Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.82 for Q3 2025, and $4.06 year-to-date, representing an 8% increase compared to the same period last year [7] - Year-to-date, the company achieved double-digit growth in adjusted gross margin, operating income, and adjusted net income relative to the same period in 2024 [8] - Adjusted gross margin for Q3 2025 was approximately $137 million, up 12%, while adjusted net income was approximately $20 million, up 8% from Q3 2024 [25][28] Business Line Data and Key Metrics Changes - The regulated segment's adjusted gross margin was approximately $115 million in Q3 2025, up 12% from the same quarter last year, driven by organic natural gas transmission expansions and increased rates [27] - The unregulated energy segment saw adjusted gross margin increase by 13% to approximately $22.5 million, supported by growth in the Marlin Gas Services business [28] Market Data and Key Metrics Changes - Both core service areas experienced above-average residential customer growth: 4.3% in Delmarva, 3.9% for Florida Public Utilities, and 2.1% for Florida City Gas [10] - The company is expanding natural gas distribution in southern Delaware, targeting 2,000 new homes, and has become the natural gas provider for a new community development in Port St. Lucie, Florida [10][11] Company Strategy and Development Direction - The company is focused on three pillars of growth: prudently deploying capital, proactively managing regulatory agendas, and transforming business operations to enhance safety and customer service [12] - The capital investment program is on track, with over 400 gas distribution projects placed in service in the first nine months of the year, generating significant gross margin [12][13] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year 2025 EPS guidance of $6.15-$6.35 per share, contingent on a successful outcome from the Florida City Gas depreciation study [9] - The company is committed to increasing shareholder value and maintaining top quartile growth and total shareholder return [12][33] Other Important Information - The company has increased its 2025 full-year capital expenditure guidance to $425-$450 million, reflecting a $25 million increase over the previous range [10][13] - The company has received several recognitions, including being named a champion of board diversity and employer champion of the year for Kent County [22][23] Q&A Session Summary Question: Clarification on the outcome of the depreciation study - Management indicated that achieving the guidance range assumes a successful outcome from the depreciation study, with the timing of the decision impacting the final results [35][36] Question: Inquiry about the number of distribution projects - Management confirmed that 400 new distribution projects were completed in the last nine months, reflecting significant growth in both residential and transmission projects [46][47] Question: Discussion on Ohio data center growth - Management elaborated on a project with American Electric Power to build a pipeline for a data center, highlighting the favorable regulatory climate and in-state gas supplies [50][51] Question: Clarification on retroactive treatment of depreciation reserve - Management confirmed that an order received by early February could allow for retroactive treatment of the depreciation reserve, impacting 2025 earnings [54][55] Question: Future capital expenditure plans - Management stated that the long-term capital expenditure target of $1.5 billion-$1.8 billion through 2028 is expected to be maintained, with updates provided in February [58][59] Question: Growth trajectory in Delmarva vs. Florida - Management expressed optimism about continued strong growth in Delmarva, noting it is currently outpacing Florida, while also acknowledging robust growth in Florida [60][62]

Core Insights - Canal Row Advisors is positioned to assist life science leaders in navigating the complexities of FDA regulations and policies, leveraging the extensive experience of its founding team [1][4] - The company offers a multidisciplinary approach to support drug and biologics sponsors across various therapeutic areas and technologies, emphasizing a commitment to public health [1][4] Company Overview - Canal Row was founded by four former FDA and industry leaders, each bringing significant expertise in regulatory affairs, compliance, and public health [1][3] - The team includes Michael Rogers, Hilary Marston, Brian Corrigan, and Maura Norden, who collectively have decades of experience in FDA operations and regulatory strategy [3] Services Offered - Regulatory & Clinical Strategy: Canal Row shapes strategies for product advancement from pre-filing through approval and post-market, focusing on regulatory strategy and clinical trial design [3] - Quality & Compliance: The firm identifies opportunities to enhance compliance and quality practices, including inspection readiness and corrective action plans [3] - Regulatory Policy: Canal Row provides clients with up-to-date regulatory intelligence and assists in shaping FDA policies to promote public health [3] - Advisory Services: The company offers specialized regulatory insight and analysis to companies, investors, and law firms, including regulatory diligence and competitive landscape analysis [3]

