SJI - Earnings call transcript Q4 2020 | South Jersey Industries Inc

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Fourth Quarter 2020 South Jersey Industries Earnings Conference Call. [Operator Instructions] I would like to hand the conference over to Dan Fidell, Vice President, Investor Relations. Please go ahead.

Dan Fidell

Thank you. Good morning, everyone and welcome to SJI’s fourth quarter 2020 earnings conference call and webcast. senior by Cocchi, our as our additional of today Executive and well joined members Steve Officer; Chief our am Mike President Renna, Chief as I team. management Financial Officer

issued using and available in-depth and in the those earnings. release GAAP associated release for any both forward-looking basis the to that call opportunities future close our presentation projected in Our will Reconciliations of review the comparable to measure website on yesterday of from and are non-GAAP at the earnings economic the also the after Throughout SJI. we and and economic an Actual GAAP of both call, our references accompany plans earnings earnings XX-K slides measures statements. today’s non-GAAP results making appear the provide could were be on expectations, market materially The of www.sjindustries.com. documents. differ

factors refer our introduce we results Mike of performance pleased XXXX. actual to who that our cause SEC discussion priorities strategic and said, operational am begin that review will our a With Renna, to For I could please XXXX CEO, differ, as to filings.

to Cocchi, some be your performance. XXXX review then will then Mike. that introduction, we Mike With questions. turn offer Steve our over happy now CFO, closing Our it that, will After take remarks. financial will to me let

Mike Renna

in Elizabethtown infrastructure clean gas case state strong base earnings strong and capital more reliability, effective programs Jersey, efforts, customers New to trackers key deliver Gas as We most. always, communities safe, to well. our us delivered challenges, earnings reliable earnings us you gas the meet good a everyone. and there XX% across metrics XXX,XXX than despite customers we providing base key to per New report joining of our hope and saw needed long-term mission, when morning unprecedented us today. XXXX customers natural Thank I affordable and in Company’s We favorable strategic critical and regulatory represent our our and more economic increased improvement months and growth, operational Margins were of and important on and a saw $XX reached in Dan economic proactively And Jersey your for ensuring and Jersey. creation. at new goals and our in a alone. increase XX funding case, Thanks, to of relationships, remains the in support outcomes, Consistent of demand our sheet, adding with XXXX. customer rate job commitment liquidity the positive across in management. than unknowns our above-average O&M safety, with achieved balance and energy efficiency, Investment plans, our alignment targeted regional demonstrating decarbonization decarbonization and strategic our and pleased on and time had of Gas across investment staying million proposed strengthened families you COVID last or Natural driving rate exceed reflecting service sufficient initiatives and reflection territories am address the growth. XXXX we all I and also goals, safe Gas share. are significantly, year-over-year resolution in majority our a a Jersey XX,XXX priorities South prudent regulatory us South energy utilities, modernization

emissions. oil While at benefit to burning modernization and roughly reliable time both to safe continues to customer and bulk with of our we the added service conversions, propane lower reducing cost have with alternative come our fuels such utilities. growth desired state, as our seeing remain the in natural heating Infrastructure strong, cleaner and new converting customers settlements to from methane assure amicable from the record across and relationships are resulting gas. critical X/X constructive construction programs results in of a significantly Regulatory

million October cast recovering both than utilities last adjusted more we’ve XXXX, to replace these invested rates system. aging And on X, Over begin iron our months, mains we important to and XX at the $XXX investments. across bare our steel

non-utility significant to due repositioning and also investments improvement our rightsizing clean new Our energy operations XXXX and experienced in business. of legacy primarily

our and performance of reshaped improvement, fuel year-over-year asset wholesale the Specifically, strong optimization a our activities, roll-off businesses opportunities. by portfolio contracts, delivered driven solid legacy in management

align to goals Our energy our services of energy and our delivered clean on region. business state and the commitment advance

cell per solar produce expected small-scale and megawatts to of fuel along delivered in generation tax are in Island XXXX. with investments investment Our $X.XX share investments, electric four Staten X.X of credits low-carbon

