Core Insights - Southern Nevada is becoming a hub for innovation, manufacturing, and financial technology with four companies expanding or establishing operations, representing over $9.2 million in capital investment and nearly 325 new jobs [2][3][15] Company Summaries - **Welspun USA**: Opening its third U.S. manufacturing facility in Southern Nevada with a capital investment of $5.15 million, creating 50 jobs at an average wage of $31.73 per hour, and expected to generate a two-year fiscal impact of $1.3 million and an economic impact of $27 million [4][5][6] - **FAAC Inc.**: Expanding into a larger facility in Clark County, consolidating existing operations, with a capital investment of $1.53 million, creating 10 skilled jobs at an average wage of $31.62 per hour, and expected to generate a two-year fiscal impact of $259,057 and an economic impact of $6.48 million [7][8][10] - **DieselCore**: Establishing a new facility in North Las Vegas with a capital investment of $1.12 million, creating 20 jobs at an average wage of $31.61 per hour, and expected to generate a two-year fiscal impact of $432,235 and an economic impact of $12.9 million [11][12][13] - **Private Fintech Company**: Expanding operations in Henderson with a capital investment of $1.38 million, creating 245 jobs at an average wage of $33.31 per hour, and expected to generate a two-year fiscal impact of $2.58 million and an economic impact of $107.3 million [14][15] Economic Impact - The combined projects are expected to inject millions into the economy and create hundreds of high-paying jobs, highlighting the growth potential in Southern Nevada's diverse business environment [3][15]

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Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year [4][13] - The full-year guidance range has been narrowed to $6.25 to $6.35, reflecting confidence in achieving financial targets [4][15] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.24 driven by higher retail sales volumes and new rate implementations [13] - Gas Utilities and Infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [13] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [13] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation [4][5] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is focused on an ambitious generation build and modernization strategy, with a five-year capital plan projected between $95 billion and $105 billion [5][23] - The strategy includes leveraging AI and technology to maintain a competitive cost structure while ensuring customer affordability [6][7] - The company aims for a long-term EPS growth rate of 5% to 7% through 2029, with confidence in achieving the top half of this range starting in 2028 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and the ability to meet growing energy demands [11][12] - The company is actively engaging in economic development, securing significant capital commitments from commercial and industrial customers [19][20] - Management highlighted the importance of maintaining affordability for customers while managing costs effectively [6][7] Other Important Information - The company has a ten-year capital plan that is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [11] - The company is committed to maintaining a strong balance sheet with a target of 15% FFO to debt over the long term [22][23] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on infrastructure to serve large load customers [28][29] Question: What is the role of nuclear in your future plans? - Management emphasized the importance of nuclear energy, highlighting the need to resolve cost overrun protections before moving forward with new projects [40][42] Question: How does the high end of the EPS growth range reflect incremental capital? - Management confirmed that the top half of the growth range is supported by the capital plan, which includes significant investments [63] Question: What is the pipeline for large load projects? - Management stated that there is a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [66] Question: What factors determine the equity funding range for capital projects? - Management explained that faster recovery investments would require less equity, while slower recovery projects would necessitate more equity funding [72][73]

Financial Data and Key Metrics Changes - The company reported third-quarter adjusted earnings of $2.03 per share, a slight increase from $2.02 per share a year ago, driven by a recovery of regulated investments and growth in weather-normalized demand [5][26] - Year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago, leading to a narrowed 2025 adjusted EPS guidance range of $3.92-$4.02 per share from the previous range of $3.92-$4.12 per share [5][28] - The lower midpoint of guidance is primarily due to weather headwinds impacting results by $0.13 per share [5] Business Line Data and Key Metrics Changes - Weather-normalized demand increased by 2% in the third quarter compared to the previous year, following a 1.4% increase in the second quarter, supported by strong residential and commercial usage [27] - The recovery of regulated investments contributed an additional $0.11 to EPS, while higher depreciation and interest expenses led to a $0.07 decrease in EPS [26] Market Data and Key Metrics Changes - The unemployment rates in Missouri, Kansas, and the Kansas City metro area remain below the national average of 4.3%, supporting robust customer demand in service areas [27] - The company has a strong economic development pipeline with opportunities exceeding 15 gigawatts, indicating a robust backlog relative to its size [9][10] Company Strategy and Development Direction - The company is focused on a five-year capital investment plan that includes expected generation investments to serve load and meet increasing reserve margin requirements [9][32] - The strategic focus includes maintaining affordability while investing in infrastructure to support new large customers, with a designed large load power service tariff to ensure new customers pay a fair share [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, bolstered by economic development opportunities and necessary investments [6][30] - The company anticipates a comprehensive financial outlook update in February, including refreshed views on load forecasts and capital investment plans [8][34] Other Important Information - A 4% increase in the quarterly dividend to $2.78 per share was announced, aligning with the updated growth outlook [8] - The company is committed to delivering safe, affordable, and reliable service to its 1.7 million customers, emphasizing the benefits of new large customers for broader cost-sharing [20][24] Q&A Session Summary Question: What are the priorities for the 2026 Missouri legislative session? - Management indicated that the focus will be on implementing elements of SB4-related rulemakings, with a lighter calendar anticipated for 2026 [40][41] Question: How will the growth rate profile look moving towards the end of the decade? - Management refrained from providing specifics but highlighted multiple tailwinds that could positively impact growth [42][43] Question: How much competition exists at the local level for attracting large loads? - Management noted strong collaboration between Kansas and Missouri, with legislative truces to mitigate competition across state lines [50][51] Question: How much of the $17.5 billion CapEx is subject to typical rate case filings? - Management explained that all investments are subject to reviews, with mechanisms in place to mitigate regulatory lag [52][53] Question: Can you elaborate on the third data center's impact on sales growth? - Management confirmed that the third data center would be additive to the load growth potential, with specifics to be provided in future updates [60][61]

