CMS - Earnings call transcript Q1 2020 | CMS Energy Corporation 5.875% J

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Operator

Good morning everyone and welcome to the CMS Energy 2020 First Quarter Results. The earnings news release issued earlier today and the presentation used in this webcast are available on CMS Energy's website in the Investor Relations section. This call is being recorded. [Operator instructions]

Just a reminder, there will be a rebroadcast of this conference call today beginning at 12:00 p.m. May through running Time X. Eastern also This on and available webcast Energy's presentation website is CMS section. in is Relations being the Investor

this Vice like to At Investor would the I over call Relations. to Mr. of President turn Maddipati, Treasury and Sri time,

Sri Maddipati

Alison. and thank for are Thank Financial Vice and Rejji today. Hayes, Good joining and President Officer. everyone, and Patti uncertainties. risk contains to Chief which are Executive subject me Poppe, morning forward-looking This Chief us and you, you With Executive statements, presentation Officer; President

Please the posted measures refer these of to includes that included are our our to information our also on SEC filings appendix GAAP website. Reconciliations results risks could measures in for the more to actual differ regarding presentation measures. factors materially. the This and most and other non-GAAP comparable cause directly

I'll Patti. the call Now, over to turn

Patti Poppe

always, you extraordinary and quarter staying joining Thank these during earnings thank morning, results first and We quarter today first safe hope related call. you QA. everyone well that you're I'll COVID-XX. outlook, discuss results times. on the for to later healthy our response our for Sri, our will an discuss details pandemic. provide This and us Rejji and sensitivities long-term our COVID-XX add as financial with update And more as we'll as close on to

is know closer you, this all I in friends be of like and ways. I'd and peace crisis COVID. and behind health there My each us. to May at when start a by really post unimaginable people of family is this affecting scores will acknowledging stronger, of is your that heart be with that

bottom anchored the keeps focus my our and the our profit. planet You know and triple people, our on is commitment always and long-term, team I to line what

and We future. today us well track industry-leading and have favor our of in years that have the performance in and have enable to served financial navigate us record fundamentals we solid past in delivering a will

the the We despite per share to and $X.XX first global numbers. get in of delivered pandemic. earnings onset unprecedented of Now, let's conditions quarter, the this weather adjusted challenging

Our cost whether XXXX under and outside management, than better order. be first adapt conditions, to or changing the for home mostly outcomes by period, adjusting our temperatures a stay quarter results the ability to were it same to $X.XX regulatory results at life

a stay As is safe situation still XX. it's Michigan continuing too we the January on is home, soon guidance to evolve, stay an provide place in order to on and our issued update for

$X.XX guidance fluidity situation, this year the So, of $X.XX. of for changing given the to at our the we're time, not

So, is the challenging. circumstance certainly current

remains as support intact dividend per resilient, continue Our investment of and will both share thesis X% and we financial operational long-term to objectives, annual long-term earnings model target our of to business X%. and growth our which

speed recreational in moment impacts home now March communities with businesses on on to restrictions loosening of On for the previously a April the extended everyone a and remainder been Governor order all year. to lessen until and requiring place. we're until close Whitmer take closed to mid-May has doing up Michigan the retail XX, at we're are XX, that some in issued serve. academic Schools non-essential stay get here seeing of which to what Let's what COVID related we

we ICS. order, Governor's the to Incident Prior established or Structure our Command

southeast safely. necessary response our could we guide help So, work Medical Officer as retain particularly perform portion on, in the Chief mode conditions emergency decision-making and the our we Early worsened, already the our state. were ensure of functioning operational in we to

that workforce, to responded I'm activities ban We and We instituted agility. a for travel pleased the travel. the self transitioned a any quarantining necessary and for after with personal business team employees remote great quickly

we've generating critical some and control plants and numerous implemented in protocols that sequestration. working safety including roles; cases -- CDC guidelines, compression and in rooms, stations, guidance those members including, all following gas on-site operational team and For natural

work or and the for Yet, yielded case ancillary XX of we've have our they we're from zero workforce, seven At to are working is either their social means directly of reporting able this those thankful cases positive in distancing and For that X,XXX to our field family ensure coworkers the and which coworkers jobsite each experienced have the safety. to our tested fatalities, from fewer contact, identified been and our return working. coworkers, time, remaining home over continue their operations of to has COVID-XX. work, homes fewer

that have Our the from believe virus. broader rate. essential COVID-XX to practices our three exposure protecting Michigan We rate in work this coworkers less been than case safe times is our

doing We're pandemic as a taking company. very they're during by-weekly I'm the XX% this report of that team of with handling how is proud see coworkers time. how satisfied COVID-XX And our to our to we're poll over surveys

and keep Our to efforts customers safety deliberate been all and we'll culture us, and source our commitment people to our for in of of our a safe. our remain strength has coworkers

Beyond safety, challenges customers economic are we facing we've support up stepped our them. to know and

impacted the will as engine. an heart again. we essential get on When side, our Michigan's once who fueling small time other the of will role there serve in be another are our current economy customers, small at of and most the economic of deeply Some crisis, side business this businesses the this are

these and created accordingly. understand to the team available navigate they love federal our federal and they’re our help our team customers. hardships tailored our trained specifically We on customers assistance customer to small the redeployed through, business and state We've know care state and scripts going content funding our customers We and the tailored business programs. have and and services

COVID-XX business relief in in we company has the Eric our personal of at of some emergency set Fund here have crisis and front I Dream you where small the on Michigan, level with Maker personal a up seen, where headquartered. impact onset on the contribution, to a This my may given and businesses seat is the provided of has And the live Jackson, which husband Michigan. a us row small

The our through plans have company in Foundation to healthcare well taken June of including and charities, over and vulnerable actions of X, also the as dispersing to charities. to Consumers million protection our a local banks number food our as payment supporting workers, grants help Energy a us facilitate our matching donations coworkers $X residential customers, local and needs extending our donations

identifying we business. every Needless to mindful and every the related We're risks risks aspect always haven't the business. work view the those on And year say, on lost our COVID investors. of in track job the managing our of of we're

season and at ended natural our the our and The and in in business, the and fourth and We gas of the gas represents growing segment. which of is to in business fastest margin customers expect residential electric we utility quarter. operate March, comes the natural be sales one-third gas bulk both earned in residential our gas revenues normal as heating from

are will While a business you next in financial year-over-year, will we on cover the slide. we our remind inherent record certainly deliveries track which volatility mitigating of electric that down our the I have risks given

and to cared working We're costs. for our Commission COVID-XX, related safe and are Service collecting sequestration and costs accounts grateful related to customers We're leadership reviewing our is the and coworkers partnership The quarantine including uncollectible together Commission and for. are Public has sure make our demonstrated.

