Financial Data and Key Metrics Changes - The company's adjusted EPS for the fourth quarter of 2022 was $1.16 per share, down from $1.49 per share in the previous year, indicating a decrease in adjusted EPS year-over-year [134] - Full year 2022 adjusted EPS came in at $3 per share compared to $4 per share for 2021, reflecting a significant adjustment related to the loss on Mountain West of $349 million [146][147] - The utility's margin increased by $55 million compared to the previous year, driven by constructive regulatory relationships and improved regulatory trackers [55] Business Line Data and Key Metrics Changes - Centuri delivered record revenues of $2.8 billion in 2022, marking the 13th consecutive year of revenue increases, with an increase of $602 million from the prior year [12][70] - The utility was awarded $14 million in rate relief from the Nevada rate case, contributing to an additional $17 million in margin from strong customer growth [22] - Operating and maintenance (O&M) expenses increased by $53 million due to inflationary pressures and higher labor costs, which nearly offset the margin increase [56] Market Data and Key Metrics Changes - The allowed rate base in Southwest Gas Corporation's service territories increased from $4.2 billion to $4.9 billion, enhancing the company's growth potential [5] - The company set over 41,000 first-time meter sets last year, the highest total in over 10 years, with expected customer growth of 1.5% to 2% [27] - The company anticipates a capital investment plan of approximately $2 billion over the next three years, driven by strong demand for natural gas and investments in pipe replacement [60] Company Strategy and Development Direction - The company is transitioning to a pure-play utility model, enhancing visibility and alignment with investors, and focusing on utility optimization and stable recurring cash flow generation [10] - The strategic spin-off of Centuri is expected to enhance stockholder alignment and value creation, with plans to complete the spin by the fourth quarter of 2023 or the first quarter of 2024 [9][73] - The company aims for 5% to 7% rate base growth over the next three years while maintaining a strong investment-grade balance sheet [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving guidance expectations for 2023 despite challenges faced in 2022, attributing underperformance to nonrecurring items [21] - The company is focused on continuous improvement in customer satisfaction, safety, and operational efficiency, with plans to engage consultants for a deep dive review of the utility's cost structure [31][66] - Management highlighted favorable demand dynamics and ongoing constructive regulatory relationships as key drivers for future growth [18][43] Other Important Information - The company plans to issue $250 million of equity and $550 million in debt at the holdings level in 2023 to support its financing needs [25] - The company is committed to maintaining a competitive dividend, holding it flat in 2023, with a review of the policy at the time of the Centuri spin [95][153] - The company has seen an increase in receivable balances due to higher natural gas prices, impacting its gas cost recovery mechanisms [32] Q&A Session Summary Question: What led to a weaker fourth quarter for the utility? - Management indicated that bad debt and uncollectibles stemming from COVID contributed about $6 million to the weaker performance, along with a legal settlement and reserves related to gas acquisition costs [45][77] Question: Can you provide insights into Centuri's EBITDA margin guidance? - Management noted that variability in the margin could arise from potential impacts on revenue from offshore wind projects, which are expected to be higher-margin work [79] Question: What improvements are expected from the consulting study on O&M costs? - Management confirmed that the consulting study aims to identify additional initiatives for operational efficiency, building on internal reviews already conducted [83] Question: How will the timing of the Centuri spin be affected by market conditions? - Management stated that the timing will be evaluated based on various factors, including the Form 10 and private letter ruling, and will consider market conditions for financing [84][86] Question: What is the net debt balance at Century at the end of 2022? - The net debt position at Century was approximately $1.1 billion, composed of over $1 billion on the term loan and just under $100 million under the revolving credit facility [88] Question: How will the holding company expenses change post-spin? - Management indicated that post-spin, holding company expenses will largely be driven by interest expense associated with the holdings debt issued in conjunction with the 2023 financing plan [126]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission | Exact name of registrant as specified in its charter and | | | State of | I.R.S. | | --- | --- | --- | --- | --- | --- | | File Number | principal of ice address and telephone number | | | ...