Financial Data and Key Metrics Changes - For Q3 2025, adjusted earnings were reported at $2.03 per share, a slight increase from $2.02 per share in Q3 2024, driven by recovery in regulated investments and growth in weather-normalized demand [4][25] - Year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago, leading to a narrowed 2025 adjusted EPS guidance range of $3.92-$4.02 per share from the previous range of $3.92-$4.12 per share [4][27] - The decrease in the midpoint of guidance is attributed to weather headwinds impacting results by $0.13 per share [4] Business Line Data and Key Metrics Changes - Weather-normalized demand increased by 2% in Q3 2025 compared to the previous year, following a 1.4% increase in Q2 2025, supported by strong residential and commercial usage [26] - The recovery of regulated investments contributed an additional $0.11 to EPS, while higher depreciation and interest expenses led to a $0.07 decrease in EPS [25] Market Data and Key Metrics Changes - The unemployment rates in Missouri, Kansas, and the Kansas City metro area remain below the national average of 4.3%, supporting robust customer demand in the service areas [26] - The economic development pipeline includes opportunities exceeding 15 gigawatts, indicating strong interest from large customers in the Evergy service territory [8][10] Company Strategy and Development Direction - The company is focused on a five-year capital investment plan that includes expected generation investments to meet growing customer demand and regulatory requirements [7][30] - A 4% increase in the quarterly dividend to $2.78 per share reflects the updated growth outlook and aligns with the target payout ratio of 60%-70% [6] - The company aims to maintain affordability while investing in infrastructure to support new large customers, with a proposed large load power service tariff designed to ensure new customers pay a higher rate [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, citing tailwinds from economic development opportunities and necessary investments [5][28] - The company anticipates a comprehensive financial outlook update in February, including refreshed views on load forecasts and capital investment plans [6][30] - Management highlighted the importance of collaboration with stakeholders to advance regulatory objectives and support economic growth in the region [19][24] Other Important Information - The company has achieved strong operational performance, with generation availability and grid reliability favorable to targets [5] - The ongoing dialogue with large customers indicates a robust interest in the service territory, with many customers actively participating in capacity studies [10][13] Q&A Session Summary Question: What are the priorities for the 2026 Missouri legislative session? - Management noted that there will be a focus on implementing elements of SB4 and anticipates a lighter legislative calendar in 2026 [34] Question: Can you provide insights on the cadence of the upcoming capital plan? - Management indicated that the upcoming capital plan will be laid out by year, with significant investments and load growth helping to mitigate regulatory lag [36] Question: How much competition exists in attracting large loads within the service territory? - Management highlighted strong collaboration between Kansas and Missouri, with legislative truces in place to mitigate competition for economic development [38][39] Question: What is the status of the large load power service tariff discussions? - Management confirmed a unanimous settlement agreement in Kansas and a partial settlement in Missouri, with decisions expected soon [46][47] Question: How will the $2.8 billion equity funding impact the capital investment plan? - Management stated that cash flows from new customers could significantly improve operations, potentially reducing equity funding needs [52][53] Question: How will weather impacts affect future earnings and guidance? - Management acknowledged that weather impacts are within the context of the current year and do not affect the long-term outlook [54][63]

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