Improved Utility ROE, Strong Centuri Revenue,
Net Income, and Adjusted EBITDA
Previously Announced Plan to Separate Centuri
Remains On Track
Initiated 2024 Utility Earnings and Capital
Expenditures Guidance and 2024-2026 Utility Adjusted Net Income
CAGR and Rate Base CAGR Guidance
LAS
VEGAS, Feb. 28, 2024 /PRNewswire/ -- Southwest
Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or "Company") today
reported fourth quarter 2023 consolidated net income of
$72.9 million, or $1.01 per diluted share, and adjusted
consolidated net income of $81.2
million, or $1.13 per diluted
share. For the full-year ended December 31,
2023, consolidated net income was $150.9 million, or $2.13 per diluted share, and adjusted
consolidated net income was $238.4
million, or $3.36 per diluted
share. These results compared to a consolidated net loss of
$(280.6) million, or $(4.18) per diluted share, and adjusted
consolidated earnings of $78.0
million, or $1.16 per diluted
share for the fourth quarter of 2022, and a consolidated net loss
of $(203.3) million, or $(3.10)
per diluted share, and adjusted consolidated net income
of $196.6 million, or $3.00 per
diluted share, for the full year ended December 31, 2022.
"I am pleased with the progress our team made throughout the
past year to implement our strategic priorities and advance our
transformation into a pure-play natural gas leader," said
Karen Haller, Chief Executive
Officer at Southwest Gas Holdings. "Continued strong customer
growth, successful execution of our regulatory strategy, returns
associated with elevated regulatory account balances, and higher
COLI, all combined to improve results at Southwest Gas Corporation
in 2023. We saw a 220 basis point step-up in utility ROE from 2022
levels and our adjusted net income results were $24 million above the $225
million high end of our expected range. The planned
completion of our Nevada general
rate case this Spring and our recent general rate case filing in
Arizona provide the opportunity to
start recovering the significant investments we have made to serve
our customers.
"Centuri Group, Inc. ("Centuri") saw strong adjusted EBITDA, a
24% increase over 2022. With the successful onboarding of
Bill Fehrman as President and CEO,
progress toward the previously announced plan to separate Centuri
into an independent utility infrastructure services company remains
on track as we seek to unlock value for Southwest Gas
shareholders," Haller added.
2023 Southwest Gas Holdings Operational and Financial
Highlights
- In February 2023, completed the
MountainWest sale and paid down the remaining balance of the term
loan used to initially fund the MountainWest acquisition;
- In March 2023, issued 4.1 million
shares of Southwest Gas common stock for net proceeds of
$238.4 million;
- Application for Centuri separation approved by the Arizona
Corporation Commission; and
- Confidentially submitted a draft Registration Statement on Form
S-1 with the U.S. Securities and Exchange Commission (the "SEC")
with respect to the planned initial public offering of Centuri
Holdings.
SOUTHWEST GAS
HOLDINGS, INC.
SUMMARY OPERATING
RESULTS
(In thousands, except
per share items)
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Results of
Consolidated Operations
|
|
|
|
|
|
|
|
Contribution to net
income (loss) - natural gas distribution
|
$
91,661
|
|
$
67,050
|
|
$
242,226
|
|
$
154,380
|
Contribution to net
income (loss) - utility infrastructure services
|
(5,250)
|
|
6,465
|
|
19,652
|
|
2,065
|
Contribution to net
income (loss) - pipeline and storage
|
—
|
|
(328,059)
|
|
(16,288)
|
|
(283,733)
|
Corporate and
administrative loss
|
(13,542)
|
|
(26,040)
|
|
(94,701)
|
|
(76,002)
|
Net income
(loss)
|
$
72,869
|
|
$
(280,584)
|
|
$
150,889
|
|
$
(203,290)
|
Adjusted net
income(1)
|
$
81,191
|
|
$
77,986
|
|
$
238,421
|
|
$
196,600
|
Diluted earnings (loss)
per share*
|
$
1.01
|
|
$
(4.18)
|
|
$
2.13
|
|
$
(3.10)
|
Diluted adjusted
earnings per share
|
$
1.13
|
|
$
1.16
|
|
$
3.36
|
|
$
3.00
|
Weighted average
diluted shares
|
71,916
|
|
67,200
|
|
70,990
|
|
65,558
|
|
|
|
|
|
|
|
|
(1) For a reconciliation of
non-GAAP financial measure of Adjusted net income and their
comparable GAAP measure of Net income (loss), see the table later
in this press release.
|
*In periods in which
losses occur, diluted and basic loss per share are the
same.
|
Business Segment Highlights
Key operational and financial highlights for Southwest /
natural gas distribution segment include:
- Delivered utility return on year end equity of 8.2%;
- More than 40,000 new meter sets (1.8% growth rate) added during
the 12 months ended December 31,
2023;
- Operating margin increased $107
million, or 9%, between 2023 and 2022;
- Approval of Arizona rate case
authorizing the recovery of investments made for the benefit of
customers resulting in an increase in annualized revenues of
$54 million, effective February 1, 2023;
- Received approval to implement an increase in the Gas Cost
Balancing Account rate to facilitate timely recovery of
~$358 million in Arizona purchased gas costs incurred for the
benefit of customers effective August 1,
2023;
- Three rate cases: $70 million
general rate case in Nevada in
September 2023; $126 million general rate case in Arizona in February
2024; and an approximately $16
million general rate case for Great Basin expected by the
first week of March;
- $750 million capital investment
(including non-cash adjustments) during 2023, a ~6% increase from
2022;
- For the fourth consecutive year, Southwest Gas Corporation
ranked #1 in Customer Satisfaction among Business and Large
Residential Gas Utilities in the West by J.D. Power1;
and
- Company-owned Life Insurance ("COLI") policy cash surrender
value increased $10.1 million (or
$0.14 per diluted share) in 2023,
compared to a decline of $5.4 million
(or $(0.08) per diluted share) in
2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Southwest
received the highest score in the West Region of the J.D. Power
2020 - 2023 U.S. Gas Utility Business Customer Satisfaction Studies
and the West Large segment (serving 400,000 or more residential
customers) of the J.D. Power 2020 - 2023 U.S. Gas Utility
Residential Customer Satisfaction Studies of customers'
satisfaction nationally among gas business and residential
customers. Visit jdpower.com/awards for more details.
|
Key operational and financial highlights for Centuri /
utility infrastructure services segment include:
- Revenues of $2.9 billion in 2023,
an increase of $139 million, or 5%,
compared to 2022;
- ~$55 million, or 24%,
year-over-year increase in full-year adjusted EBITDA to
$283 million;
- $86 million storm restoration
services revenues in 2023, an increase of $17 million over 2022;
- $215 million of revenues from
sustainable wind energy projects in 2023 including the first U.S.
commercial-scale offshore project to deliver generated electricity
to the grid; and
- Executed a multi-year contract extension of a master services
agreement with an existing gas utility customer in Ontario, Canada with anticipated revenues of
~$1 billion over the contract
term.