REV natural As decarbonization gas and XXXX, we in to you investment renewable the decarbonization, and and With with pending to are our priorities energy along natural LNG, a projects the to portfolio RNG. from focused gas, natural regard liquefied our a equity we executing development achieving compressed commitment announce our our on and to clean of in digester as development, release, initiatives. our to begin of transportation are rights in saw regulatory earnings produce company anaerobic excited resolution gas, on specializing production

than converting few dairy become recovered from has Over biomethane farms developers environment with directly a intensity accelerate to will the will produces carbon is serve rating, the our REV natural leading than investments years, conventional RNG and one investments, planned carbon of has our less the at and carbon-intensive of of energy of our to It the the that RNG credit projects SJI’s be with strategic path and significant And last investment growth and and it development. unlevered This capturing, vertical cleaning These in utilities growth dairy dairy will RNG. It accretive meaning out returns SJI afforded takes gas. through to in more in along positions country’s the positive. negative and RNG market of front upside. with core commitment delivering transportation an decarbonization potential through energy investment teens, farm metric earnings strong This supports the the toward business. decarbonization. emerging the to adjacent future. our to clean core utility is it

know, of several the end the expected before currently quarter. before important have the you As proposals second BPU we resolution pending with

$XXX requested million place efficiency well South Elizabethtown in for X investments mechanism utilities years over at have Gas, decoupling one the our to as similar next Gas. we We have a Jersey as at energy the in

creation. job forward this I our to and Steve I will look it now after over We Steve? Aldyl-A decarbonization have closing some goals the review also and time, Phase administration’s steel efficiency, programs Gas, requested $XXX which, energy support vintage financial South pipe. at offering in performance, Jersey infrastructure targeting to and Both safety Murphy modernization to surrounding reliability, turn At XXXX remarks. investment million X coated plastic

Steve Cocchi

morning, Good everyone. Mike. Thanks

As in Mike we impact business expect XXXX, the no performed the pandemic. continuing noted, our despite financial from pandemic, very material well and

earnings both release I would encourage you deck earlier, review the you and noted made regarding will Dan we’ve information. provide that slide available with detailed to As earnings, and the GAAP information

of focus believes purposes normally provides do, this our For valuable as insight into of our measure of the call, earnings performance on as the our this we management discussion measure that we’ll economic non-GAAP business.

items earnings at compared expectations period the to economic $X.XX were comparable per for for nonrecurring adjustments share, of exceeded adjustments, ago. a $X.XX the per pipeline well previously design diluted diluted items results share. year utility totaled These certain as supplier per to economic share driven communicated SJG with non-utility included $X.XX and XXXX, For combination positive be improved a earnings that diluted end as rate refunds. performance, our XXXX by tax per upper share but of $X.XX and $X.XX several

and in diluted $X.XX share Our at related rate share compared XXXX. to Gas, Improved Elizabethtown $X.XX growth of utilities roll-ins contributed Jersey per customer modernization diluted programs. reflect Gas and relief to rate South infrastructure positive per XXXX results primarily earnings base both

$X.XX services in $X.XX Improved increased compared results Group $X.XX profitability were Our efforts that reflecting Energy $X.XX improved driven operational tax per acquisitions contributed the to year. the both share Group recognition per resulting volumes to over fuel last and share in XX diluted have contributed in to optimization Energy earnings non-utility $X.XX the earnings operations XXXX. contracts solar XXXX fuel per higher diluted XXXX, Energy operations management of earnings asset that XXXX cell over credits reshape breakeven commenced related our opportunities the per per reflecting primarily months, during XXXX past contributed compared of at portfolio share and of share from and primarily Services. became Energy XXXX, share year. to results to of compared by investment

in per by outstanding per Our debt, $X.XX activity. of other increase offset segment earnings XXXX, contributed a loss share in economic loss partially compared a and an reflecting share refinancing repayments debt in of to $X.XX

based customer business. rate non-utility results strong programs the the non-utility October reflecting utility economic the optimization fuel diluted related well share $X.XX Improved asset infrastructure as which were our X of effective improved Improved became earnings period diluted our $X.XX at largely well acquisitions SJG credits quarter For our and with as roll the reflect comparable ETG. solar improved share that investment per results largely reflect cell growth commenced to recognition tax SJG and compared fourth in and as during operations profitability. year of for as modernization year ago, and both at wholesale a XXXX, utility on relief, per

expenditures growth energy in reflecting infrastructure amount utility this $XXX and XXXX system customer of XX%, capital investments XX% approximately maintenance investments. approximately reflecting Our and approximately were for with upgrades, million, clean