will established regulatory Michigan. to later environment the which uncollectible currently elaborate deferred and on accounting constructive for Commission expense what's here in above approved The speaks Rejji in rates,

six, challenges you we’ll previous downside we've to and turn EPS As we years. remind double-digit seen slide in that significant unforeseen

and to bottoms-up In we conservative approach objectives. And financial variance. fact, planning in XXXX, deliver $X.XX a operational through $X.XX and XXXX and and were much to we as cost as had able of our negative on management,

pursue With reduced our offsets. minimize that on ability way a result Plus some and and potential rely over for and of control time, and service. our a we've said, waste the cost travel Energy the through customer sustainably, year, training risks provide elimination compromising cost several we've expenses. financial freeze, Rejji accelerate without anticipated risks COVID will this most, related savings our implemented as more we’ll Consumers hiring sensitivities highlighted like of such measures, objectives as financial to to

in beyond, adjust remain QX and operational more and our in accordingly visibility impact long-term financial gain plan choices and our As make and the XXXX performance. we agile that mitigate we'll to protect

don't the do know world-class that we COVID-XX, how to talk business know And over today. we circle ultimate to operate you and long-term. a that of delivers While manage we impact as brings the us full

Our long-term term investment despite remains the uncertainty near unchanged, COVID-XX. thesis presented by

affordable. have good system the a a our of Over large investment. we've and still while enables still ageing the the plan We stewards costs and we level liquidity customers, of balance serve have we energy healthy and a years, CE keeping us regulatory We still that conservatively. constructive environment have significant their way a need and to been maintaining sheet,

over hand I'll Rejji. that, With the call to

Rejji Hayes

Thank you good and Patti, everyone. morning

your live. each these echo by we and first comments Patti's trying through me loved passage ones wishing Let you which times safe in of

our we're highlighted, adjusted XXXX. pleased quarter We delivered per for Patti net of share. $X.XX million $XXX As or income report to results first

coworker Our favorable resulting we adjusted commenced related of reform. and related program XXXX, nonrecurring reversal voluntary of excludes earnings separation quarter primarily expense a the select an to from which tax items, in costs to fourth accrued the

XXXX EPS our results, adjusted utility relief, and our expenses business. QX by related cost performance above the $X.XX net quarter investment first throughout was largely our purposes, solid driven comparative For of rate

begun we are of the financial our COVID-XX Patti of the Switching and noted, have control related on impacts mitigate to to implement measures cost these to gears business COVID-XX risks, as ever potential mindful risks.

slide as potential degree. exposure as help factors well reduce several to summary provided mitigating impacts, we've On our nine, should of a some which

XX% business. utility, which about start I'll with remind First, our you, over of represents -- I'll

The seen timeframe trends up on the of which our sales. unsurprisingly XX%. residential industrial load to activity to past of commercial measures. by normalized we've the load, effects over pandemic referenced and is quarantine reduced reduction which in X% been volumetric or that over weather presumably Based Patti so, same in teleworking offset the state, due meters the begun from self month electric materialize daily about C&I partially our declines industrial in The over commercial in XX% mass smart load Michigan has extracted have to has

highest the contribution later. customer our more in electric discuss segment offers for combined, our the I'll which in XX% and detail margins represents noted and customer of As past, over residential gas

quarantine The and costs safety are ensure the COVID-XX increased attributable and with related of to customer to other due the in delays accounts payments our sequestration and financial utility, uncollectible risk, potential noteworthy coworkers. costs

are mitigate and outreach and As cost working control to programs. hard these risks customer measures mentioned, we

deferred other to sequestration recently order costs and to expenses And file related will quarantine in to account soon to as rates this received a response the to uncollectible commission seeking approval initial of related noted. including accounting defer costs. from COVID-XX, Patti order we also We apply an to accounting excess

revenue the side fairly As for broadly non-utility worthy at revenue earnings, the vast XX% businesses, of a speaking fixed which prices collectively potential are and enterprises about on And with majority of contracted are represent mitigated. credit risks are the well its counterparties. streams largely

opportunities worth that an term, energy local also create issued which is of the clearing could upholding in Michigan we've the planning recently a decision Zone given state. in providers for in the for just new the to resource entry. Supreme cleared two auctions Court the this the X enforce It MPSCs DIG, Longer trends noting last MISO favorable for all observed of cost ability requirement order,

regards origination offs. in EnerBank the a that it's risk is But environment unique. potential charge in remember With EnerBank, model primary and are to the volume the to important business current increase loan

more EnerBank share base XXX. primarily base whose This loans. the not given business borrower competitors. increased are loans inelasticity and premium EnerBank’s borrowers relatively resilient mortgages has of improvement of scores quality making relative core fact, market home are weaker to be gains FICO auto underwriting XXXX during proven We in And downturns. borrower above underwrites at expense in the small originations to average or credit through or economic its capitalized

the remaining our earnings year perspective equity through later. segment, and maturities in to which fully forward parent The costs. largely is we planned I no priced report other and contracts, financing that needs is non-recoverable am management an our to proactive final elaborate on treasury and XXXX for comprised notable our I'll cost in issuance risk team, which pleased from it from of have liquidity effective due

most our mix relative the reductions late segments current Circling our we've back March. we've in business highlights of witnessed load slide risk XX the on utility the the to viewed sales risk, and customer contribution which the since environment, substantial

customer and As represents contribution you'll I at of respectively segment of the over and gas and the the total electric XX% XX% the note, customer approximately residential XX% contribution highlighted business for earlier. utilities

we and expected per the $X.XX to we've pandemic, of partially to public uptick response the residential any segments. approximately growth industrial anticipate $X.XX EPS So, commercial the in since trends offset and segment the current sales declines All-in, in we estimate month. the should the observed given dilution

long measures As Patty or conclusion. this in to strong too recovery to and point, Michigan will extent it's early noted, place upon remain its the what be tell how in at how economic social distancing will

As modeling keep such, your have purposes for we provided and monthly changes at your any this sensitivity plan. breasts to our material we'll

of the and $X.XX in financial XXXX. performance to year, impacting last key QX storms Despite our XXXX. of variance net due variance substantial waterfall costs September quarter the gas restoration delivered our of see absence coupled rate $X.XX the business, order relative which offered experienced the factors service slide XX supportive last we negative On positive first with versus cost warm to throughout you chart an the versus performance unusually winter of of XXXX, can