Southwest Gas Holdings, Inc. (NYSE:SWX) Q3 2022 Earnings Conference Call November 9, 2022 1:00 PM ET Company Participants Thomas Moran - Vice President of General Counsel and Corporate Secretary Karen Haller - President and Chief Executive Officer Justin Brown - President of Southwest Gas Corporation Paul Daily - President and Chief Executive Officer of Centuri Group Gregory Peterson - Senior Vice President and Chief Financial Officer Conference Call Participants Richard Sunderland - JPMorgan Chase & Co. Ju ...

2022 Third Quarter Earnings Conference Call November 9, 2022 Speakers and Agenda KAREN HALLER PRESIDENT AND CEO SOUTHWEST GAS HOLDINGS JUSTIN BROWN PAUL DAILY PRESIDENT AND CEO CENTURI GROUP, INC. GREG PETERSON SVP/CFO SOUTHWEST GAS HOLDINGS VP/GENERAL COUNSEL/ CORPORATE SECRETARY SOUTHWEST GAS HOLDINGS THOMAS MORAN PRESIDENT SOUTHWEST GAS CORPORATION Presentation Agenda Strategic Update Business Updates Third Quarter Results Guidance and Outlook November 9, 2022 | 2 Strategic Update Strategic Update Robert ...

| --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | 2022 Second Quarter | | | | | | | Earnings Conference Call August 10, 2022 | | | | | | | | | | | | | Participants KAREN HALLER PRESIDENT AND CEO SOUTHWEST GAS HOLDINGS JUSTIN BROWN PRESIDENT SOUTHWEST GAS CORPORATION GREG PETERSON SVP/CFO SOUTHWEST GAS HOLDINGS BOYD NELSON VP/STRATEGY/INVESTOR RELATIONS SOUTHWEST GAS HOLDINGS Second Quarter 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission Exact name of registrant as specified in its charter and State of I.R.S. | | | | | --- | --- | --- | --- | | File Number principal of ice address and telephone number Incorporation Employe ...

2022 First Quarter Earnings Conference Call May 9, 2022 Participants KAREN HALLER PRESIDENT AND CEO SOUTHWEST GAS HOLDINGS PAUL DAILY PRESIDENT AND CEO CENTURI GREG PETERSON SVP/CFO SOUTHWEST GAS HOLDINGS JUSTIN BROWN SVP/GENERAL COUNSEL SOUTHWEST GAS CORPORATION BOYD NELSON VP/STRATEGY/INVESTOR RELATIONS SOUTHWEST GAS HOLDINGS First Quarter 2022 Earnings Presentation May 9, 2022 | 2 Agenda ▪ Leadership and Strategic Update ▪ Business Updates ▪ First Quarter Results ▪ Guidance and Outlook First Quarter 2022 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission Exact name of registrant as specified in its charter and I.R.S. | | | State of | | | | --- | --- | --- | --- | --- | --- | | File Number principal of ice address and telephone number | | ...

Southwest Gas Holdings, Inc. (NYSE:SWX) Q1 2022 Earnings Conference Call May 9, 2022 6:00 PM ET Company Participants Karen Haller – President and Chief Executive Officer Paul Daily – President, Chief Executive Officer of Centuri Greg Peterson – Senior Vice President, Chief Financial Officer Justin Brown – Senior Vice President, General Counsel Boyd Nelson – Vice President of Strategy, Investor Relations Conference Call Participants Richard Sunderland – JPMorgan Julien Dumoulin-Smith – Bank of America Rya ...

Southwest Gas Holdings, Inc. (NYSE:SWX) Q4 2021 Earnings Conference Call March 2, 2022 1:00 PM ET Company Representatives John Hester - President, Chief Executive Officer of Southwest Gas Holdings Paul Daily - President, Chief Executive Officer of Centuri Karen Haller - Executive Vice President, Chief Legal and Administration Officer Greg Peterson - Senior Vice President, Chief Financial Officer Justin Brown - Senior Vice President, General Counsel Boyd Nelson - Vice President of Strategy, Investor Relation ...