Southwest / Natural Gas Distribution - Fourth Quarter
2023
The natural gas distribution segment recorded net income of
$91.7 million and adjusted net income
of $95.2 million in the fourth
quarter of 2023, compared to net income of $67.1 million (with no adjustments reported) in
the fourth quarter of 2022. This was driven primarily by increases
in operating margin and higher other income, partially offset by
higher depreciation and amortization expenses, higher interest
expense, and higher operations and maintenance expense.
Key drivers of fourth quarter 2023 performance as compared to
fourth quarter 2022 include:
- Increased operating margin by $26
million compared to fourth quarter 2022, including the
impacts of ~$4 million related to
customer growth and ~$14 million
primarily related to new general rates in Arizona (effective February 2023) to recover costs and investments
made on behalf of customers through August of 2022, and to a lesser
extent, the California attrition
increase; the remainder of margin improvement relates primarily to
revenue associated with other regulatory mechanisms for which the
effects are mitigated by a comparable increase in amortization
expense between the periods;
- An $11 million increase in
Operations and maintenance expense primarily related to
professional services for the utility optimization opportunity
identification, benchmarking, and assessment initiative
($5 million), labor and labor-related
benefit costs ($4 million), and leak
survey and line locating activities ($1
million);
- Depreciation and amortization increased $6 million due to a higher level of gas plant in
service, as well as higher regulatory account amortization
($2.4 million);
- Other income increased $25
million, $9 million of which
is related to a prior year reserve for a non-recoverable software
project that did not recur, a $5
million decrease in the non-service-related components of
employee pension and other postretirement benefit costs, a
$5 million higher increase in
interest income related to carrying charges associated with
regulatory account balances, including the Purchased Gas Adjustment
mechanisms, $2 million in the
allowance for equity funds used during construction, and a
$2 million increase in COLI
results;
- Interest expense increased $7
million compared to the fourth quarter of 2022, due to the
issuance of $300 million of Senior
Notes in December 2022 and
$300 million of Senior Notes issued
in March 2023; and
- Adjustments to recorded fourth quarter 2023 earnings included
~$4 million of collective after-tax
consulting fees related to the utility optimization initiative,
while the recorded fourth quarter 2022 earnings did not include any
such adjustments.
Southwest / Natural Gas Distribution - Full Year 2023
The natural gas distribution segment recorded net income of
$242.2 million and adjusted net
income of $248.6 million in 2023,
compared to net income of $154.4 million (with no adjustments
reported) in 2022. This increase was driven primarily by increases
in operating margin, higher other income and higher COLI results,
partially offset by higher depreciation and amortization expenses,
operations and maintenance expense, and interest expense.
Key drivers of 2023 performance as compared to 2022 include:
- Increased operating margin by $107
million compared to 2022, including the impacts of
~$14 million related to customer
growth and ~$56 million primarily
related to new general rates in Arizona effective February 2023 to recover costs and investments
incurred for customers through November
2023, including certain adjustments through November 2024, as well as benefits of rate relief
in Nevada through the first
quarter of 2023 and the annual California attrition increase; the remainder
of margin improvement relates to $19
million of revenue associated with other regulatory
mechanisms for which the effects are mitigated by a comparable
increase in amortization expense between the periods; an
$8 million out-of-period adjusting
entry that was made in the first quarter of 2023, which reduced net
cost of gas sold; and margin associated with customers outside the
decoupling mechanisms;
- A $20 million, or 4%, increase in
O&M primarily related to increases throughout the business,
including in external and professional services ($10 million, the majority of which relates to
utility optimization consulting fees), direct labor ($8 million), leak survey and line locating
activities ($4 million), higher
incentive compensation expense ($4
million) and costs for fuel used in operations ($3 million). These were partially offset by lower
employee benefit costs between periods (approximately $5 million reflected in O&M expense),
primarily due to the lower service-related component of
postretirement benefit costs offset by increases in employee
medical and other costs; and legal/claim-related costs
($7 million);
- Depreciation and amortization increased $32 million, or 12%, between years, including
from a $583 million, or 6%, increase
in average gas plant in service compared to 2022, and a
$19 million increase in regulatory
account amortization as discussed in operating margin above. The
increase in gas plant was attributable to pipeline capacity
reinforcement work, franchise requirements, scheduled pipe
replacement activities, and new infrastructure;
- Other income increased $78
million reflecting $35 million
higher interest income, related to carrying charges associated with
the elevated deferred purchased gas cost balance and interest on
other regulatory account balances, with another nearly $2 million associated with the equity portion of
the allowance for funds used during construction. Additionally,
non-service-related components of employee pension and other
postretirement benefit costs decreased $21
million between years, thereby positively impacting results
between periods; and a non-recurring $9
million reserve for a software project deemed
non-recoverable from utility operations that was recorded in the
prior year. Southwest also recognized a $16
million increase in COLI results between years;
- Interest expense increased $34
million compared to 2022, primarily due to interest
associated with $300 million of
Senior Notes issued in December 2022,
and $300 million of Senior Notes
issued in March 2023, and in part to
$600 million of Senior Notes issued
in March 2022, as well as a
$450 million term loan, entered into
in January 2023 to support higher
natural gas supply costs, which was repaid in April 2023. These increases were offset by the
March 2023 repayment of the remaining
$225 million balance associated with
the March 2021 Term Loan. Other
impacts include increased interest associated with a higher amount
of short-term debt and higher rates on variable-debt overall;
and
- Adjustments to full year 2023 recorded earnings included
$6 million of collective after-tax
consulting fees related to optimization opportunity identification,
benchmarking, and assessment, while the recorded full year 2022
earnings did not include any such adjustments.