focused LNG investment is improvement today in at Investor of investment and Relations pleased be REV to metrics. accretive and are cash long-term we and to sheet our fact the discussed, decarbonization in credit section we regarding in expect flow Mike As our on economic our important www.sjindustries.com. continued support to earnings our available A website our this investment REV announce

using we our our to total now credit investment-grade rating. capital XXXX, total sales. from at improved maintaining a with XXXX, supports spending a capitalization solid balanced of to ample driven and XX.X% Turning liquidity a XX, debt to December equity structure while equity equity repayment capital plan committed and to remain reflecting XX.X% capitalization, sheet, asset to financing at December regulated that proceeds compared debt GAAP XX, and balance

steps capacity total guidance, XX.X% for ensure are debt, with programs, December eliminate and expected and XX, efficiency its pending South in AX Our XX.X% to negative, Earlier for accelerated and and other raised expanded our well steady long-term month, rating in units Jersey energy compared liquidity, impact outlook decarbonization cap goals. duration at to advance recent metrics. at as financial multiple XX, modernization XXXX regard case resolution positive December completed proposals We REVENUE, debt this to Gas’ million Moody’s With positively program. capital rate as XXXX, to strengthen in ability mandatory of adjusts borrowing to metrics regulatory convertible which our several factors, XXXX. investment SJI’s XXXX, through SJG stable impacts and confident from affirmed XX, non-GAAP among citing of our available $XXX our to to infrastructure manage financial With in equity improved XXXX, improvement the the near-term approximately funding maturities in and as remain of December ongoing of COVID. many we

We Virtual concludes with my the in are forward look for these And remarks. and currently the I into in will the Mike. to incorporating expected now back participation you future conjunction May. Day initiatives it our turn sharing be to with Details vision are our plans provided regarding investments in and to That planned over in meeting Investor April.

Mike Renna

time, of successful results of few over our execution paying efforts that years solid shows continued alignment with energy flows cash in the utility is and combined highly goals our off. quarter transformation are set the our stream region, consecutive core of investments gas same past table positive Steve. The financial business and demonstrate improvement strategic our to our the in our new SJI. the growing At have fifth Thanks, the and for business, state with complementary of clean for priorities,

SJI to me let our families conclude, we and all of else, that As our remains our above the safety remind communities. you employees, committed

remote proud to function a the continue with this a very And In in to ahead jobs and are regard, partner decisions back largely state’s successful our normal a New from we’ll experts. a continue remain work. vital recovery a life and optimistic economic to support and our state. rollout all with a We, shovel-ready stand functioning along more make directives to to We we informed platform vaccine ready for of and effectively work. return Jersey folks by get to we health efforts. company and We our leaders months you, from of

are family me from how saying proud part how came be together of I SJI the embraced of to am Let pandemic folks my conclude we by to have the face the remarks that a to change. the questions. how in ready concludes now our Operator, and line future, clean our for infrastructure deliver climate prepared the remarks future will we the energy the to where critical combating open

Operator

first with question Richard from Our JPMorgan. comes Sunderland Instructions] [Operator

open. is line Your

Richard Sunderland

Hi, thanks questions my for today. taking

in I of pieces of guess, start Could XXXX Just here. guess forthcoming consideration outlook, sort on guidance the pending some speak regulatory the REV wanted items, I moving to of just the the those the to in order anyway here? you magnitude to of, the those contribution to and of from investment a kind proceedings LNG year-over-year, in sense growth frame of ‘XX get

Mike Renna

Hi, Rich, I am sorry. Mike. It’s

said are when through we in second quarter. the in several prepared wanted as on release And part we would the there and be our have of only work think expected our in We which we had wanted resolution X-year expect we to to way those not Investor I indication certainly, our sure of of Day moving a resolution to out our X quarter first early what horizon. greater pieces, of that the remarks, guidance, pieces. as give make XXXX, we to for but we strong or and put would – at growth would indications least an moving over to some wait around our planning be for which we

regulators have Certainly, of you pretty proceedings front our we significant now. some right So them. mentioned in

not, kind modern, accelerated of region. replacement the have on Aldyl-A in Gas systems Jersey program. But be very replacement of of program South at at have of end most pipe, our plastic, infrastructure infrastructure one and the again, modern ambitious would will program most we steel We coated the vintage our and that, large if which the next-generation focused