Depending the glide as achieve we our weather risks illustrated this for we to gas us and our extent plan constructive could financial which COVID-XX believe on anticipate pending enable the case on a order mid-October. EPS the in normal path slide manifest, of to guidance and

support. COVID-XX economy risk our EPS have date event closely monthly our have sales degradation $X.XX Michigan's uncertain, dilution of and $X.XX to the some on business persists. to the so we through to have Further, of that ultimate impact estimate mentioned, the will been of potential we business, we As which remains in mitigated level monitor the the witnessed referenced regulatory of

track successfully have the several over past financial We approximately wave $XX of to equates measures. reductions an or control of CE operating system strong lean have delivering and $X.XX a cost share initiatives. annual other work Patti implemented we per historical range our already initial through Clearly, that as $X.XX the years, cost to which $XX mitigated we've record also pre-tax. to million risks added noted, the million have managing the And of and we way

represent we scenario the that given not are overcome, this unprecedented to pandemic. can here say, global to particularly Needless any nature of be downside

minimize However, and we to financial are long-term customers we proposition in value investors. the can XXXX that confident risk our jeopardizing without our

management of As risk -- liquidity on as of available, we facility have mitigation XX March prioritized we strategies, and note that unrestricted capacity billion and over liquidity untaught untapped slide our which XX. execute net have credit cash you'll includes $X.X revolving

concerns we permanent there've to and I'll our of we access CP a market, nor managed everyone the been in commercial any time. always conservative sheet We've balance paper that remind manner layer rely so do whether of at outstanding do lot regarding this have on not as a funding,

funds debt X.X%, bonds in at and capital our sole mid-March million part As and until mature the parent place million of term for first put strategy $XXX we the our XXXX in we to $XXX mortgage of for And and loans our the each issued rate don't across utility XXXX. programs. year, a those which funding maturity our of entities addressed in issuing

our priced million financing capacity From of down up which issue our to we equity an late and under to $XXX contracts equity, forward perspective, QX is of of all drew equity we in plans million March. announced a approximately call, $XXX existing that on

We issuances our be ATM in which we expect months. equity can through future will the program, coming likely completed refile

financings which our favorable help been future. derisk year plan, the terms entry savings to of our All and offer at have executed

maintain market on to flexibility continue we'll accommodated forward, look when we they conditions emerge. As and capitalize

slide thresholds well above among three grade agencies. metrics rating credit on remained our credit with all Highlight investment XX ratings for the which

toward future regulatory environment and strong customers with with maintain our look cash and Our the maintaining operating benefit an the position a eye focused to strong coupled financial growth and we'll of to credit ratings, investors. flow a quality our on strong predictable supportive supports

pass to And it with Patti comments lines Q&A. closing that, we I'll for for back up the some before open

Patti Poppe

fellow million job record coworkers Rejji. of Thanks, you an X.X customers the our every commitment. and for nearly capital our My provide The that our Michiganders. capital and that critical our speaks We're on managing long-term is on owners. I of you, to essential to and day for service all focused track remained delivering

of enable balance attractive fund with us planning capital programs. our we good been As I our XXXX sheet, we've conservative financings Already to executed prudent management and our mentioned, at for continues. that liquidity stewards rates

like Our times shines during operational through these. excellence

continue way have system and our as to can which costs right lean we environment and we now, system operating efficiencies is down in the lean and to in I in evolves. speaks tell waste. work eliminate you this that on on shift rely put we we accordingly As agility that And how depending current overdrive CE each improve We day. drive on place, every to that

the again framework XX a Michigan energy top and months updated test With regulatory XXXX, years have a law Since forward-looking remained such tier fortunate constructive XXXX was rate statute. we're cases, has in regulatory to established jurisdiction. in and

have a commission. supportive We also

to As of protection being operations vulnerable the you see of utility, by low fund capital. long-term its can responding attract and the cost able the customers recent to mindful being order while pandemic for

need away great Again, plants retiring of of the in that PPAs remains go pandemic. plans a in system fortunate current upgrades we're that structural replacements and our have form embedded of and won't Our coal cost and the reductions expiring. result as

at price love all and state comes so Michigan dearly. none our great of of Finally, to we the planet this a

we establish carbon and as Our them. important today the methane net zero remain goals as day

this Our will in together on why that's get through in the current remains rely just future. has why crisis do to model can holds That's this well. we and past triple line bottom our it and the thesis so intact us

the Alison, please open lines that, for you Q&A? will With

Operator

Patti. very Instructions] you Thank [Operator much,

will Please Our ahead. of Shar from first Pourreza come Partners. go question Guggenheim

with your Please Shar, is And your you. proceed now One question. moment line Thank please. open.

Shar Pourreza

morning good guys. Hey,

Patti Poppe

Shar. morning, Good

Rejji Hayes

Morning.

Shar Pourreza

here. Couple of questions

that based on $X.XX slide per $X.XX impact you to you sensitivities XX. the month sales off, provided first So, on about the talked

return expect and or QX should the two assume in a next more bit this, we of utilities in I You're mean, business QX. quarters? but a kind obviously of any some troughs levelizing closures some peaks QX, over reversion mean in

know you can sense there the assume profile cautious in a we're bit of impact but a two into monthly plan four language little really I on trying only Obviously, to the the uncertainty be seems slide full what just get sensitivities months to of withstand. on around of COVID. and your guidance duration or this, of the

very your I early So it's are what though even prelim stage? know -- thoughts

Patti Poppe

tried to asking. thanks here. We've Shar, really for be transparent

EPS, We in have $X.XX of record negative ranging offsetting as you much to X.XX. track as impacts, mentioned, a the

offsetting record also to be we've We which have the we as can C&I direct a $X.XX is track versus XX% sales the per tried mentioned about to is under earnings forthcoming what of to condition. residential month current over expectations. XX% X%, the transparency, we've with and why then the as have sales said, dropped that as up you've And impact, and $X.XX

is the How back? the public this gather here's At Our goods Will can the fast will till Now, come May bounce after unknowns, start Shar. still stimulus How there's this? will manufacturers able be How place so will people back in government quickly point, soon XX. at help again? variables. to home that businesses small in too businesses non-essential spaces? order just many stay making

know conservative, that enough And we we'll don't to so, now. continue right we while remain feel

in say. the really of delivered. same the fact guess short We've our long-term our nor and have this test actions comfortable never is straight. thing. that And term delivered, are it we would I'm We to time. us I the under stand call what fundamentals under offer over we promised do you promised One thing can count will do and and and so on to I over

and sound. I our a and we're handle outlook the we customers, acting is mind because our long about regulators remember good of the our with these we are in lot not think fundamentals always has coworkers One long-term right will times. the remain and our doing feel changed that that temporary and Shar, things like about how things, the I long-term

the actions any next. or the we year about any take thinking and as this would we make think next always we're year, we So, adjustments would this year about

can to line. balancing serve we're the factors and bottom so, those all of triple everything And doing we

Shar Pourreza

it. Got

-- more historical little to mentioned more? -- this levers the talk $X.XX incremental -- as you XX, to just me $X.XX slide Can $X.XX Let let's a flex is of sort have let's you do range assume bit protracted. on you about of

Patti Poppe

good job. elimination that What four to into performance about indicator, I we've overdrive. now looking thing across we're our the is way ways They're -- organization. would say the for our also and historical the but is team CE a And all years is is on on

