Financial Performance - Operating margin for natural gas distribution increased to $1,226.7 million in the twelve months ended September 2023, up from $1,130.7 million in the same period in 2022, driven by higher regulated operations revenues and customer growth[132] - Utility infrastructure services revenues increased by $245.5 million in the first nine months of 2023 compared to the same period in 2022, with electric infrastructure revenues up $117.8 million and offshore wind revenue up $114.3 million[141] - Operations and maintenance expenses for natural gas distribution increased by $9.2 million (2%) in the third quarter of 2023, driven by higher external contractor costs, direct labor charges, and fuel expenses[128] - Utility infrastructure services expenses increased by $301.3 million between periods, driven by higher subcontractor costs and general and administrative expenses, partially offset by improved operating efficiencies[145] Cash Flows and Financing - Cash flows from consolidated operating activities decreased by $105 million in the first nine months of 2023 compared to the same period in 2022, primarily due to higher natural gas costs and deferred purchased gas cost balances[163] - The company received $1.02 billion in proceeds from the sale of MountainWest in February 2023, significantly impacting cash flows from investing activities[165] - Consolidated financing cash flows decreased by $852 million in the first nine months of 2023 compared to the same period in 2022, primarily due to a $1.1 billion repayment of a term loan related to the MountainWest acquisition[166] - Southwest Gas Corporation's operating cash flows decreased by $76 million in the first nine months of 2023, mainly due to higher gas purchases and working capital changes[168] - Investing cash flows increased by $124 million in the first nine months of 2023, driven by higher capital expenditures and changes in customer advances for construction[169] - Net cash provided by financing activities increased by $233 million in the first nine months of 2023, largely due to $530 million in parent capital contributions and a $450 million term loan repayment[170] - Southwest Gas Holdings, Inc. entered into a $550 million Term Loan Credit Agreement in April 2023, with proceeds primarily used to repay a $450 million term loan and for working capital[177] - Southwest Gas Holdings, Inc. has a $300 million credit facility expiring in December 2026, with $57.5 million outstanding as of September 30, 2023[178] - Southwest issued $300 million in 5.450% Senior Notes in March 2023, maturing in March 2028, with proceeds used to repay credit facility borrowings and for general corporate purposes[176] Regulatory and Cost Recovery - The Delivery Charge Adjustment (DCA) filing in April 2023 addressed an over-collected balance of $53.5 million, with new rates effective August 1, 2023[150] - The Tax Expense Adjustor Mechanism (TEAM) resulted in a refund of $6.5 million of estimated net EADIT savings, approved by the ACC effective May 1, 2023[151] - Southwest's PGA balancing accounts showed an under-collection of $687 million as of September 30, 2023, due to natural gas price spikes and market forces[175] - The ability to recover costs associated with PGA mechanisms or other regulatory assets is uncertain[188] - Regulatory support for infrastructure programs and expansions is crucial for future performance[188] Capital Expenditures and Investments - Natural gas distribution segment construction expenditures totaled $778 million for the twelve months ending September 30, 2023, with 55% allocated to pipeline replacement and system reliability[171] - Management estimates natural gas segment construction expenditures will be approximately $2.0 billion for the three-year period ending December 31, 2025, with $720-$740 million expected in 2023[172] Market and External Factors - Customer growth rates and housing market conditions could significantly impact the company's financial results[188] - Inflation, interest rates, and government actions are key factors affecting the company's business[188] - Changes in gas procurement practices and capital requirements could affect financial outcomes[188] - The impact of weather on Centuri's operations is a significant variable[188] Financial Stability and Future Risks - The company's ability to raise capital in external financings is a critical factor[189] - Ongoing evaluations of goodwill and other intangible assets could influence future results[189] - The timing and ability to consummate the Centuri separation could impact stock price and credit ratings[189] - The company's ability to remain within debt covenant ratios is essential for financial stability[189] Interest and Deferred Costs - Deferred purchased gas cost balances increased significantly from $381 million as of September 30, 2022, to $687 million as of September 30, 2023, impacting interest income and cash flows[124][159] - Net interest deductions increased by $32 million between the twelve-month periods of 2023 and 2022, primarily due to the issuance of $600 million in Senior Notes in March 2022 and $300 million in December 2022 and March 2023[137]

Southwest Gas Holdings, Inc. (NYSE:SWX) Q2 2023 Earnings Conference Call August 9, 2023 11:00 AM ET Company Participants Thomas Moran - VP of General Counsel and Corporate Secretary Karen Haller - President & CEO Robert Stefani - CFO Justin Brown - President of Southwest Gas Corporation Paul Daily - President & CEO, Centuri Group Chad Van Sweden - CFO, Centuri Group Conference Call Participants Richard Sunderland - JPMorgan Ryan Levine - Citi Operator Ladies and gentlemen, good day and welcome to the Southw ...

August 9, 2023 | 33 (2) General and administrative expenses during the three months ended June 30, 2023 and 2022 includes depreciation expense of $1,176 and $1,206, respectively. General and administrative expenses during the twelve months ended June 30, 2023 and 2022 includes depreciation expense of $4,799 and $4,561, respectively. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------ ...

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, 2023 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 | | | ...

Earnings Conference Call First Quarter 2023 May 9, 2023 This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding the Company and the Company's expectations or intentions regarding the future. These forward-looking statements can often be identif ...

Southwest Gas Holdings, Inc. (NYSE:SWX) Q1 2023 Earnings Conference Call May 9, 2023 11:00 PM ET Company Participants Thomas Moran - VP of General Counsel and Corporate Secretary Karen Haller - President & CEO Robert Stefani - CFO Justin Brown - President of Southwest Gas Corporation Paul Daily - President & CEO, Centuri Group Chad Van Sweden - CFO, Centuri Group Conference Call Participants Christopher Ellinghaus - Siebert Williams Julien Dumoulin-Smith - Bank of America Operator Good morning, and welcome ...

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, 2023 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 Employer Ident ...

Southwest Gas Holdings, Inc. (NYSE:SWX) Q4 2022 Results Conference Call March 1, 2023 1:00 PM ET Company Participants Thomas Moran - Vice President of General Counsel and Corporate Secretary Karen Haller - President and Chief Executive Officer Robert Stefani - CFO Justin Brown - President of Southwest Gas Corporation Paul Daily - President and Chief Executive Officer of Centuri Group Conference Call Participants Chris Ellinghaus - Siebert Williams Ryan Levine - Citigroup Inc Tim Winter - Gabelli Funds Opera ...

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 ...