Southwest / Natural Gas Distribution Segment Guidance and
Outlook:
The Company has initiated the following forward-looking guidance
for Southwest:
- 2024 net income guidance of $228
- $238 million (assumes $3 - $5 million of
COLI earnings);
- 2024 capital expenditures in support of customer growth, system
improvements, and pipe replacement programs of approximately
$830 million;
- 2024 - 2026 adjusted net income compound annual growth rate of
10.0% - 12.0%;
- 2024 - 2026 capital expenditures of approximately $2.4 billion; and
- 2024 - 2026 utility rate base compound annual growth rate of
6.5% - 7.5%.
Centuri / Utility Infrastructure Services - Fourth Quarter
2023
The utility infrastructure services segment had a net loss of
$(5.3) million and adjusted net loss of $(4.1) million in
the fourth quarter of 2023, compared to net income of $6.5 million and adjusted net income of
$6.7 million in the fourth
quarter of 2022. The fourth quarter of 2022 benefited from
adjustments to revenue as a result of re-negotiations of pricing
within master service agreements ("MSAs") and significant storm
restoration services revenues that did not recur in the fourth
quarter of 2023. Only $3
million, or 3%, of the $86
million storm restoration services occurred during the
fourth quarter of 2023, whereas 48% of the full-year 2022 amount
occurred during the fourth quarter of 2022. Revenues derived from
storm-related services vary from period to period due to the
unpredictable nature of weather-related events, and when this type
of work is performed, it typically generates a higher profit margin
than core infrastructure services.
Key drivers of Centuri's fourth quarter 2023 performance as
compared to fourth quarter 2022 include:
- $107 million, or 13.8%, decrease
in revenues, including a $46 million
decrease in electric infrastructure services revenue, which
primarily consisted of a $30 million
decrease in storm restoration services revenue during the fourth
quarter of 2023 when compared to the fourth quarter 2022, as the
company was engaged to respond to the effects of hurricane Ian in
the Southeast U.S. during the fourth quarter of 2022. Similar
levels of storm restoration services were not required in the
fourth quarter of 2023. The remaining decrease in electric
infrastructure services revenue, as well as a $58 million decrease in gas infrastructure
services revenue was mostly due to a net reduction in volumes under
certain existing customer agreements due to budgetary constraints
that did not exist in the prior year as well as changes in mix of
electric infrastructure services work;
- ~$9 million decrease across
infrastructure customers related to the timing of revenue recorded
in the fourth quarter of 2022 as a result of re-negotiations of
pricing within MSAs that were completed during the fourth quarter
of 2022. No such timing items resulting from MSA re-negotiations
occurred during the fourth quarter of 2023; the remaining decrease
in revenues was driven primarily by a net reduction in volume of
work under certain MSAs with existing customers due to customer
budgetary constraints that did not exist in the prior year's fourth
quarter;
- $87 million, or 12.5%, decrease
in utility infrastructure services expenses, primarily as a result
of decreased costs to complete a lower volume of work;
- Interest expense increased $3
million compared to the fourth quarter of 2022, reflective
of higher short-term interest rates; and
- Adjustments to recorded fourth quarter 2023 earnings included
$1 million of collective after-tax
strategic review and Centuri separation costs, while the recorded
fourth quarter 2022 earnings included a negligible amount of such
costs.
Centuri / Utility Infrastructure Services - Full
Year 2023
The utility infrastructure services segment had net income of
$19.7 million and adjusted net income
of $22.2 million in 2023,
compared to net income of $2.1
million and adjusted net income of $3.5 million in 2022. Revenues increased
$138.9 million compared to 2022, and
operating income improved by 80%, reflecting, in addition to an
increased volume of work, the effects of Centuri's effort to
renegotiate MSAs across its customer base to capture in revenues
the impacts of cost inflation that had compressed margins in 2022.
In addition, cost management efforts and a favorable change in the
mix of work in 2023 improved margins when compared to 2022.
Key drivers of Centuri's 2023 performance as compared to 2022
include:
- $139 million, or 5%, increase in
revenues, driven primarily by a $212
million increase in electric infrastructure services
revenue, which included a $120
million increase in offshore wind revenue. Offshore wind
revenue stems from several multi-year contracts whereby Centuri
provides materials, subcontracts manufacturing, and self performs
fabrication and assembly of secondary steel components onshore,
with delivery at a port facility. Also, a $17 million increase of emergency restoration
services following tornado and other storm damage to customers'
above-ground utility infrastructure in and around the Gulf Coast
and eastern regions of the U.S., particularly during the first half
of 2023. Centuri's revenues derived from storm-related services
vary from period to period due to the unpredictable nature of
weather-related events, and when this type of work is performed, it
typically generates a higher profit margin than core infrastructure
services, due to improved operating efficiencies related to
equipment utilization and absorption of fixed costs. The remaining
increase in electric infrastructure services revenue was due to
higher volumes under certain existing customer MSAs. Partially
offsetting these increases was an $82
million decrease in gas infrastructure services revenue
driven primarily by lower volume under MSAs with certain existing
customers, mostly in Canada,
partly offset by increased revenue from bid work with a U.S.