We year. have X,XXX reduction. time already Start this day the identified projects

now as such we're Some a as saving of reporting, of the that the jobsite result things are doing actually crisis, money.

current and save and combination as to both of the waste We're to are our challenge There's the the us about allow much to we that so, ability in tackling next. ways CE the And long-term environmental things current plus it's team thinking that way our deploy always this factors. our way. see elimination work money of a and kinds capital sustainable year next the

would hit trust only think this to us that's long savings and we the in damage not future. so And haul. be I the the And to the some us. why future to about would thing, and do years going kind going people it we do invest year. those stops We're one that of The all that for we're unreasonable do don't to pull damage outcome be in to out think cost

Shar Pourreza

seen lastly, that? Can March. to Got you've volume on since just reduction that is it. the what And then sort XX% reductions related? auto of XX% supplier that drove side, the -- auto, the C&I

Patti Poppe

it restaurants, have the our home like all auto, one a the than retail themselves automotive other suppliers to exposure less X% all margin. is non-essential limited than order to seeing stay closed grocery. retail plus We closed What more we're tier

where a essential that aren't goods. -- so manufacturers lot making that's really we're And small seeing and

bakeries, a Jackson the They're look so I things, I waiting holding an opportunity and a shops, did little retail, right County shops. restaurants, applications mentioned, range golf lifted. all of and order of for just now, husband had in pattern to in be to this whole courses, and welding fund manufacturing As my we've at the it's

groups. the those reticence will of even be order to gather after lifted, affected will some in Others back right is And at it. businesses, get by people's

And on see reduction and that others May time. it XX, for be of them full just have balance may of between a And demand they'll people's because fear. purely a be so, we some waiting back there'll

And so, and happening there's And accurate again, meter us of it a lot smart choices. decisions very unknowns. we and see is what's data make fortunately, can real-time better better and our helps

Shar Pourreza

you, Thank safe Stay guys. Terrific. and we'll see you soon.

Patti Poppe

Thanks, Shar.

Operator

will Wolfe Our Fleishman from come Please go next question Steve of Research ahead. LLC.

Steve Fleishman

and you. I Rejji, so, Thank well Great. family. hope you're Patti, doing all your

Patti Poppe

Thanks, Steve. Good morning.

Rejji Hayes

Steve. Same to you

Steve Fleishman

Yeah. Good.

sales the on just across an March first So, That have April just overall class, overall you the do number sales. the the to data, change?

Patti Poppe

total our adjustment what's Rejji, then? sales

Rejji Hayes

so, XX, not full of March because don't you're have beyond data do have post customers, we about across all smart we -- if talking a meter our Yeah, QX read …

Steve Fleishman

Okay.

Rejji Hayes

anecdotal that hit get have from information … are customers good perfect data do meter industrial classes of get smart not get evidence and large our of those really good until available. customers commercial while do the quarter. but it we We select the good get visibility, we a to don't customers portion end of do and

that. So, some there limitations are in

through it's a Patti's say, late mid here kind to but read But monthly going XX% customers, all late of back XX% now March for of comments, is again our that would the that to Steve, indicative that not we we've offered April. decent read for to of from I highlight

a portion again, it's every of them. it's but So that's decent single a customer, not a --

Steve Fleishman

regions, Yeah, because seeing but Okay. territories. or that down just we've XX% more get than individual at curious any we're states not obviously region so, when doesn't or really looked to

--? the of some compare just to I'm kind it So, of data we've regional seen to trying

Patti Poppe

a Steve, Yeah, as say is -- base well. for that decent XX% bogey customer total I our would

the neighborhood in You're for sure.

Rejji Hayes

That's exactly right.

Steve Fleishman

more impacts And have month month. change earnings Great. depending $X.XX lot then data, worth vary, shoulder the a per on per utilities different thing a the might be of of on summer can sales this season, a month -- Okay. like same to than $X.XX the

you could and talk that year? seasonality it So, the sensitivity about about just just of thinking this

Patti Poppe

overcoming. might a are and a seasonality that associated and you that's much the to something action. there variable, than businesses want I so job certainly to many, Go bigger as just storms, Well, good with suggest don't we the scenario, weather always done we've the deal rate seasonality weather and the as we weather with the know, this nearly is -- what to drivers some In not obviously though. I that clearly the but ahead. add of unknowns return Rejji, would

Rejji Hayes

go little only add is this it that fortunate I particularly -- thing now. starts volumes The higher the timing certainly expect as the class do because is of would somewhat we it's to a warmer in residential

months. So, we'll sort you get activity shoulder of see industrial as more past those

have at And I time, it guess happen so, the to it. time could if don't this which timing of this, you any you root for, would the be

get of greater beyond the timeframe. there And are for expectations you March/April once sort load so certainly

Steve Fleishman

should have the I different. asked Maybe question

Patti Poppe

from likely working from staff, One one they just people is a and lifted, that that Well, if businesses thing, recognize that points of I'll last that can. keep is Steve, -- even the their in. after an it's chime they'll hearing their order of lot home we I'm

that a the is big continue so air in bump driver into sales months summer residential And may conditioning and in load Michigan obviously the to summertime.

And or months. still favorable a working people all those impact the so, in still if of of has lot if a obviously home that are from folks are summer

Steve Fleishman

same just the kind do year? rate it Okay. asked, Maybe should you have or all of I much a differential, rate is pretty have summer/winter

Patti Poppe

year. all rate same the Generally

Steve Fleishman

Okay.

Patti Poppe

rate, more throughout be a generally we'll of same about the peak it's implementing So, the summer next year a but year.

Steve Fleishman

Got it.

any notable trends bit Okay. talk how a you're kind about of And the that then on seeing one last so just could little there? and color non-payments you far might question, be,

Patti Poppe

-- We lag. are that. with accounts is the of the they one The uncollectible watching do things

some And to very see we it's so can degree, early.

a a somebody if pay didn't at If lag bill. their can XX-day minim know we before imagine, you it's so

And the to really and uncollectible up be accounts so three sometimes show for. really to take accounted to almost six months

cycles the -- it's we're uptick, customers. seeing slight a even we're of watching haven't so, for early. And some but we all of the It's -- crossed

Steve Fleishman

Thank Great. you. Okay.

Rejji Hayes

Thank you.

Patti Poppe

Thanks, Steve. well. Stay

Operator

will Our Michael Please Suisse. come Credit next ahead. Weinstein of question go from

Michael Weinstein

morning. Hi. Good

Patti Poppe

morning. Good

Michael Weinstein

you So, some will can Hey, an some case of it was rate just those case changes? ongoing Can I saw to last on this of annual February. the follow-up have rate almost electric handled how and in in just be questions. ongoing speak to an

that changes updated case and uncollectible get changes how to So, and changes for -- load does everything?