Financial Data and Key Metrics Changes - Net income for the second quarter was $32 million or $0.53 per diluted share, compared to $27.2 million or $0.48 in the same period last year, reflecting a year-over-year increase [4][8] - The company raised its full-year 2025 financial guidance, now expecting net income between $261 million and $267 million and earnings per diluted share between $4.32 and $4.42, both 2.5% above the respective midpoints of the initial guidance ranges [5][7] - Operating and maintenance expenses increased by 7.5% year over year in the second quarter, primarily due to higher labor-related expenses [8] Business Line Data and Key Metrics Changes - Revenues for the second quarter increased by approximately $21.1 million from new rates and $1.5 million from continued customer growth [8] - The company installed nearly 11,400 new meters through the first half of the year, sustaining a momentum of over 9% year-over-year increase in new customer additions [16] Market Data and Key Metrics Changes - The Oklahoma Corporation Commission approved a $41.1 million revenue increase effective in June, and Texas Gas Service filed a rate case requesting a $41.1 million increase [11][12] - The Kansas Corporation Commission approved a $7.2 million increase under the gas system reliability surcharge statute, with new rates taking effect this month [13] Company Strategy and Development Direction - The company is focused on disciplined execution and long-term growth, with a commitment to system integrity and responding to community needs [18][39] - The Austin system reinforcement project is highlighted as a significant capital investment aimed at expanding system capacity to support growing demand [14][40] - The company is pursuing opportunities in data centers, advanced manufacturing, and utility-scale generation, aiming to enhance system resiliency and align with customer needs [17][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong operational and financial results for the first half of the year and the positive impact of Texas House Bill 4,384 on financials [4][5] - The company remains optimistic about growth opportunities in Texas and other jurisdictions, driven by positive migration trends and job creation [39][40] Other Important Information - The company declared a dividend of $0.67 per share, unchanged from the previous quarter [10] - The company completed $190 million in capital projects during the second quarter, in line with the same period last year [14] Q&A Session Summary Question: Impact of House Bill 4,384 on financials - Management explained that the bill extends deferrals and accruals to all capital expenditures in Texas, potentially adding $4 million to $5 million of annual pretax earnings [24][28] Question: Long-term growth rate considerations - Management confirmed that the updated midpoint of guidance for 2025 will be used as the base for the new five-year range [34] Question: Texas capital plans and growth - Management stated that there will be no significant changes to the capital plans due to the bill, but growth in Texas jurisdictions is expected to continue [38] Question: Texas rate case and consolidation benefits - Management highlighted that consolidation will lead to efficiency, reducing administrative costs and benefiting customers [47] Question: Opportunities in power load growth and data centers - Management indicated that there are significant inbound inquiries for data center opportunities, and they are pursuing projects that enhance system resiliency [50]

Financial Data and Key Metrics Changes - The company reported a trailing twelve-month return on equity (ROE) of 8.3%, an increase from 8% in the previous two years [8] - Full year net income guidance remains between $265 million to $275 million [9] - The utility reported record net income for 2025 with modest increases in operating and maintenance (O&M) expenses compared to the previous year [9][30] Business Line Data and Key Metrics Changes - The utility segment saw higher margins supported by rate relief and continued customer growth, with utility operating margin increasing by $26.6 million [29][31] - O&M expenses increased by $7 million year-over-year, primarily due to higher labor and benefit costs [32] - Other income increased by $3.6 million, driven by gains from COLI policies and a one-time nonoperating gain from an asset sale [33] Market Data and Key Metrics Changes - The company added approximately 40,000 new meter sets over the last twelve months, indicating robust growth driven by strong economic activity in its service area [14][27] - The Great Basin expansion project received significant interest, with potential shippers requesting approximately 1.76 billion cubic feet of capacity per day [16][18] Company Strategy and Development Direction - The company aims to position itself as a premier pure play, fully regulated natural gas business, focusing on operational and financial performance improvements [7] - The regulatory strategy includes pursuing alternative ratemaking in Nevada, which is expected to reduce regulatory lag and support price stability [8][11] - The company plans to invest approximately $4.3 billion over the next five years to support safety, reliability, and economic development across its service territories [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory strategy and the completion of the Arizona rate case, which is expected to positively impact future earnings [41] - The company anticipates that the regulatory cycle will result in nonlinear net income growth, with a focus on maintaining flat O&M per customer trends [41][42] - Management highlighted the importance of customer service and executing strategic