customer. Other revenues increased $9
million, primarily due to completion of a large industrial
bid project during the year;
- $88 million, or 3.5%, increase in
infrastructure services expenses, primarily as a result of
increased costs to complete a higher volume of work. Subcontractor
costs increased during 2023 compared to the prior year primarily
due to increased revenue related to offshore wind projects. Despite
continued inflationary pressures, margin on work completed in 2023
improved from the prior year due to changes in the mix of work and
lower fuel prices. Also included in total Utility infrastructure
services expenses were general and administrative costs, which
increased approximately $1.3 million
between years due to continued growth in the business. Gains on
sale of equipment (reflected as an offset to Utility infrastructure
services expenses) were approximately $4.5
million and $6.4 million in
2023 and 2022, respectively;
- $55 million increase in adjusted
EBITDA that was the combined result of the higher volume of work
and the successful re-negotiation of pricing within MSAs near the
end of 2022, cost management efforts, and a favorable change in the
mix of work in 2023 improved margins when compared to 2022;
- Improved adjusted EBITDA margin of 9.7% in 2023 compared with
an adjusted EBITDA margin of 8.3% in 2022, with the improvements
related to items described above;
- Depreciation and amortization expense remained largely
consistent as a percentage of revenue between years. Amortization
of intangible assets decreased in 2023 compared to 2022 due to
Riggs Distler's backlog intangible
asset becoming fully amortized in 2022;
- Increased interest expense of $36
million, driven by higher comparative short-term interest
rates; and
- Adjustments to recorded full year 2023 earnings included
~$3 million of collective after-tax
strategic review costs, while the recorded full year 2022 earnings
included ~$1 million of such
costs.
MountainWest / Pipeline and Storage – Fourth Quarter and Full
Year 2023
Operating results for the pipeline and storage segment for 2023
reflect activity from January 1,
2023, through February 13,
2023 (the last full day of ownership by the Company),
including residual goodwill impairment recognized during 2023.
Operating expenses include ~$3
million during the first quarter related to
integration/stand-up costs leading up to the sale date.
Depreciation and amortization was not recorded in 2023 as
MountainWest was classified as held for sale during the holding
period. Income tax expense includes the impact of book versus tax
basis differences related to the sale completed in 2023.
Southwest Gas Holdings - Fourth Quarter and Full Year 2023
and 2022
- Corporate and administrative expenses for the fourth quarter
and year ended 2023 include respective $11
million and $43 million in interest expense related to
borrowings and $4 million and
$11 million in Centuri separation costs, offset by certain tax
benefits while corporate and administrative expenses for the fourth
quarter and year ended 2022 include respective $20 million and $48
million in interest expense related to borrowings and
$6 million and $38 million in proxy contest, shareholders
litigation, strategic review & CEO separation costs; and
- Adjustments to recorded fourth quarter 2023 earnings included
$8 million of collective after-tax
consulting fees related to optimization opportunity identification,
benchmarking, and assessment, as well as strategic review costs
and Centuri separation costs, while adjustments to the
recorded fourth quarter 2022 earnings included respective
$359 million of collective after-tax
proxy contest, stockholder litigation, settlement agreement,
strategic review, and Centuri separation costs, as well as
MountainWest goodwill impairment and integration costs. Adjustments
to recorded full year 2023 earnings include $88 million of collective after-tax consulting
fees related to optimization opportunity identification,
benchmarking, and assessment, as well as strategic review costs and
Centuri separation costs, and MountainWest goodwill impairment and
integration costs, while adjustments to recorded full year 2022
earnings include $400 million of
collective after-tax proxy contest, stockholder litigation,
settlement agreement, strategic review and Centuri separation
costs, and MountainWest goodwill impairment and integration
costs.
Centuri Separation Update
Southwest Gas and its Board of Directors (the "Board") continue
to make progress on their commitment to simplify the Company's
portfolio of businesses. On September
22, 2023, Centuri Holdings confidentially submitted a
draft registration statement on Form S-1 with the SEC. On
December 4, 2023, the Board announced
the Centuri Holdings IPO as the preferred path to advance the
separation of Centuri as an independent utility infrastructure
services company to maximize value for Southwest Gas
stockholders.
In early January 2024,
accomplished utility and energy executive Bill Fehrman officially joined Centuri as its
President and Chief Executive Officer. Mr. Fehrman brings decades
of utility experience, including having most recently served as
President and Chief Executive Officer of Berkshire Hathaway Energy.
With the addition of Mr. Fehrman, Southwest Gas reaffirms the
previously communicated plan to advance the separation of Centuri
as outlined in the December 4, 2023
press release.
Conference Call and Webcast
Southwest Gas will host a conference call on Wednesday, February 28, 2024 at 11:00 a.m. ET to discuss its fourth quarter and
full year 2023 results. The associated press releases and
presentation slides are available at
https://investors.swgasholdings.com.
The call will be webcast live on the Company's website at
www.swgasholdings.com. The telephone dial-in numbers in the U.S.
and Canada are toll free: (844)
481-2868 or international (412) 317-1860. The webcast will be
archived on the Southwest Gas website.
Southwest Gas Holdings currently has two business
segments:
Southwest Gas Corporation is a dynamic energy company committed
to exceeding the expectations of over 2 million customers
throughout Arizona, Nevada, and California by providing safe, reliable,
sustainable, and affordable service while innovating additional
energy solutions to fuel the growth in its communities.
Centuri Group, Inc. is a strategic infrastructure services
company that partners with regulated utilities to build and
maintain the energy network that powers millions of homes and
businesses across the United
States and Canada.
Forward-Looking Statements: This press release
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 Southwest Gas
Holdings, Inc. (the "Company"), Southwest Gas Corporation (the
"Utility" or "Southwest"), Centuri Holdings, Inc. ("Centuri
Holdings") and Centuri Group, Inc. ("Centuri") and their respective
expectations or intentions regarding the future. These
forward-looking statements can often be identified by the use of
words such as "will", "predict", "continue", "forecast", "expect",
"believe", "anticipate", "outlook", "could", "target", "project",
"intend", "plan", "seek", "pursue", "estimate", "should", "may" and
"assume", as well as variations of such words and similar
expressions referring to the future, and include (without
limitation) statements regarding the planned separation of Centuri
and expectations for financial performance in 2024. In addition,
the statements under headings pertaining to "Guidance and Outlook"
that are not historic, constitute forward-looking statements. A
number of important factors affecting the business and financial
results of the Company, Utility, Centuri Holdings, Inc. and Centuri
could cause actual results to differ materially from those stated
in the forward-looking statements. These factors include, but are
not limited to, statements regarding the proposed transaction
structure of a Centuri separation and potential Centuri Holdings
IPO and the ability to preserve the viability of a tax-free
spin-off of Centuri, the timing and impact of executing (or not
executing) such transaction alternatives, the timing and amount of
rate relief, changes in rate design, customer growth rates, the
effects of regulation/deregulation, tax reform and similar changes
and related regulatory decisions, the impacts of construction
activity at Centuri, the potential for, and the impact of, a credit
rating downgrade, the costs to integrate new businesses, future
earnings trends, inflation, sufficiency of labor markets and
similar resources, seasonal patterns, current and future
litigation, and the impacts of stock market volatility. The Company
can provide no assurances that the Centuri Holdings IPO and/or
separation of Centuri will occur on the expected timeline or at
all. For purposes of any forward-looking consolidated financial
information at Southwest Gas, full consolidation of Centuri has
been modeled in this release. In addition, the Company can provide
no assurance that its discussions about future operating margin,
operating income, COLI earnings, interest expense, and capital
expenditures of the natural gas distribution segment will occur.