energy which lot Again, time that’s to a critical So to as our better then our them. environmental state’s be able advancing proposal and credit got with the and And exciting investors front and and better walk then will that of the into metrics this safety, and in to and business, kind to goes opportunity we how the better have of development around LNG cadence its specifically it REV expect us. CNG, decarbonization, of the gas a is is investors an also those development, and envision goals. reliability we critical kind We’ve is through the would largely what provide a build-out around both efficiency as really in which there going just more – something sense a we what for of for unique we the RNG felt there, opportunity to assets forward. so of earnings they think is and existing but again, imperative services in how focus SJI, a both farm. of strategic far impact is dairy of And business take insight

on to directly So can I am question, know give don’t I you doing I answered I as the your much but trying basically Day call. without that Investor this as

Richard Sunderland

the energy invested And just of the of clean ITC versus are but XXXX Mike. could any dollars ultimate then Thanks of one if and Investor running risk your maybe terms Appreciate on with this decarbonization well color. Day, XXXX? it. frame you growth investments you I from Got for kind at front curious of am there? the kind perspective And as front, a more just aspirations in as looking CapEx targets the or

Mike Renna

alignment at look, this energy Great to I So to clean time, a region, given our want said commitment we second playing the in decarbonization sentiment Master take and it in decision Energy clean energy thing it’s of Jersey, towards the now I to we question. year we for we Governor really participate and reenter kind and was and to going, to but demonstrate felt clean with And extremely committed which the the to announced and had Murphy’s that. and space, state just prudent Plan. nationwide our ago back development go and New are right? a particularly role SJI And think our energy, a that a to decarbonization where key

would $XXX projects, roughly agnostic clean X-year And think I it beginning, unlevered we earlier, we our were they investment clearly, strong number in but what can ultimately, we period. it’s now we our we the opportunity it electricity. said likely are electric out our it most a XXXX. would as of solar. own do investment we provide to to projects think to great We too, going a were uses kind solution – and the its four returns. of We at and So as we of certainly rather to over of that of for cell – landfill was be. in region. facilities low It own terms a replacement us put energy was a did type target small relatively as wanted And some became fuel but carbon And gas to and thought it’s the involve again, demonstrate, fuel We natural we certainly a the shuddered clean, state But goals great wanted green the source. to everything to consider alignment buildings. million at

So that great we fuel revenue. we about the be program, which fixes York really it in the was certainly effectively excited to open was liked were future. was XX% about additional a of New VDER we things it the projects part really of doing of the did the cell to would Thought that. that again, X But XX% fit, X

we’ve So we’ve clean energy, investment but de-risked. it not – highly perspective, seen a it’s is a energy only – an great from

the really in And this investments different. our type is our – and no of for decarbonization for critical has be every is infrastructure. time million, of we through helps the a where very go, far those still us I from our a been as with get-go energy RNG we But it type and investments period, of will energy we be structure. primary at as plan. goal So The think will is And again, Those $XXX our open our X-year investments. – is REV ITC decarbonize always accomplish we projects. forefront movement. ITC to of about said, critical I it investment in to the again, very at with REV something credit highly that the flowing million that and And over is point $XXX of would we’ve There the clean think that just future to excited and of really investment, there kind I are is industry, And that, plan, returns, REV. that other opportunity does kind as is partner think, would which ITC kind changed in we’re the our positive see same and do in you derisked of be done be the investments. lens unlevered not for

Richard Sunderland

I the there. thanks. appreciate Great, color

Mike Renna

Rich. Thanks,

Operator

question next Gabe Our from with Moreen comes Mizuho.

Your open. line is

Gabe Moreen

been well? the have performing into in peers, the first of entered then I I been potentially contract something Clearly here. portfolio good all, business. Hey, just volatility, little contemplating speak start the given with great fourth a of capacity And couple second last for I marketing One that Maybe morning quarter or their that’s they bit some a you your was to what a the weeks, to if the I quarter. had of wondering can you’re as if ask has long-term how on and twofold over impacts that one all everyone. was wholesale going with just that this. directionally? the can have of guess, events is

Mike Renna

get – take It’s I’ll this again. I Mike, Gabe. Sure.