priorities while delivering strong financial results [43] Other Important Information - The company successfully executed two secondary public offerings of Century shares, generating over $470 million in net proceeds, which were used to repay debt [10][34] - The company has no plans to issue new equity in 2025 following the Century sell-downs [13][36] Q&A Session Summary Question: Can you provide more granularity on the Great Basin expansion? - Management confirmed that the increase in the project cost range is purely volume-driven due to additional shippers requesting incremental capacity [46][47] Question: How should we think about the return profile of the Great Basin investment? - Management indicated that the return profile would be based on the FERC authorized rate of return and that AFUDC would apply to the project [48][51] Question: Will you consider delaying a traditional rate case filing in Nevada to help accelerate formula rates? - Management stated that they do not see an advantage in delaying the next rate case, as both processes can work complementarily [52][53] Question: How long do you think the Nevada Commission will take to sort out the SB 417 process? - Management anticipates that the rulemaking process could be completed within the next twelve months [58][60] Question: What are your thoughts on the cadence and duration of the Arizona rate case? - Management is evaluating whether to accelerate the timing of the next Arizona rate case, considering the preference for formula rates expressed by the commission [61][62] Question: Can we infer that you feel comfortable with the level of agreements signed for the Great Basin project if you make the CPCN filing? - Management confirmed that the CPCN filing would indicate confidence in the agreements signed to date [69][73]

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $32 million or $0.53 per diluted share, compared to $27.2 million or $0.48 in the same period last year, reflecting a year-over-year increase [4][7] - The company raised its full-year 2025 financial guidance, now expecting net income between $261 million and $267 million and earnings per diluted share between $4.32 and $4.42, both 2.5% above the respective midpoints of the initial guidance ranges [5][6] Business Line Data and Key Metrics Changes - Revenues for the second quarter increased by approximately $21.1 million from new rates and $1.5 million from continued customer growth [7] - Operating and maintenance expenses increased by 7.5% year-over-year, primarily due to higher labor-related expenses [7] Market Data and Key Metrics Changes - The Oklahoma Corporation Commission approved a $41.1 million revenue increase effective June, and Texas Gas Service filed a rate case requesting a $41.1 million increase [12][13] - The company installed nearly 11,400 new meters in the first half of the year, with a year-over-year increase of over 9% in new customer additions [16] Company Strategy and Development Direction - The company is focused on disciplined execution and long-term growth, with significant capital investments in system safety and reliability [18] - The Austin system reinforcement project is the largest capital investment since the company's separation from OneOak in 2014, aimed at expanding system capacity to support growing demand [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and the positive impact of Texas House Bill 4,384, which supports the recovery of system investments [5][25] - The company remains committed to balancing system needs with customer impact, emphasizing affordability in planning and implementation of rate mechanisms [12][14] Other Important Information - The company completed $190 million in capital projects during the second quarter, consistent with the same period last year [15] - The Board of Directors declared a dividend of $0.67 per share, unchanged from the previous quarter [10] Q&A Session Summary Question: Impact of House Bill 4,384 on financials - Management explained that House Bill 4,384 extends deferrals and accruals to all capital expenditures in Texas, potentially adding $4 million to $5 million of annual pretax earnings [24][25] Question: Long-term growth rate considerations - Management confirmed that the updated midpoint of guidance for 2025 will be used as the base for the new five-year range, consistent with past practices [35] Question: Texas capital plans and growth - Management stated that there will be no significant changes to capital plans due to the favorable bill enactment, but growth in Texas jurisdictions is expected to continue [38][39] Question: Texas rate case and consolidation benefits - Management noted that the consolidation of service areas will lead to efficiency and lower administrative costs, benefiting customers [46] Question: Opportunities in power load growth and data centers - Management highlighted significant inbound inquiries for data center and advanced manufacturing projects, emphasizing a strategic approach to enhance system resiliency [48][49] Question: Timeline for potential projects - Management indicated that some projects could manifest in the near term, while others may take longer depending on the required infrastructure [56]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $0.38 for Q2 2025, up from $0.33 in Q2 2024, reflecting a year-over-year growth of approximately 15% [15][16] - Year-to-date EPS increased to $2.24 from $2.19 compared to the same period last year, driven by successful regulatory strategies and