Likewise, the Company can provide no assurance regarding segment
revenues, EBITDA, EBITDA margin or growth rates, that projects
expected to be undertaken with results as stated will occur, nor
that interest expense patterns will transpire as expected, that
increases in costs will be timely incorporated in contracts and
revenues, that customer materials will be available timely to
efficiently complete projects, or that inefficiencies in the mix of
work will not result, nor can it provide assurance regarding
acquisitions or their impacts, including management's plans or
expectations related thereto. Factors that could cause actual
results to differ also include (without limitation) those discussed
under the heading "Risk Factors", "Management's Discussion and
Analysis of Financial Condition and Results of Operations", and
"Quantitative and Qualitative Disclosure about Market Risk" in
Southwest Gas Holdings, Inc.'s most recent Annual Report on Form
10-K and in the Company's and Southwest Gas Corporation's current
and periodic reports, including our Quarterly Reports on Form 10-Q,
filed from time to time with the SEC. The statements in this press
release are made as of the date of this press release, even if
subsequently made available by the Company on its website or
otherwise. The Company does not assume any obligation to update the
forward-looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments, or otherwise.
Non-GAAP Measures. This earnings release
contains financial measures that have not been calculated in
accordance with accounting principles generally accepted in the
U.S. ("GAAP"). These non-GAAP measures include (i) adjusted
consolidated earnings (loss) per diluted share, (ii) adjusted
consolidated net income, (iii) natural gas distribution segment
adjusted net income (loss), (iv) pipeline and storage segment
adjusted net income (loss), (v) utility infrastructure
services segment adjusted net income (loss), and (vi) adjusted
corporate and administrative net loss. Management uses these
non-GAAP measures internally to evaluate performance and in making
financial and operational decisions. Management believes that its
presentation of these measures provides investors greater
transparency with respect to its results of operations and that
these measures are useful for a period-to-period comparison of
results. Management also believes that providing these non-GAAP
financial measures helps investors evaluate the Company's operating
performance, profitability, and business trends in a way that is
consistent with how management evaluates such performance. Adjusted
consolidated net income (loss) for the twelve- months ended
December 31, 2023 and 2022 includes adjustments to add
back expenses related to the MountainWest acquisition and
integration expenses, stockholder activism and litigation, proxy
contest and settlement, consulting fees related to Utility
optimization opportunity identification, benchmarking, and
assessment, and the strategic review, along with losses on disposal
groups held for sale, including goodwill impairment impacts and
estimated selling costs, other costs associated with the sale, and
costs incurred to facilitate the separation of Centuri. For the
three-months ended December 31, 2023
and 2022, adjusted consolidated net income (loss) includes
adjustments to add back expenses related to consulting fees related
to Utility optimization opportunity identification, benchmarking,
and assessment, and the strategic review and other costs incurred
to facilitate the separation of Centuri. Management believes that
it is appropriate to adjust for expenses related to the
MountainWest acquisition and integration, for losses on held for
sale businesses and for related costs, along with costs to
facilitate a spin-off of Centuri, because they are expenses and
charges that will not recur following these events. Management also
believes it is appropriate to adjust for expenses related to
stockholder activism, proxy contest settlement, and stockholder
litigation, as well as the consulting fees related to Utility
optimization and strategic review, because these matters are unique
and outside of the ordinary course of business for the
Company.
Management also uses the non-GAAP measure operating margin
related to its natural gas distribution operations. Southwest
recognizes operating revenues from the distribution and
transportation of natural gas (and related services) to customers.
Gas cost is a tracked cost, which is passed through to customers
without markup under purchased gas adjustment ("PGA") mechanisms,
impacting revenues and net cost of gas sold on a dollar-for-dollar
basis, thereby having no impact on Southwest's profitability.
Therefore, management routinely uses operating margin, defined by
management as regulated operations revenues less the net cost of
gas sold, in its analysis of Southwest's financial performance.
Operating margin also forms a basis for Southwest's various
regulatory decoupling mechanisms. Management believes supplying
information regarding operating margin provides investors and other
interested parties with useful and relevant information to analyze
Southwest's financial performance in a rate-regulated environment.
(The Southwest Gas Holdings, Inc. Consolidated Earnings Digest
included herein provides reconciliations for these non-GAAP
measures.)
Management also uses the non-GAAP measure EBITDA and Adjusted
EBITDA related to its utility infrastructure services operations.
EBITDA and Adjusted EBITDA, when used in connection with net income
attributable to utility infrastructure services, is intended to
provide useful information to investors and analysts as they
evaluate Centuri's performance. EBITDA is defined as earnings
before interest, taxes, depreciation and amortization, and Adjusted
EBITDA is defined as EBITDA adjusted for certain other items as
described below. These measures should not be considered as an
alternative to net income or other measures of performance that are
derived in accordance with GAAP. Management believes that the
exclusion of certain items from net income attributable to Centuri
provides an effective evaluation of Centuri's operations period
over period and identifies operating trends that might not be
apparent when including the excluded items. As to certain of the
items in the EBITDA and Adjusted EBITDA reconciliation table below,
(i) non-recurring strategic review costs relate to a potential sale
or spin-off of Centuri, and (ii) non-cash share-based compensation
varies from period to period due to amounts granted in a given
year. Because EBITDA and Adjusted EBITDA, as defined, exclude some,
but not all, items that affect net income attributable to Centuri,
such measures may not be comparable to similarly titled measures of
other companies. The most comparable GAAP financial measure, net
income attributable to Centuri, and information reconciling the
GAAP and non-GAAP financial measures, are included in the utility
infrastructure services EBITDA and Adjusted EBITDA reconciliation
chart below.