Patti Poppe

filed. are The Yeah. cases

gas Our electric February. in here filed and our December case case filed we we in

would test a a sales So, have because way we it to have to change years. there's forward substantive frankly be clean not and hard significant do it to

So figure what any it. because in the permanent filing. then like we annual seeing degradation and would sales, rate in capture pretty will So, But one filings a there's that continue sales kind to a we we our the if we're temporary it's would future, expect degradation to planned we sales reflect in hard do of predict? as cases active

commission a that webcast. already Public significant this their holding is very conducting impact. news condition. started good too shout They Commission the changing business and to remotely their to The Service been quickly They've has so through have meetings just supportive, Michigan our and out a for all adapting folks had

well position that for in a strong attraction function a that quickly position and as so do care that demonstrate. and right, uncollectible to working capital this sure new are know make thanks a our most vulnerable customers that still that of trying the need to well, for accounts can what's and acting costs serve we as to financial as with reflects order our the So all we the in for on customers to us them utility, we, CV-XX

to their unknowables And partnership figure so, hard commission these with all great team, so out and just the together. working

Michael Weinstein

on necessary you could drag And if enough. things long lower spending, contemplate capital Gotcha.

Patti Poppe

now, -- for to we're in and demand And plan. that hard are plants. of Right because working our down, seeing that not an plants couple our make in the Yeah. we're coal a sure fact, energy example, reserve, power is economic load

than an year that capital had plant so in opportunity planned. ahead pull the earlier that of outage we at to And gives us originally

have we plans near capital -- our to have don't adjustment the plan. I to So, term any any don't in

plan that track. hard we're fact, make really In to going we work sure to on keep

Michael Weinstein

[technical the I would sure. clearing that Court about doesn't local just probably requirement. DIG, wanted difficulty] on decision look Supreme And It itself the it. make to have ask to like Got to just impact wanted beyond. of

Patti Poppe

have impact DIG could be Yeah, because certain high with in but out the But is DIG keep in Rejji just be off XXXX, mind that quality doesn't any XXXX, contracted, could mentioned is beneficial. -- fully had some it impact -- again, on taker. year minimal contracted as there basically predominantly the it

a state. fundamental to great was of to are team XXXX, so adequate has a element it our serve retail it Michigan that And a XX%, of X advocating order shout the the Service Zone the to legal to open Peninsula Commission sure that as supply pass hybrid to pleased back risk require that does a it Public worked for load. reliability outcome authority hard access with put all of with in in to, make Michigan We and that kind their the and law at way of job out we clearing the Court Supreme requirement. though, did took the our The local

for they legal that So thankful great proud very work happy and my did. very outcome the team that of with and

Michael Weinstein

It good. quantified credits one Yeah. looks Hey, all? have that acceleration on at AMT bill, and question stimulus you guys last the and

Patti Poppe

Yeah.

of remember not refunded that just just about Again, cash, originally XXXX. and forward credits, that -- earnings benefited affects we've million would XXXX, So, a but been any AMT in $XX benefit, in we'll in cash way. have pull it's

Michael Weinstein

healthy. I all Take guys. that’s And have. care Stay

Patti Poppe

you, you so Michael. Thank Thank much.

Operator

Lynch. America go Merrill Dumoulin of will question next Julien from ahead. come Our of Bank Please Smith

Julien Dumoulin Smith

you. to Hope well. you are morning good Hey, all

Patti Poppe

Julien. Morning,

You too.

Julien Dumoulin Smith

Excellent.

to So, just wanted follow-up.

maintaining are all You your guidance.

think withdraws? understand $X.X the thinking what are but here about making other you in to that when reaffirm that I sensitivity, and sectors. as statement rather $X.XX the about more embedding forecast of to sort in in that, specifically We've sales you're So than perhaps a you so seen

reaffirmed it, talk plans. And to more about cost think think latitude of flexibility you I in your that you to historical alluded $X.XX here? $X.XX the or be perhaps even to specific perhaps as about you've too what Can

Patti Poppe

the know there's youth these wants precision just why in I is number here everyone before. uncertain days. the one We in haven't word and Julien word these reason times. unprecedented a been And like So,

that guidance. look how to how will we frankly know. we just to know mean the too how for exactly crisis soon economy help the us afterwards, update it as we And it's would So, health -- said, and ends, our don't

bounce stimulus reasons manufacturing, can there The or to the back. federal Construction, will back but working get demand? to in small it? It And a access believe quickly is but so, watching. businesses, there helps bounce be are can businesses ag work and safely,

don't We've long in be be gathering. Michigan the furniture highs a be. in know. know, an good furniture safe week to The and coworkers feel in and none Will lot may -- reporting right about that before the it's There's I people need the I here's one know But be talked can people already. drive a here of congregate us public and and do be time they is just place going electricity furniture a residential of in save or feel office last Maybe to CEOs maybe will they we plan to will the We that and all required to to ever Julien. is what be our talked changes. because CEO, a an motivated world there need talked people we capital at demand? of of workplaces new our We how made office that I Michigan. in plan order infrastructure don't serves shelter again. office to be lifted, it know. reorganized most do of healthy there are to but will

it's our information is survive when so trust doing be new to and customers. to that what's our of circumstances. and need them over, with We our them taking and with to be open and customers this the regulators our hard us we're which coworkers working we're need why to right for pandemic navigate serve We and business both care help

to focus. fundamentals it long-term I and What solid, right? and be on it performance. short risks we we I future. to long condition, and what same. temporary this to fundamental not the mitigate the earlier eye as are are be How never this would look on going all cost savings, is as The and the they term mentioned, run come We're they're costs business And as mentioned can lose risks do up continue handle of the business mitigate going the cost additional an with to tomorrow's in we to remembered on so do take a savings, will

darnedest, organization to we And capability developed some because I how just we've across our a comfort Again, going how source CE to great real so, we're overdrive mentioned. as think our of in us, actually operate. me, and the we way and is do

it's So, given all we're it say, not that, I say, sidelines but waiting the soon would to figure out. too on trust me, to

Julien Dumoulin Smith

specifically How of mean, related to And question, I are quick. recovery address PSC of it. then working proactively to reflected given through the just in again move the to numbers, course as clear in XX here the items. you being you that think about here super Got the about be differences want year? that sector. with certain some all continue a you do I

Patti Poppe

Well, XXXX. important of these to account we're seniors about for mandate of clear a benefits constructive. June that, the we've They've we pretty response. and Once certainty low-income the we our off see. be about a vulnerable then most accounting make to comments, it. X. our uncollectible clarified And through as and filing result we'll need is have going in people very got to can We'll and obviously hear shut not a been We a lot to They've which as then expenses our have customers, determinations. is asked from for

been exactly they've that thereof, about expenses it it's materializes et expenses really uncollectible so, and the accounting pretty clear when uncollectible other cetera. but and some And of treatment of timing those the the

I we're able I to most vulnerable that So, sure together make but for others constructively. be we're to weighing in, the the that can will working MPSC, and serve certainly speak can't just say

Julien Dumoulin Smith

Well, it All very Thank all you leave much. I'll right. there.