favorable weather conditions [17][18] - The company reaffirmed its full-year earnings guidance range of $4 to $4.2 per share, indicating a 5% growth rate at the midpoint over 2024 EPS [11][21] Business Line Data and Key Metrics Changes - New margins contributed $0.22 per share, including $0.17 from new rates and rider recovery, which offset higher operating expenses and financing costs [16] - The company experienced a positive weather impact of $0.03 per share compared to Q2 2024, although weather drove $0.04 per share of unfavorability during Q2 2025 [16][17] Market Data and Key Metrics Changes - Wyoming Electric recorded four all-time peak loads in the first half of the year, with the latest peak of 379 megawatts representing a 21% increase over 2024 [9] - The company is witnessing growing demand from data center and blockchain customers, contributing solid earnings growth [9][12] Company Strategy and Development Direction - The company is focused on a $1 billion capital plan to support key projects and regulatory initiatives, aiming for top quartile reliability and above-industry-average safety performance [6][8] - The long-term growth strategy includes a $4.7 billion capital plan, with significant investments in infrastructure to enhance system resiliency and support growing demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the upper half of the long-term EPS growth target of 4% to 6% starting in 2026, driven by new rates, customer growth, and data center demand [21][53] - The company is actively engaging with potential data center customers, indicating a robust pipeline of demand that will drive future growth [14][21] Other Important Information - The company has established an emergency public safety power shutoff program to mitigate wildfire risks, reflecting a commitment to customer safety [10][30] - The company maintains a strong balance sheet with a focus on credit quality, targeting a funds from operations (FFO) to debt ratio of 14% to 15% [18][19] Q&A Session Summary Question: What is the outlook for industrial growth, particularly in digital sectors? - Management noted that while significant growth was observed, it is not expected to be strictly linear, with varying ramp rates depending on the type of data center and blockchain load [35][38] Question: Are the new announcements for Wyoming part of the existing pipeline? - Management confirmed that the new announcements are incremental to the existing pipeline and will be included in future load forecasts once agreements are executed [39][40] Question: What is driving the confidence in achieving the upper half of the growth range? - Management highlighted several drivers, including significant capital projects, ongoing customer growth, and the ramp-up of data center loads, which are expected to contribute positively [49][53] Question: Can you provide details on the unplanned outages and their impact? - Management stated that all generation is currently online and operational, and while there were some impacts from outages, they have been mitigated, resulting in an immaterial financial impact [54][56][58]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $0.38 for Q2 2025, up from $0.33 in Q2 2024, reflecting a year-over-year growth of approximately 15% [14] - Year-to-date EPS increased to $2.24 from $2.19 compared to the same period last year, driven by successful execution of regulatory strategies [16] - The company reaffirmed its full-year earnings guidance range of $4 to $4.2 per share, indicating a 5% growth rate at the midpoint over 2024 EPS [10][20] Business Line Data and Key Metrics Changes - New margins contributed $0.22 per share, including $0.17 from new rates and rider recovery, which offset higher operating expenses and financing costs [15] - The company experienced a positive weather impact of $0.03 per share compared to Q2 2024, although weather drove $0.04 per share of unfavorability during Q2 2025 [15] Market Data and Key Metrics Changes - Wyoming Electric recorded four distinct all-time peak loads during the first half of the year, with the latest peak of 379 megawatts in June representing a 21% increase over the peak recorded in 2024 [7] - The company noted strong customer growth driven by demand from data centers and blockchain customers, contributing solid earnings [6] Company Strategy and Development Direction - The company is focused on delivering financial commitments, executing regulatory and growth initiatives, and providing excellent operational performance [5] - A $1 billion capital plan is in place to support key projects that address the growing needs of customers [5] - The company is on track to achieve its long-term EPS growth target of 4% to 6% starting in 2026, supported by a $4.7 billion capital plan [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the upper half of the long-term EPS growth target, driven by new rates, regulatory efforts, and customer growth [20] - The company is actively engaging with potential data center customers, indicating a robust pipeline of demand that will further drive revenue growth [13] Other Important Information - The company has established an emergency public safety power shutoff program to mitigate wildfire risk across its electric utilities [8][30] - The company maintains a strong balance sheet with a focus on sustaining credit quality and liquidity, with over $600 million available under its revolving credit facility [18] Q&A Session Summary Question: Industrial growth for the quarter was 19%. What is the