We do not provide a reconciliation of forward-looking
Non-GAAP Measures to the corresponding forward-looking GAAP measure
due to our inability to project special charges and certain
expenses.
SOUTHWEST GAS
HOLDINGS, INC. CONSOLIDATED EARNINGS DIGEST
(In thousands, except
per share amounts)
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2023
|
|
2022
|
Consolidated Operating
Revenues
|
|
$
1,367,531
|
|
$
1,420,892
|
|
|
|
|
|
Net income (loss)
applicable to Southwest Gas Holdings
|
|
$
72,869
|
|
$
(280,584)
|
|
|
|
|
|
Weighted Average Common
Shares
|
|
71,672
|
|
67,200
|
|
|
|
|
|
Basic Earnings (Loss)
Per Share
|
|
$
1.02
|
|
$
(4.18)
|
|
|
|
|
|
Diluted Earnings (Loss)
Per Share
|
|
$
1.01
|
|
$
(4.18)
|
|
|
|
|
|
Reconciliation of Gross
margin to Operating Margin (non-GAAP measure)
|
|
|
|
|
Utility Gross
Margin
|
|
$
197,950
|
|
$
182,994
|
Plus:
|
|
|
|
|
Operations and
maintenance (excluding Admin & General) expense
|
|
82,944
|
|
78,041
|
Depreciation and
amortization expense
|
|
76,699
|
|
70,609
|
Operating
Margin
|
|
$
357,593
|
|
$
331,644
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
Consolidated Operating
Revenues
|
|
$
5,433,972
|
|
$
4,960,009
|
|
|
|
|
|
Net Income (loss)
applicable to Southwest Gas Holdings
|
|
$
150,889
|
|
$
(203,290)
|
|
|
|
|
|
Weighted Average Common
Shares
|
|
70,787
|
|
65,558
|
|
|
|
|
|
Basic Earnings (Loss)
Per Share
|
|
$
2.13
|
|
$
(3.10)
|
|
|
|
|
|
Diluted Earnings (Loss)
Per Share
|
|
$
2.13
|
|
$
(3.10)
|
|
|
|
|
|
Reconciliation of Gross
margin to Operating Margin (non-GAAP measure)
|
|
|
|
|
Utility Gross
Margin
|
|
$
640,955
|
|
$
574,534
|
Plus:
|
|
|
|
|
Operations and
maintenance (excluding Admin & General) expense
|
|
316,246
|
|
308,276
|
Depreciation and
amortization expense
|
|
295,462
|
|
263,043
|
Operating
Margin
|
|
$
1,252,663
|
|
$
1,145,853
|
Reconciliation of non-GAAP financial measure of Adjusted net
income (loss) and Adjusted diluted earnings (loss) per share and
their comparable GAAP measure of Net income (loss) and Diluted
earnings (loss) per share is presented below. Note that the
comparable GAAP measures related to net income (loss) are also
included in Note 13 - Segment Information in the Company's
December 31, 2023 Form
10-K.
Amounts in
thousands, except per share amounts
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of Net
income (loss) to non-GAAP measure of
Adjusted net income (loss)
|
|
|
|
|
|
|
|
|
Net income applicable
to Natural Gas Distribution (GAAP)
|
|
$
91,661
|
|
$
67,050
|
|
$ 242,226
|
|
$ 154,380
|
Plus:
|
|
|
|
|
|
|
|
|
Consulting fees
related to optimization opportunity
identification, benchmarking, and assessment
|
|
4,717
|
|
—
|
|
8,326
|
|
—
|
Income tax effect of
adjustment above(1)
|
|
(1,132)
|
|
—
|
|
(1,999)
|
|
—
|
Adjusted net income
applicable to Natural Gas Distribution
|
|
$
95,246
|
|
$
67,050
|
|
$ 248,553
|
|
$ 154,380
|
|
|
|
|
|
|
|
|
|
Net income (loss)
applicable to Utility Infrastructure Services
(GAAP)
|
|
$
(5,250)
|
|
$
6,465
|
|
$
19,652
|
|
$
2,065
|
Plus:
|
|
|
|
|
|
|
|
|
Strategic review,
including Centuri spin
|
|
1,588
|
|
243
|
|
3,365
|
|
1,853
|
Income tax effect of
adjustment above(1)
|
|
(397)
|
|
(52)
|
|
(841)
|
|
(454)
|
Adjusted net income
applicable to Utility Infrastructure Services
|
|
$
(4,059)
|
|
$
6,656
|
|
$
22,176
|
|
$
3,464
|
|
|
|
|
|
|
|
|
|
Net loss applicable to
Pipeline and Storage (GAAP)(2)
|
|
$
—
|
|
$
(328,059)
|
|
$ (16,288)
|
|
$
(283,733)
|
Plus:
|
|
|
|
|
|
|
|
|
Goodwill
impairment
|
|
—
|
|
449,606
|
|
21,215
|
|
449,606
|
Income tax effect of
adjustment above(1)
|
|
—
|
|
(105,507)
|
|
6,196
|
|
(105,507)
|
Nonrecurring stand-up
costs associated with integrating
MountainWest
|
|
—
|
|
7,295
|
|
2,565
|
|
26,196
|
Income tax effect of
adjustment above(1)
|
|
—
|
|
(1,751)
|
|
(616)
|
|
(6,288)
|
Adjusted net income
applicable to Pipeline and Storage
|
|
$
—
|
|
$
21,584
|
|
$
13,072
|
|
$
80,274
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss - Corporate
and administrative (GAAP)
|
|
$ (13,542)
|
|
$ (26,040)
|
|
$ (94,701)
|
|