been Mid-Continent. the I So weeks, again, of it events did, weather the the there in affected have has the there the few quarter? plains. was rather – necessarily in particularly how last not to unusual It historic Northeast Yes. extent to certainly, the performing is our first and in portfolio kind some mean,

we volatility. – did Our see some

of had $X tried we we the our spreads, in Gabe, the really I nice range, if volatility the remember, and in market think portfolio. or area prices minimize portfolio some the $X in to ago, you so years several kind but reshaped

meet and restrictions was believe years of So you it in But terms Jason just pretty real any The some different to and some open, business, just past your way of use that in assets you portfolio. happened demand volumes. always or because any given reshaping no of they optimize bit longer park a We volumes, secondary the and Foulds that again, but But trade-off loan that of little for that, that did in hedged – pipeline the wasn’t led to had and of we swings things were And there. to the that other also in your great fully necessarily winter. minimize changes the upside. think, I opportunities in strategy some really heading much us a over of the job type the gas a that into the the that doing is some of some head of our could minimizing were downside.

So predictable are good than it we a more around us few far like expect we to now where expect it’s years right because right be to projected. have where first think quarter. I us we I I maybe And ago. a was

your as me question, far sorry. – okay. I’m Remind As second

Gabe Moreen

terms in your basically some in of one the of Just business? capacity peers that taking of

Mike Renna

done. what where things, of and place But – give out what it Yes. type understand accomplish, assets credit couple on I and for a getting value located I potential a It’s looking I on it kind are it depends lot mean – them. think what a of they were right? and I to your acquirer would going them of of

right out think it taken actions. portfolio of our through of mentioned, with now I Our lot it I own as a our where is, volatility – we’ve the internal

it I and very be to contributor steady so solid SJI. to a expect And

the anything So the like is same was don’t of will speak out Steve or But them of for AMA. which lot to that I and of think thing, a that. the way a kind or this I – accomplish guess take want I through to volatility for again, earnings NJR this

Gabe Moreen

there? to latest project, and one the you’ve and of those also, can of could the might latest regulatory compare? the assets a I in potential is what Analyst I alternatives recovery is any then question on but just And think you with LNG Day, be alternatives on just you on presentation, CapEx Mike. and the release mentioned would for got if it the curious utility, and the how follow-up the size-wise, what maybe save And those COVID Thanks kind then kind twofold

Mike Renna

I’m Sure, to President Dave Utilities, take Gabe. ask going to Robbins, our one. of this

Dave Robbins

Good morning, Sure. Gabe.

think program far as that will on I in been those after the lifts assets release, talked by that approved amount filing order, BPU. his work days costs. there deferred The as to So Governor recovery discussions we our the the under is COVID, we have be and about of way that, going of that’s the executive the XX

these is right that because now. with – that, asset. work again, in don’t deal deferred other to with that’s debt, along the number utilities, we’ve certainly, which sheet deferred we we about now, on is regulatory to with bad that see accordance as So of time asset. think The have a the it’s along lifted we executive addressed with BPU it of of the have premature order as think period as are incremental all there with bulk the as other priorities costs balance other we’ll utilities, been recovery. you a And I but incurred, yet placed right the the once the kind

months know, And And I your then moving we the question, So expect and filed of recovery. Gabe, slow for think of all The that project as again, kind our status approval to mechanism was other was process. over that length the in discussed. LNG full we is It TBD. you certainly through discovery get the process, a ago. we of that XX still little

need encouraged. Southern I anecdotally, the the impacts are about been earlier has And we severe recent for say redundancy. I on and There We plains. movement some talked will think weather the

the I redundancy project. that’s this is a to of into sensitized And system. redundancy key as is building kind done think our we shared, importance of what us

I staff. recently So going there we to our project just resolution the on from for public BPU completed progress the that is we’ll a The and on in on our need date, definitive we And some comments have we on upcoming I back filing awaiting where a this filing. bit council by little rate is been critical hearing, discovery a months. but critical the we week, this some are us complete think are. don’t but Last for have a real redundancy. has expect

Gabe Moreen

you Thank very much. Understood.

Dave Robbins

Sure.

Operator

question [Operator Our next with Ellinghaus Siebert from Chris comes Instructions] Williams.

Your open. is line

Chris Ellinghaus

How are you? guys. Hey,

Mike Renna

Chris. Hi,

Chris Ellinghaus

not Mike, your REV meeting, you’re run are that before to would is investments, but front earnings fair? positive currently – that – additional the making so they accretive

Mike Renna

yes. we will our be will is core – that acquired interest Their in accretive equity – Yes, business percentage accretive yes. be there,

Chris Ellinghaus

Okay. Can you scale material – capital that of the digesters say are would it be fair to wise?