outlook for digital growth? - Management indicated that while significant growth is expected from data centers and blockchain, it may not be strictly linear due to varying ramp rates [35][38] Question: Was the new announcement for Wyoming part of the existing pipeline? - Management confirmed that the new announcement is incremental to the existing pipeline and will be included in future load forecasts once agreements are executed [39][40] Question: What is driving the expectation for upper half growth in the 4% to 6% range? - Management highlighted several drivers, including capital projects, regulatory efforts, and customer growth, particularly from data centers [55] Question: Can you provide details on unplanned outages and their impact? - Management confirmed that all generation is currently online and operational, and the financial impact of unplanned outages is considered immaterial [58][60]

Financial Data and Key Metrics Changes - The company reported record net income for the first quarter of 2025, with a trailing twelve-month return on equity (ROE) of 8.2% [9][10] - The net income guidance for the full year is reaffirmed at $265 million to $275 million [35] - Operating margin increased by $38.9 million, driven by $27 million of combined rate relief and customer growth [27][30] Business Line Data and Key Metrics Changes - The utility segment benefited from rate relief in Nevada and Arizona, contributing to higher net income [25] - Approximately 40,000 new meter sets were added over the past twelve months, indicating strong customer growth [27][22] - Century's results improved due to higher volumes under master services agreements and lower interest expenses, although offshore wind project revenues decreased [26] Market Data and Key Metrics Changes - Economic activity and demand for natural gas service remain strong, particularly in Arizona and Nevada, with significant growth in sectors like advanced manufacturing and data centers [21][22] - The Arizona Commission opened a docket to address resource adequacy of natural gas infrastructure due to increased demand [22] Company Strategy and Development Direction - The company is focused on becoming a premier fully regulated natural gas utility and is committed to separating Century to enhance shareholder value [10][11] - A capital investment plan of approximately $4.3 billion over the next five years is expected to support safety, reliability, and economic development [24] - The company aims to maintain a flat O&M cost per customer trend while achieving net income growth through regulatory strategies [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory strategy and the positive outcomes from recent rate cases in Arizona and Great Basin [10][18] - The company anticipates continued robust capital spending driven by safety, reliability, and economic activity in service territories [9][35] - Management noted that the successful execution of separation options for Century is contingent on favorable market conditions [12] Other Important Information - The company has over $400 million in cash on hand and more than $1 billion in liquidity, providing flexibility for capital investments [13] - The balance sheet remains strong, with a commitment to maintaining an investment-grade profile [33][34] Q&A Session Summary Question: What is the current status of your plans to exit Century? - Management reiterated their commitment to the separation of Century and mentioned the ability to file an S-three to facilitate market execution [42] Question: What are the financial implications of the SIM if the settlement is approved? - Management indicated that clarity on timing and projects would come once the SIM is approved, which represents about 40% of non-revenue producing infrastructure investment [43] Question: Has there been any change to Southwest Gas' internal controls or accounting processes? - Management confirmed that there have been no changes in internal controls related to the recent accounting issue that caused a delay in the earnings call [46] Question: Can you speak to the incremental CapEx investment opportunities from the influx of data centers? - Management stated that current guidance does not include material changes due to new demand but will monitor and adjust as necessary [49] Question: Is the Great Basin open season binding? - Management confirmed that the open season is binding and will provide better indications of future CapEx changes once it closes [53]

Financial Data and Key Metrics Changes - The company reported record net income for the first quarter of 2025, with a trailing twelve-month return on equity (ROE) of 8.2% [9][10] - Net income for the utility Southwest Gas increased by over $7 million or 5.2% compared to the first quarter of the previous year [30] - The utility operating margin increased by $38.9 million, driven by $27 million of combined rate relief across jurisdictions and customer growth [27] Business Line Data and Key Metrics Changes - Century's results benefited from higher volumes under master services agreements and storm-related activity, although there was a reduction in offshore wind project revenues compared to the prior year [26] - The utility saw approximately 40,000 new meter sets added over the past twelve months, contributing to customer growth [27][22] Market Data and Key Metrics Changes - Economic activity and demand for natural gas service remain strong, particularly in Arizona and Nevada, with significant growth in sectors such as advanced