about to Excellent. Like, as locates how I you the think here. on you about just on is X% that elevated line said what wanted that normalized,

locate to norm? saw You X you reprieve. of think normalized an this little there about to the contributing X.X is just that How new elevated line Or embedded that being just that in a versus year? level do bit

John Akers

see a opportunities work strategy Julien, to always opportunities where ongoing labor. cost the our look taking or adjustment, we at at have need look on it's we longer-term offset there any whether market have basis internal contractors if they annual those with on may of to view. We what's and going of them, in part they're as we some an for in-source forecasted strategic to the contracts

in we have on at to look past, basis. annual these an they as continue table the on the remain options those all So but

out that there comfort range where get the right we that's So now. we in that put

Julien Dumoulin-Smith

aware locates it's Okay. like or should be not But line meaningful we some have here? uptick in Fair of further something like you that enough. that,

John Akers

and labor out the the into there, the all place, population Now trending baked talked plan that's seen labor, that that again, we've all I the out there, in on with about now, that out or the are there baked all end current right we that plan. the rates into growth have contracts anticipated we the been and have front the labor

Christopher Forsythe

off increase 'XX X.X% of the annual And already. kind FY Yes. of at elevated is starting that levels level

Operator

from Levine of Ryan comes of line question Citi. the Next

Ryan Levine

O&M to follow on up want the getting little granular. a I more

terms most In O&M year there on as to it's But of look outlook, to Should anything the a recent more basis. this speak out? the maybe go-forward attributes you the trends can fiscal to on Is an seasonality of else -- outlook. call annual we indicative of seasonality basis?

Christopher Forsythe

Yes, that. there's

O&M, there On element some because seasonality. entire year. the O&M our we difficult are It's the of is fiscal to predict over managing

to the planned back we So of be the fiscal of at where ahead it the for X had and 'XX. into although work business in at last demobilize year, go work we in-line year, like in inspection to originally 'XX, discontinue start forward. doing of decided kind It been at ahead had place, some to rather that we later, needed the and example, months or APT end end had crews than -- of we crews go budget, continue and fiscal to the 'XX, fiscal fiscal X remobilize good made sense

the the was interest an best made decision So our that of that operating that thought and in customers. was we company we

And make and a day so those in basis. day on we decisions out

year up our we, full thing moderation line full different seeing, fiscal Kevin pick in focused a environment fiscal and occur those a now, But locates. again, to certainly, a as we're that results. Same unless basis. when could So managing quarter of to get larger but number be now those right there's on of And line may to deadlines we're about us this which on time year a locating it's months that we manage to from a are talked gives not But within seeing for reasons. difficult our quarter. basis. again, full some we're from Certainly, done X expenses a work compliance can ahead any specific we manage in requirement. opportunity on year fiscal the to well quarter-by-quarter, But try how predict.

John Akers

related spot time I'd ratable, move Yes, jurisdictions -- Chris, economic want adjust are there to fiber service we their Ryan, times water, projects or that line. on is, given out pull is have the to show thing seen across there and that there's not the may when based they're that sewer as forward but fiber territory, do It seasonably say, quarter we've our be projects, a whether other may upon with may would up. on, we'll it it things well be going to in growth

when their as get to have make and we again, sure to in work need the to So we're the done well. our work with communities we with get done work concert projects

Ryan Levine

Great. other. And maybe just one

within negotiate the Texas go-forward of terms In you there as constructs outcomes on Commission, a consolidating Railroad with is basis? any discussion around jurisdictions or regulatory

Christopher Forsythe

are filings at looking of those that us. right point makes in looking we're there kind at that trying time. aware -- opportunity. make are some seeing at and that, We're this But now potentially aware We're of at do of out others to sense for Yes. would what

Operator

time. this now will call remarks. closing are the I to at Dan Meziere over questions further some for There turn no

Daniel Meziere

again interest of and your a joining appreciate We morning. for thank for December replay in this our Energy, XX. through A Atmos us great website this recording on call available day. you Have is

Operator

conference concludes call. This today's

may disconnect. You

Atmos Energy (ATO) 9 Nov 232023 Q4 Earnings call transcript