Mike Renna

$XX are range. Chris, individual basis, the $XX – it’s to interesting. they in They an are million on million

gained by located. they there economies and efficiencies So a are are where ultimately, lot of horizon. But are geographically it’s just going to depend that on our kind development of certainly

So to you as of pods. them tend think

interstate do may to is transported region. a in X specific pipeline. X of And you a that and So connected then specific or compressed RNG geographic or and all then LDC

few can and hung as de-risk like, digesters. and to the good REV type the much right how time our about possible. and the What at with high-quality that frame off-take think So I farms going we are way really schedule our on certainly looking thinking last a we’re of investments Chris, forward. always at being I we’ve agreements. our different working the of say, now partners particularly a through hat development in look and probably being We’ll dairy of it of as And that’s and development approaching years utility it’s is

Chris Ellinghaus

as parties well? transport And and services stuff for Okay. third do they like

Mike Renna

anaerobic industry, so a for day they services their They maritime are peak bunkering utilities well, of digesters designed actually as They structure do. should guess, utilities their they developing includes are – And – a long-term we, natural two at again, they is other development fastest-growing they a utilities. the fee-based then helping two farms dairy they are are kind developed for currently again, segment, They actually for, as pipeline where of agreements lot contracted – LNG contract of meet compressed RNG under large I have developing say, LNG virtual trucking or utilities now and gas vertical. and provide that I have supplies. do we’re with kind They well.

really for it’s opportunity So exciting a us.

Chris Ellinghaus

is Does of or your sounds gas things clean it have primary sort as hydrogen natural interesting. Yes, for you do – going some investments Okay. investment be like this to decarbonization well? aspirations this

Mike Renna

great program partnership our do announcement you hydrogen to I’m the – of Shores question. Atlantic another pilot That’s sure project New a Jersey. in saw with there

I future in Chris, only pathway place you our nature is the of when our future in infrastructure. was the hardened decarbonization. look of long I think, the the It like electrification forward. And at think, a time felt our and now, kind I think for So infrastructure, energy

what’s just of You these see you when cold. extreme periods had happening

need to get think I and to us to our you infrastructure and incumbent those energy You our is. that be decarbonize And it’s need utilities on ways through periods to where time. our able find of focus that’s

a city see our through I behind So see what I through in bringing of our gates. in think think investment – over you’ll the utilities investment lot on our REV. And is you’ll years RNG

path. parallel it So on will a be really

Chris Ellinghaus

seen Okay. storage thing, year? for One in jobs last you this in of terms docket, to initiatives the have any addition momentum

Mike Renna

to I’ll grab know or one. either Dave either You what one, Steve ask this

Dave Robbins

back front the the BPU, get Good stimulus to the jobs track. program morning, started create office with on to about a conjunction in to Chris. economy talk Certainly, think help I initially

I discussions as been COVID dealt think with directly. really those sidetracked they have

foremost, where with we have some the we creation. a in name for list we first accelerate projects along investments of, utilities, could really the other submitted, – So and job of

really not have back data provided. heard information, the that. was All the We on

Certainly, there and we very think reasons to the kind of one those look for future. in well of was the this investments why think, have supported job regulators. driver, think the I is you the be the filing near So our that’s sitting But that’s make been But addressed I upsized. main I upsize to by saw creation. SJG continue of time they kind

why So upsize on that formal program. That’s big we while stimulus a driver it filing. wasn’t under the

Chris Ellinghaus

Okay, lot. appreciate great, thanks a color. the I

Operator

Dan to the I’d Fidell, questions. of Vice President turn There call like for over to Investor are no Relations, back closing further remarks.

Dan Fidell

thank Michelle. to you, us joining today. I for Thank Okay. everyone want

available of please your free recording contact any As for me, and today investment SJI. joining Fidell, our call. Thanks. will And concludes website. Dan our call interest to us follow-up for a Again, always, This continued in as and today a questions. reminder, be our on for thanks feel

Operator

and the program day. Ladies gentlemen, and disconnect. this does conclude have may great you Everyone a now

South Jersey Industries (SJIIU) 28 Feb 212020 Q4 Earnings call transcript