manufacturing and data centers [21][22] - Population growth projections for Arizona and Nevada are expected to outpace the national average over the next five years, driving demand for new gas service [23] Company Strategy and Development Direction - The company is focused on becoming a premier fully regulated natural gas utility and is committed to separating Century in a manner beneficial to stockholders [10][11] - The company plans to invest approximately $4.3 billion over the next five years to support safety, reliability, and economic development across its service territory [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaffirming the net income guidance range of $265 million to $275 million for 2025, supported by strong regional economic outlook and completed rate cases [35] - The company aims to maintain a flat O&M cost per customer trend while navigating regulatory cycles that may impact net income growth [35] Other Important Information - The company has over $400 million in cash on hand and more than $1 billion in liquidity, providing flexibility for capital investments [13] - The company is pursuing a binding open season for potential system expansion in Great Basin, which will help gauge interest from existing and potential new shippers [16] Q&A Session Summary Question: What is the current status of your plans to exit Century? - Management reiterated their commitment to the separation of Century and mentioned the ability to file an S-three to facilitate market execution [42] Question: What are the financial implications of the SIM if the settlement is approved? - Management indicated that clarity on timing and projects would come once the SIM is approved, which represents about 40% of non-revenue producing infrastructure investment [43] Question: Has there been any change to Southwest Gas' internal controls or accounting processes? - Management confirmed that there have been no changes in internal controls related to the recent accounting issue that caused a delay in the earnings call [47] Question: Can you speak to the incremental CapEx investment opportunities from the influx of data centers? - Management stated that current guidance has not changed significantly due to the new demand, but they will monitor and adjust as necessary [50] Question: Is the Great Basin open season binding, and what CapEx is associated with it? - Management confirmed that the open season is binding and will provide better indications of future CapEx changes once it closes [54]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q1 2025 was $2.22, a 6% increase from Q1 2024 [7] - Adjusted gross margin for Q1 2025 was approximately $182 million, up 11% from Q1 2024 [22] - Adjusted net income for Q1 2025 was approximately $51 million, a 9% increase from the previous year [22] Business Line Data and Key Metrics Changes - Regulated segment adjusted gross margin was approximately $128 million, an 8% increase from the previous year [25] - Unregulated energy segment adjusted gross margin increased by 18% to approximately $54 million in Q1 2025 [26] - The Marlin Gas Services business contributed $3.6 million of additional gross margin in Q1 2025 [26] Market Data and Key Metrics Changes - Delmarva customer growth was up nearly 4% and Florida customer growth increased by 3% compared to the same period last year [8] - Increased demand for natural gas was noted across service areas, driven by population growth and new residential communities [8] Company Strategy and Development Direction - The company focuses on three pillars for growth: capital deployment for customer demand, proactive regulatory management, and continuous business transformation [9] - A five-year capital investment plan of $1.5 billion to $1.8 billion has been initiated, with $356 million invested in 2024 and $113 million in Q1 2025 [15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving the full year 2025 adjusted EPS guidance of $6.15 to $6.35 despite the delay in the WRU project [30] - The company is monitoring macroeconomic impacts but has not seen significant adverse effects on its operations [72] Other Important Information - The company received a $20 million increase in capital investment for the WRU project, raising total expected costs to approximately $100 million [14] - An $8 increase in the annualized dividend was approved, reflecting a 7% growth [29] Q&A Session Summary Question: Any updates on natural gas infrastructure for the space industry in Florida? - Management reported no substantive updates but mentioned ongoing interest and a $6.5 million grant for infrastructure expansion in Virginia [37][38] Question: Thoughts on tariffs and their impact on the business? - Management indicated minimal issues related to tariffs but acknowledged some cost increases for specific projects due to market uncertainty [43][45] Question: How will the company manage the margin loss from the WRU project delay? - Management expressed confidence in managing the margin loss through operational capabilities and ongoing projects [48][50] Question: Concerns regarding foreign tourism or housing starts affecting business? - Management noted no significant impacts on tourism and a strong backlog of contracted housing starts, although multifamily markets in Florida face challenges [52][53] Question: Will the company revert to a normal seasonality pattern in 2027? - Management believes that seasonality will return to a more typical pattern, influenced by regulatory activity and capital projects [54]