Patti Poppe

Thanks Julien.

Operator

Our from Byrd Stephen next question Morgan Stanley. - Please ahead. come go will

Stephen Byrd

Hi. Good morning.

Patti Poppe

Stephen. morning, Good

Stephen Byrd

all Wanted going efforts like great are that you looks congrats to on all give making. of the on. a outreach lot stuff community It

Patti Poppe

Thanks.

Stephen Byrd

of home EnerBank of but new opportunities lot addressed, of about thought be been a I'm on have business but guess have -- just would what talk down certainly to would just you're you more not I was bank things, seeing? I sort could seeing just activity but Wanted side curious bit great a a improvement I new business. my a on analyst, going little certain you're questions that the deal,

Patti Poppe

about the Rejji. is talking, so I'm doing to EnerBank going been the He the Board. let speak great that all to. Go team ahead, Rejji. up to work Chairman EnerBank hand I've I'll Well, the of the it over is him

Rejji Hayes

Patti. Stephen. morning, Thanks And good

March see So seeing bit we're would And a that's on April. encouraged we've in did it's Stephen, a -- say with but I certainly and of we volume, slowdown important a things. of to what couple little been origination that note actually in

the is and So, every that rolled service a different state that's essential to an a orders has but approach have executive out, deemed service financial mandate. federal

managed in quipped. are so, continue also, that to underwriting we've progress And work projects or construction our and

intents purposes, all been also and of on. work bits continue those permitted For have to

would you really EnerBank seen so, underwritten. historically of we some loans type anticipate the And slowdown that has haven't for the of

a still of we off I year or started we're the unsurprisingly, March. bit slowdown And April the little in what would they a think, say by encouraged So, seeing in quarter about penny growth to we're penny prior for off And the of only they be them for appear a pretty year. year-over-year on well, about and to a asking above track. two

opportunities you about the is gain other origination also volume And side. think on so, the as share

focus. This had their is competitors And our already in large XXXX/XXXX fell know of way, it in so they of that in is for you seen we've anecdotally some customers long the past, seen what particularly lot wayside. by because come who EnerBank primary capitalized the the kind And weaker haul. is a we've

which we And so, taken in did share, we've XXXX/XXXX. also actually some

existing execute continuing plan our And as well year. this also and so, opportunities to as originations create just share on taking

ahead feel we road where we good about the at point. this And so, sit

Stephen Byrd

sure And housekeeping And I $X.XX what item, go? to is on mentioned just to then annual, understood slide. of your wondered just a Is of for to $X.XX months nine that want make Thank that timeframe? the that. I that I other question slide More the XX. one Rejji. you just historical you. just That's really but flex on helpful, XXXX range EPS

Patti Poppe

ahead. go can you Rejji,

Rejji Hayes

Sure. Great.

look what historically yeah, over based So, last at done range it's we've that we on several and years. the

levels a so, the of flex quarter. level but of of and magnitude. course or managed in year, negative We've levels of overcome in seen negative of that we've seen that And over context, the that to of magnitude we've historical variance variance

think us. at we this math And that is to about within $X.XX certainly year look year equates to. what go $X.XX think that just I certainly to As let's

high pools. about on non-operating the the million. $X of, we've $XX on between So, you $XX year I'll about And operating million our think a pretax, end say, billion $XX end cost and to million call low when opportunities actionable about spend, to it go got

So us. more equates X%, within than certainly reduction to a is little which that

to And Patti's not to earlier do to suggest anything it's detrimental to and easy point, the rash to years so going come. that's we're not or

we do day of prudent so, in but at to decisions the end the do. within as and feel see make situation how we And Michigan always we'll it's like this we'll us, have materializes,

Stephen Byrd

have. I all That's you. Thank great. That's

Patti Poppe

Thanks, Stephen.

Operator

Please Research. will go question of from Jonathan next come Our Arnold Vertical ahead.

Patti Poppe

Jonathan. Hi,

Operator

is Please Jonathan, your please. open. One moment proceed. And line

Jonathan Arnold

My was question you. just Thank answered.

Patti Poppe

Thanks, Jonathan.

Operator

All right.

Jonathan Arnold

Sure.

Operator

you. Thank

Our One next Please ahead. next please. Andrew will question -- of come moment Scotiabank. Weisel go from our and

open. is Mr. Okay. Weisel, line your

Andrew Weisel

morning Good everyone. Hi.

Patti Poppe

Andrew. morning, Good

Andrew Weisel

$X.XX of $X.XX To only EPS if monthly the thumb It's rate? gas a this correctly, course, side. demand? Do have And but that's run rule for do any what season, lower impact the that ballpark volumes, I'm reading to electric you side? gas of on have you a go monthly for might April kind back mean preliminary that to from shoulder for data of

Patti Poppe

all, Andrew, is March. and certainly season That Yeah, that bulk ends I is behind in gas us. as mentioned, of of the the first during heating our

And so, $X.XX your $X.XX for gas sensitivity. electric and to the represents

Andrew Weisel

have are Then about always conversations But do Thank COVID-XX? of the last you're timing or affordability. a that, much I the know like concerns? you. the potential for Okay. due two jump concerns in were unemployment the be that's things elongated, given part cases any you logistics for presumably And on affordability see to outstanding, rate laser and hearing changed to that you in as is recession? whether Good. more focused question

Patti Poppe

factored always to with. filings is Affordability into begin our

commodity example, customer's gas And XX%, our for or of bills down because bills so, benefits. gas, are

change we they where to think are, the this. commodity system safety that personally clear on I of where of the system so, the with they're now going the don't there's remain And no time and because how make are infrastructure The they priority safer. system investments and it's prices that like

the price to our commodity net-net, like the X% play so both we that's affordable we're electric. we keep bills and that starting really And can to wallet to so extremely thankfully the bills electric is affordable. and in to low, And pay they're on of attention our feel the X.X% and And continue the gas. percent combined household gas

we so the And and it value but be, been the to continue always customers. commodity for will feel that's of focus given the price combination in plus good our the investments the cases that infrastructure has

Rejji Hayes

of only would lot and the have about quite timing. And that I teleworking they add commission beat -- process organizations is and nicely end has a you that also to has and not date. a to mass asked transitioned like and the missed businesses Andrew, to Michigan just thing

they had we us very adjudicated communications a They their very related where the we've them. with order that highlighted And processes. gave they keep COVID-XX constructive so, meeting XXth And on the have close had to that managed also on up costs.

are statute, on period. they So, track, XX-month worth stipulated the noting a also but that it's there was per

period, XX-month in is there do implement for which event delays. to mid it's the very that self and gas late are in so December. And legal March We right have electric the around at for

Andrew Weisel

it. Got

My to interveners clarify there what's very going on in or regulators of recap more on concern just kind heightened from of any economy? think has your it. of helpful. themselves been about or though I the question was affordability, staff, That's a was that And side it, given great Okay.