$ (76,002)
|
Plus:
|
|
|
|
|
|
|
|
|
Goodwill impairment
and loss on sale and sale-related
expenses
|
|
11
|
|
5,819
|
|
52,064
|
|
5,819
|
Income tax effect of
adjustment above(1)
|
|
(3)
|
|
(1,397)
|
|
(12,496)
|
|
(1,397)
|
MountainWest stand-up,
integration, and transaction-related
costs
|
|
—
|
|
—
|
|
291
|
|
700
|
Income tax effect of
adjustment above(1)
|
|
—
|
|
—
|
|
(70)
|
|
(168)
|
Proxy contest,
Stockholder litigation, Settlement agreement,
and Strategic review
|
|
—
|
|
5,676
|
|
—
|
|
38,357
|
Income tax effect of
adjustment above(1)
|
|
—
|
|
(1,362)
|
|
—
|
|
(8,827)
|
Consulting fees
related to optimization opportunity
identification, benchmarking, and assessment
|
|
833
|
|
—
|
|
1,470
|
|
—
|
Income tax effect of
adjustment above(1)
|
|
(200)
|
|
—
|
|
(353)
|
|
—
|
Centuri separation
costs
|
|
3,822
|
|
—
|
|
11,073
|
|
—
|
Income tax effect of
adjustment above(1)
|
|
(917)
|
|
—
|
|
(2,658)
|
|
—
|
Adjusted net loss
applicable to Corporate and administrative
|
|
$
(9,996)
|
|
$ (17,304)
|
|
$ (45,380)
|
|
$ (41,518)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
applicable to Southwest Gas Holdings (GAAP)
|
|
$
72,869
|
|
$
(280,584)
|
|
$ 150,889
|
|
$
(203,290)
|
Plus:
|
|
|
|
|
|
|
|
|
Goodwill impairment
and loss on sale and sale-related
expenses
|
|
11
|
|
455,425
|
|
73,279
|
|
455,425
|
MountainWest stand-up,
integration, and transaction-related
costs
|
|
—
|
|
7,295
|
|
2,856
|
|
26,896
|
Consulting fees
related to optimization opportunity
identification, benchmarking, and assessment
|
|
5,550
|
|
—
|
|
9,796
|
|
—
|
Proxy contest,
Stockholder litigation, Settlement agreement,
Strategic review, and Centuri separation
|
|
5,410
|
|
5,919
|
|
14,438
|
|
40,210
|
Income tax effect of
adjustment above(1)
|
|
(2,649)
|
|
(110,069)
|
|
(12,837)
|
|
(122,641)
|
Adjusted net income
applicable to Southwest Gas Holdings
|
|
$
81,191
|
|
$
77,986
|
|
$ 238,421
|
|
$ 196,600
|
|
|
|
|
|
|
|
|
|
Weighted average shares
- diluted
|
|
71,916
|
|
67,200
|
|
70,990
|
|
65,558
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per share
|
|
$
1.01
|
|
$
(4.18)
|
|
$
2.13
|
|
$
(3.10)
|
Adjusted consolidated
earnings per diluted share
|
|
$
1.13
|
|
$
1.16
|
|
$
3.36
|
|
$
3.00
|
|
(1)
Calculated using the Company's blended statutory tax rate of 24%,
except for items pertaining to the Utility Infrastructure Services
segment which was
calculated using a blended statutory tax rate of ~25% and Goodwill
impairment which was calculated using an effective tax rate of
~23%. Certain Settlement
agreement costs are non-deductible for tax purposes. In addition to
a component of the impairment loss that is a permanent item without
tax basis thereby
lowering tax benefit by $11.2 million.
|
(2) The
information for 2023 reflects activity related to the period from
January 1, 2023 to February 13, 2023 (the last full day of
ownership).
|
Reconciliation of non-GAAP financial measures of EBITDA and
Adjusted EBITDA and their comparable GAAP measures of Net income.
Note that the comparable GAAP measures are also included in Note
13 - Segment Information in the Company's December 31, 2023
Form 10-K.
Amounts in
thousands
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of Net
income to non-GAAP measure of EBITDA
|
|
|
|
|
|
|
|
Net income (loss)
applicable to Utility Infrastructure Services
(GAAP)
|
$
(5,250)
|
|
$
6,465
|
|
$
19,652
|
|
$
2,065
|
Plus:
|
|
|
|
|
|
|
|
Net interest
deductions
|
24,444
|
|
21,034
|
|
97,476
|
|
61,371
|
Income tax expense
(benefit)
|
(1,680)
|
|
2,377
|
|
14,736
|
|
5,727
|
Depreciation and
amortization
|
34,464
|
|
39,067
|
|
145,446
|
|
155,353
|
EBITDA applicable to
Utility Infrastructure Services (Non-GAAP)
|
51,978
|
|
68,943
|
|
277,310
|
|
224,516
|
Plus:
|
|
|
|
|
|
|
|
Strategic review
costs, including Centuri spin
|
1,588
|
|
243
|
|
3,365
|
|
1,853
|
Non-cash share-based
compensation expense
|
(298)
|
|
469
|
|
1,851
|
|
1,652
|
Adjusted EBITDA
applicable to Utility Infrastructure Services (Non-GAAP)
|
$
53,268
|
|
$
69,655
|
|
$ 282,526
|
|
$ 228,021
|
SOUTHWEST GAS
HOLDINGS, INC.