Patti Poppe

think are I they are concerned consistent will their that the with and past we concerns concerns be in too.

aligned well pretty and And so in we're focus. that attention

Andrew Weisel

you. Okay. Great. Thank

Rejji Hayes

-- gas timing of mid October, that thing, mid-March. is mentioned circle Mid Andrew, me. just one back, apologies, October, excuse I the more to but the

Operator

go from Travis ahead. Okay. will come And question our Miller Morningstar. Please of next

Travis Miller

morning. Good you. Thank

Patti Poppe

Good morning, Travis.

Travis Miller

sign side. being terms talk you renewable seeing able about numbers seeing are project if in wonder bit get contracts your the a to you're to little thoughts? this what are on plus terms I expecting what Okay. the you minus of to completion you And could expectations those How What year? were or of for year? in much your or

Patti Poppe

this that those projects projects a big are of scheduled on couple year-end. wind our close by to Yeah, year are both track. of And are

mean but have whether be other in of to a We may sort turbines forewarning some been letters, or work access it's shortage It's there issued equipment. stops. that equipment, force majeure just that that doesn't a

projects notified, been have been have we date not So the delayed. to but

continued construction And period. so through on We've time we this are track.

of is And now on so, track. everything as

Travis Miller

the going about they're saying, other contracts signed What projects, third Okay. are party are also? projects, or along they

Patti Poppe

on Everything's calendar Yeah. year. this for Yeah. track

Travis Miller

the on And in real terms obviously metrics at they of the dividends Any the in decided quarter? before Okay. knew dividends, quick seriousness COVID raise here the we that making looking chance, the of quarters any given situation. then last board might a the next the be well change couple dividend

Patti Poppe

Yeah, suggest to plan light. dividend I there policy no dramatically Things would have change that to very or for or there's strategy. be would in change changed that a

talking board at obviously later to rather, meeting -- a board those with contemplate dividend them reviewing change week. be Certainly we've or scenarios, range of policy. be have our a of meeting, got and a this any we we'll scenarios them. this but So, week about We'll time the so with next none

Travis Miller

so Great. much. Okay. Thanks

Operator

Chopra Durgesh ISI. Evercore come will ahead. of Our from go next question Please

Durgesh Chopra

this Thanks is here. the And me I granularity for morning. always. good slides Hey, sneaking appreciate in

clarification. a with Just wanted to quick stay

$X.XX understanding I XX% commercial of classes. the Is So month correctly, sensitivity decline. right? what but industrial March, across that has XX% hit am that based the $X.XX but XX%, seeing classes? is Is per all you're question, the think across all That's you EPS in Steve's response I is to this on mentioned XX%. to

Patti Poppe

Correct.

Durgesh Chopra

be you then Are something point any of take have you one-time examples some helpful? in nature business offset And terms costs you. of could been term? what or in out things can those you you longer do? or headwinds to Could Any you color a would the previously follow-up, mitigation just through efforts. EPS to Thank mentioned of cost the able Perfect. quick Okay. double-digit

Patti Poppe

going for story the I'm that's asking to I've month. thank me share for. you assume been Durgesh, to of what just asking. Well, waiting you're my

here Even So, times. we go. in these

story in discovered So era. might we fact, remotely. the this this of We've that I think work can be one

let numbers. So, me give you some just

mileage. spend typically we period, annual year million a $XX about an in So, reimbursing

a have who felt for people. to people, makes I like person I'm large geographic Frankly, have be meetings be people We one compelled in see events. I the like area service them. to and with and to

in come So on COVID-XX, hey, I be person. working been out, But use technology say, this forced based circumstance learn we've on and it's to the actually. in to

line and bottom this The with emissions all, triple safer minimizing of driving, time a certainly of the of sort vehicle plan story better is month, profits of lower. mileage better because of at risk costs are but a and it's people because because COVID, accident. the the first reduces are also our off less And are vehicle

they're the dial in just and They the face work. avoid do video used to to the do can same. So, face we video calls. calls. We not I

salons we in because big And we've be on going can Jetson be talking to messy interesting But be staying very It's Jetson see I want cost, than mask. $XX a learned hair's less I'm sometimes and we're messy Judy time. finding this to But masks. to just getting There's open, apart activated. closer. and the hair the fundamental frankly together by come mileage, the you're if think business truth and opportunity Judy the an that dog's reimbursing pretty had you our culture what And actually and our there's is young coming are the to We barking. YouTube ambition looking told. too don't that. million for we set without know about, being People bet we're everyone's

I the do a elimination. on X,XXX we We've projects. said that waste got things other host, as There's

doesn't shows a commence non-premise there Some work they of time. then until That's pick be Their what's called hour it to time. is to capital start service can the jobsite, shortening up up a there expense. that materials to considered and is reports on When our -- crew center, non-premise jobsite. the goes an

can can years site opposed supply we that but jobsites fact is of we're permanent waste and can our actually as re how circumstances to redesigning to the available materials that more quickly get another come in creating people example people to be we great to this is centers the on innovation, chain so service to having deploy elimination current So, come.

Durgesh Chopra

I Definitely did. Thank much. it. you. Thank you appreciate it. Got Yeah. so

Operator

come of Citi. ahead. Our question next will go Please today from Ryan Levine

Ryan Levine

Good morning.

Patti Poppe

morning, Ryan. Good

Ryan Levine

pandemic? your or impacted Do have any are that O&M contract force of CapEx majeure this contracts by provisions

Patti Poppe

timing majeure Well, or some as large projects, mentioned, of not but I we've our had projects outcome the this notices renewable force of at on those time. they're the affecting

Ryan Levine

So or O&M there contracts of contracts? was no impact other on any the

Patti Poppe

not other that our any contracts. notifications on We've had of

Ryan Levine

Okay. And items in nature can then and color what included long-term? cost you highlighted, more you on versus initiative more potential provide reduction flex temporary are portion the the that

Patti Poppe

I'm place been temporary, because were now started technology grateful we've That's years, is things top just deploying Yeah, in been why the this our waste opportunities. so to and we several obviously capabilities a we've CUA but starting has that before -- freeze hiring pandemic. so like for using our

So, called here's storm proof. a great We've a what's dispatching example. been auto

they is by example on a It actually dispatch it's dispatching, engineering outage have computer. actual crews. used of us, that start operations how eliminates this ago schedule would a crew. a Well, capabilities, together the we call their center aggregate would minutes in this all per our have and dispatch we teams work been a then the they okay, agile would have year and -- of all out. accurate this saves person XX IT our it's customer. data a would one was now we on to and the for, circuit It's that. it and now, determine, across But wait would many because and of in outages teams storm have an working digital more a -- automated team power our and in done cheaper. the We all And auto past call doing We've it customer company. So, we that notify that

So, just it's things company. across like the all that

items. mindset benefits the the CUA to our fundamental it's sustainable tempting company in be items management I all We're the teams long to to want experience both big for grander says continuous line and run improvement going cost in more the structure. across as think well are as have our little line a customers, for to believer and have

Ryan Levine

any or directionally post fluctuations financing your for XX plan? meaningful COVID-XX, Thanks. And decline then last question of capital are terms -- the in me. seeing light What fluctuations working XX% you impact that in of

Patti Poppe

Rejji, talk you want to financing little bit? through do the plan a

Rejji Hayes

Yeah, happy to. Yeah.

quick So aligning say the is, working just capital I'll answer has plan. actually with smooth fairly been or

that. would supplemental financing volatility CP we As to there date, no capital capital if the hasn't and swings. that obviously I'll we But a mentioned saw source working working have able outstanding been we of to and be, say, generally manage have much been unpredictable of

we not really at seen working have so point this capital. And material in any changes

But as a Patti highlighted aging. a of earlier, there's bit receivables comes lag when it to

we proactive end up did perspective our as of keep the to evidenced quarter. cash We from flush by that at eye continue on financings a very we'll an are so obviously the that. And

evolving $XXX that little gets about over liquidity capacity in our million a position. So, in net us cash plus $X.X facility billion

have certainly whole dry seen lot a haven't powder feel enough future we like any to date volatility. be But manage to So, I we to honest.

Ryan Levine

you. Thank

Rejji Hayes

Thanks.

Patti Poppe

Thanks, Ryan.

Operator

our And of come ahead. Fishman Goldman Please will from next question today David Sachs. go

David Fishman

morning. good Hi,

Patti Poppe

David. morning, Good

David Fishman

Thanks question. my for taking

to numbers the wanting again. Just go to back C&I demand

of that of was was how bit And already year-on-year on that known? think that pre-COVID customer kind drag sort XX% comparables. correctly? that's your Am those that already customer kind remembering I there of a I much large of I your a represent of XX% kind remember to of a

Patti Poppe

correct. is That

way part end customer had actually at out last one year. who We contracts large some the -- bought have through

they're are last sales. they year load, And And so operating sales XX% essential, so, which But they're and at they XX%. is good. to portion in so actually reflected are they of that a this year now, are diminished

David Fishman

But planned already of the have some when Okay. that for you were guidance? thinking then been about XXXX would

Rejji Hayes

into That's year. plans for this true. that factor our We

David Fishman

a you guys range, about forward going I to know about just $X.XX that have But now when beat there's historically to like when talked to on horse lot not speaking, then, the unknowns $X.XX your here. that's you think dead you're But you And flex that the Okay. that. with of XXXX. a flex to targets earnings And were meet or specifically. those kind a levels negative what of of had us here kind to you and in of Like of year meet more achieve less those then kind certain for amount illustrating we today?

Patti Poppe

we've we've prepared right. and That's that year. side in true on I'm well, favorability, and costs the it's, And as it's the next other right. had when for That's been pulled

this loss year, thing but the for so what doing at And so this always are reliable us not on we or it's to years do. we're to And exactly want just for made and I that's has going that that anyone, come. don't delivering quarter we said what preparing,

can so And slide flex capability in range. has adapting doing and of we obviously X of and down upside why are a skills we that That's leverage this to our downside. and and and shows that that -- everything that up is range year down

David Fishman

Patti. questions. Okay. my are Thank you Those

family everyone's healthy. is So, and safe

Patti Poppe

Thank you, David.

too. You

Operator

Associates. Please question come Paul next ahead. Glenrock of Patterson will Our go from

Paul Patterson

morning. good Very

Patti Poppe

Good Paul. morning,

Paul Patterson

Thanks.

the state, appeal we any finished all, victory. or where that's that, this - level of going - on federal Supreme anything but I congratulations First finally or proceeding? at on the the is If other it there assuming that with for court this

Patti Poppe

public and commission that other reauthorize still a procedural very being element, reconfirming to service one local a it's -- aspect the of authority fundamentally establish has but requirement clearing There's was requirement, very the is a important the determined clearing outcome. that local

They MPSC proceedings, back implementation. the then for to have the returned procedures the

it order I very needs So by there's the ruling was I implemented, say, court still important. -- it the very was should guess to important but -- the Supreme in be

Paul Patterson

Yeah.

paying, it. you But gave in do you, I at if debt general have - bill in terms -- not respect it, any that let's technically what's but with then what this, apologize you has for asking And in to people the just I'm sorry the if about, just trends for Great. people terms been but bad uncollectible or payment that, missing been say April? if of anything Okay. -- of -- I or have say missed cadence let's like so

we're weeks. instance hearing, you're of like April that their one they for didn't for on late any nationwide, one-third people this sort of April statistic of first they numbers rent Like of sort were sort few their experiencing saw ground? for the I is what Do you didn’t, have that that rent there pay the paying

Patti Poppe

we a and what from Not yet, call call and we residential plans. have extension for grace do but know, -- customers we business do of payment asking volume would

are doing And so, we that.

three utilities. talk Three, typically they concerns. payroll. we described. is, One as is rent businesses, As Two have big is you to these

-- action make them those source them to customers got to that necessarily be into payments payment their an help we've and so resources so, as for run support and for agencies and we residential the that really can in feel business then community some on support and been well. And extending plans customers of good time we've but able a our short translate doesn't uncollectable, particularly comfortable

and and more have our much forecast by suggest isn't to eye to good learn I come to QX, we'll quantify a better that. So, more that would yet. There's being certainly able on,

Paul Patterson

on what benefit, Okay. this, I I just drove And missed that? if but finally the apologize then again and just $X.XX enterprises,

Patti Poppe

through Rejji, you want the quarter? enterprise talk to

Rejji Hayes

so things. of was Paul, because combination Yeah, a -- it two

of it QX, an last was outage City, outage an the So one, and so absence did just year. Filer

absence at good there And that so enterprises. and the then performance of was cost just

really that's $X.XX the so And what positive variance. drove

Paul Patterson

Hang so Thanks much. Great. in Okay. there.

Rejji Hayes

Thank you.

Gentlemen, time, this Patti this conclude the our answer will back question remark. like conference closing any for and Poppe over to to session. turn At I'd

Patti Poppe

miss we you, you thank We Please to joining Thank call. everyone and us stay when really our for forward again, you be Thanks continue you all. to we face and know, face look much. today on can. to seeing Allison. And well safe you so

Operator

today's The you has and concluded. disconnect your attending now for presentation lines. you conference may We now thank

CMS Energy Corporation 5.875% J (CMS) 27 Apr 202020 Q1 Earnings call transcript