SUMMARY UNAUDITED
OPERATING RESULTS
(In thousands, except
per share amounts)
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Results of
Consolidated Operations
|
|
|
|
|
|
|
|
Contribution to net
income (loss) - natural gas distribution
|
$
91,661
|
|
$
67,050
|
|
$ 242,226
|
|
$ 154,380
|
Contribution to net
income (loss) - utility infrastructure services
|
(5,250)
|
|
6,465
|
|
19,652
|
|
2,065
|
Contribution to net
income (loss) - pipeline and storage
|
—
|
|
(328,059)
|
|
(16,288)
|
|
(283,733)
|
Corporate and
administrative loss
|
(13,542)
|
|
(26,040)
|
|
(94,701)
|
|
(76,002)
|
Net income
(loss)
|
$
72,869
|
|
$
(280,584)
|
|
$ 150,889
|
|
$
(203,290)
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$
1.02
|
|
$
(4.18)
|
|
$
2.13
|
|
$
(3.10)
|
Diluted earnings (loss)
per share
|
$
1.01
|
|
$
(4.18)
|
|
$
2.13
|
|
$
(3.10)
|
|
|
|
|
|
|
|
|
Weighted average common
shares
|
71,672
|
|
67,200
|
|
70,787
|
|
65,558
|
Weighted average
diluted shares
|
71,916
|
|
67,200
|
|
70,990
|
|
65,558
|
|
|
|
|
|
|
|
|
Results of Natural
Gas Distribution
|
|
|
|
|
|
|
|
Regulated operations
revenues
|
$ 702,216
|
|
$ 576,644
|
|
$
2,499,564
|
|
$
1,935,069
|
Net cost of gas
sold
|
344,623
|
|
245,000
|
|
1,246,901
|
|
789,216
|
Operating
margin
|
357,593
|
|
331,644
|
|
1,252,663
|
|
1,145,853
|
Operations and
maintenance expense
|
133,457
|
|
122,944
|
|
511,646
|
|
491,928
|
Depreciation and
amortization
|
76,699
|
|
70,609
|
|
295,462
|
|
263,043
|
Taxes other than income
taxes
|
21,770
|
|
20,754
|
|
87,261
|
|
83,197
|
Operating
income
|
125,667
|
|
117,337
|
|
358,294
|
|
307,685
|
Other income
(deductions)
|
18,939
|
|
(6,444)
|
|
70,661
|
|
(6,884)
|
Net interest
deductions
|
38,332
|
|
31,220
|
|
149,830
|
|
115,880
|
Income before income
taxes
|
106,274
|
|
79,673
|
|
279,125
|
|
184,921
|
Income tax
expense
|
14,613
|
|
12,623
|
|
36,899
|
|
30,541
|
Contribution to
consolidated results - natural gas distribution
|
$
91,661
|
|
$
67,050
|
|
$ 242,226
|
|
$ 154,380
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Results of Utility
Infrastructure Services
|
|
|
|
|
|
|
|
Utility infrastructure
services revenues
|
$ 665,315
|
|
$ 771,894
|
|
$
2,899,276
|
|
$
2,760,327
|
Operating
expenses:
|
|
|
|
|
|
|
|
Utility infrastructure
services expenses
|
612,318
|
|
699,758
|
|
2,617,402
|
|
2,529,318
|
Depreciation and
amortization
|
34,464
|
|
39,067
|
|
145,446
|
|
155,353
|
Operating
income
|
18,533
|
|
33,069
|
|
136,428
|
|
75,656
|
Other income
(deductions)
|
(247)
|
|
(144)
|
|
64
|
|
(887)
|
Net interest
deductions
|
24,444
|
|
21,034
|
|
97,476
|
|
61,371
|
Income (loss) before
income taxes
|
(6,158)
|
|
11,891
|
|
39,016
|
|
13,398
|
Income tax expense
(benefit)
|
(1,680)
|
|
2,377
|
|
14,736
|
|
5,727
|
Net income
(loss)
|
(4,478)
|
|
9,514
|
|
24,280
|
|
7,671
|
Net income attributable
to noncontrolling interests
|
772
|
|
3,049
|
|
4,628
|
|
5,606
|
Contribution to
consolidated results attributable to Centuri
|
$
(5,250)
|
|
$
6,465
|
|
$
19,652
|
|
$
2,065
|
FINANCIAL
STATISTICS
|
|
|
|
Market value to book
value per share at quarter end
|
|
137 %
|
Twelve months to date
return on equity
|
-- total
company
|
|
4.7 %
|
|
-- gas
segment
|
|
8.2 %
|
Common stock dividend
yield at quarter end
|
|
3.9 %
|
Customer to employee
ratio at quarter end (gas segment)
|
|
939 to 1
|
GAS DISTRIBUTION
SEGMENT
|
|
Authorized Rate
Base
(In thousands)
|
|
Authorized Rate of
Return
|
|
Authorized Return
on
Common Equity
|
Rate
Jurisdiction
|
|
|
|
Arizona
|
|
$
2,607,568
|
|
6.73 %
|
|
9.30 %
|
Southern
Nevada
|
|
1,535,593
|
|
6.30
|
|
9.40
|
Northern
Nevada
|
|
174,965
|
|
6.56
|
|
9.40
|
Southern
California(1)
|
|
285,691
|
|
8.02
|
|
11.16
|
Northern
California(1)
|
|
92,983
|
|
7.91
|
|
11.16
|
South Lake
Tahoe(1)
|
|
56,818
|
|
7.91
|
|
11.16
|
Great Basin Gas
Transmission Company(2)
|
|
135,460
|
|
8.30
|
|
11.80
|
|
|
|
|
|
|
|
(1) Authorized returns updated
effective January 1, 2024, due to an Automatic Rate of Return
Trigger Mechanism.
|
(2)
Estimated amounts based on 2019/2020 rate case
settlement.
|
SYSTEM THROUGHPUT BY
CUSTOMER CLASS
|
|
Year Ended December
31,
|
(In
dekatherms)
|
|
2023
|
|
2022
|
|
2021
|
Residential
|
|
86,965,340
|
|
81,391,894
|
|
76,810,460
|
Small
commercial
|
|
35,091,975
|
|
33,498,789
|
|
31,050,963
|
Large
commercial
|
|
11,091,489
|
|
10,004,476
|
|
9,490,130
|
Industrial /
Other
|
|
7,759,919
|
|
5,004,721
|
|
5,104,137
|
Transportation
|
|
85,685,447
|
|
92,518,734
|
|
94,955,200
|
Total system
throughput
|
|
226,594,170
|
|
222,418,614
|
|
217,410,890
|
HEATING DEGREE DAY
COMPARISON
|
|
|
|
|
|
|
Actual
|
|
1,954
|
|
1,831
|
|
1,619
|
Ten-year
average
|
|
1,649
|
|
1,641
|
|
1,629
|
|
|
|
|
|
|
|
Heating degree days for
prior periods have been recalculated using the current period
customer mix.
|
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SOURCE Southwest Gas Holdings, Inc.