Evergy (EVRG) 5 May 232023 Q1 Earnings call transcript

Good day and thank you for standing by. Welcome to the Q1 2023 Evergy Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star-one-one on your telephone. advised conference be recorded. is Please Instructions] that call today's being [Operator

ahead. would the Peter for go turn like Flynn, over may I to speaker conference now to your you today.

Welcome Thank to conference you, good Lisa, morning, call. Evergy's quarter XXXX and first earnings everyone.

slides information are and Relations our available financial investors.evergy.com. at supplemental webcast on Investor Our website

materially the our contain a differ list discussion forward-looking Slide our information. results filings Today's from could X and future some also SEC information of factors They will include the that cause disclosures financial include in our on expectations. of measures. to additional non-GAAP

Joining regulatory us progress. Executive during question-and-answer Chief with Vice more cover are legislative trends of our our the financial discuss results, and Other first David quarter Campbell, Andrews, and for Executive us the Chief in and will President management our and first Financial Officer. the members updates retail and the portion available on year. of sales outlook and today's call call. President will are ESG Kirk provide Officer; Kirk will highlights detail and cover David quarter be

I the will to over now call David. turn

impact by everyone. in and and expense. pleased a Slide earnings increase to compared amortization report sales these weather-normalized a and few a ago. Kirk on Thanks, more good share year the offset by growth, winter, driven I'm adjusted of had in detail discuss partially as an I'll lower transmission drivers will The and solid was $X.XX interest in minutes. that expenses, mild X, margin higher and depreciation Evergy a increase we quarter share per O&M Pete, to first delivered morning, of begin earnings $X.XX per

to thank and to safety those time our year, of results restricted commitment 'XX to to and the their for Evergy my testament like achieved report unwavering quarter events away the These fellow improvements days historically to pleased we this entire XXXX, our first trending team. are the relative of work I'd OSHA In favorably recordables that I'm employees through year. and safety. are a best

start our reaffirming EPS solid growth of to annual XXXX as $X.XX guidance share well target the from With X% year, XXXX to we EPS to long-term XXXX. our $X.XX range as target to adjusted X% adjusted the per of are

On ratio our filed $X on Slide XXXX rate Central a April billion equity, of beginning Kansas Slide revenue projected XX, rate premised on and June X on we X. million X, and On I'll update. a application an proposed recently true discuss XX.XX% Kansas filed a return XX% base equity with as $XXX increase, a XX, requesting reviews, the

rate Slide update. million Metro, June the communications had XX return shown XX.XX% these stakeholders requested $X.X in revenue believe ratio our Kansas over requests on few increase, with and settings the a and of in true base on are equity we've and and proposed a As as other we rate straightforward Kansas workshops projected We reflect premised equity on a years. past the XX% million a $XX X, regulators

our the and Across these customers savings recovery ago. of the benefits on modernization as Evergy request reduced combined the include since our passing increase reviews our items cost savings as rate the jurisdictions, achieved XX%. The our return years that XXXX two to grid infrastructure well by principal we've revenue substantial on investments five cost formed since last and in merger Kansas

competitiveness. higher savings our merger regional process. hard that Evergy during pleased to are These are efforts in resulted approval the advancing major significantly projected the than contributor have been that We team of rate the work a cost successfully

XX%. and virtually in cumulative Kansas by on have, average, been peers rates of our flat, Since XXXX, while digits increased over their regional rates the have double end remained inflation our has

schedule stakeholders Kansas customers reminder, over We'll cases and for line months will issued. with provide our achieve the an a coming a an updated to and go our year-end regulators procedural to outcome look a working schedule, by time been on rate constructive communities. when XXXX. new so into eight-month has run effect rates We As forward Kansas

not Moving equity on I'll to Pool. are will April XXXX. projects to transmission regulatory other by into investments. an future to X. that infrastructure the In state on transition the the that priorities. to update on The Slide return projects effective our our matches our XXXX law current signed locally provision for law Kansas, the House in from includes in This applies notifications on construct other and and Governor for established Kelly equity planned bill Power provide subject and to legislative FERC Bill become return specifically Southwest

in the our request Winter XXXX and is delivery We product stakeholders. pellet or support customers of state mechanism, our HB keeps well constructive savings intact. approving rider bill in by Uri transmission dialogue the TDC, record. charge costs Kansas This unchanged and decision from extraordinary securitize Missouri, process. to securitization is fully to Storm supported a the was commission's of legislators other believe regulators, the and In provides of with order

prior As approval appeal be recovered year. resolution anticipate issue a we securitization the reminder, we the financing costs We will the plays will out, incremental complete incurred when but to this carrying later after debt. ultimately

bills sector month. which to progress sales rate on floor. If savings bill And electricity. the these Senate also tracking XXX passed on the may this the we're and out Other into waits signed passed House create energy would debate case. for receive of production Missouri next and currently exemption Bill to of attention customers has relating side, our tax the and Missouri, of will be in Senate law, state legislative a the the local On

reflected in and the are by referred across legislation transmission to focus. to of that in our example, of of For it legislation the region. enhances first oversight refusal laws planning, majority of states consistency right similar continues are be of shorthand an transmission benefits build state operations and in as improve of The area this the effect

may ROFR session year. Missouri However, other and the adjourn we is on as discussion that May scheduled energy-related timing to XX, into legislative next continue of the tight, bills and expect is

a final as X, plan cost Federal to updates mid-June. note on in Kansas include IRP for resource new for changes the Reduction updates Missouri in as estimates Act our track This As both year's significant in remain Slide most by updated will Inflation we carbon-free integrated annual well and on notably assumptions, resources. subsidies generation substantial file

profile I'll element X. and our corporate to strategy environmental, Slide measures. of to Moving governance social related another

recognized efforts ratings significant to enhance continue practices been We and have improvements Evergy. in and disclosures and third-party our ESG reflected our for ESG and

the we've corporate in by made ratings sustainability ESG that provided Slide X by ISS profiles comprehensive the example, and assessment. progress For S&P Global's

and aimed perspective, From reporting Research Institute's Climate risks. identifying a partnership approach Ready water Evergy questionnaires XXXX research as physical first the full global collective CDP security completed year a report. a disclosure climate as Electric initiative Initiative, We've also at well marked climate to joined Power the managing the developing and

optimization Over analysis, this our around to common utilizing support a priorities, strategies. investment and the time, expect grid of we adaptation benefit risk effort framework mitigation cost

impact enterprise provide enhancing integrate best us management identify This into mitigate allow future reliable of to business Finally, the current which our is our power. practice, our risks system. in climate-related to and risks will ability we safe, the and continue and to risk affordable

regional and affordability, XX, affordability digits, by risen of regional we have our service one double of competitiveness advancing objectives. highlights by rates primary reliability and Since XXXX, territories, reduced tenets with the inflation period. Slide I'll conclude which have across rates the On our same sustainability. front, remarks strategy: XX% is over rate our my X.X% time while rose core

efforts our We their of focus. performance technology engagement that these in far generation our in below transmission active grid rate our always we're rate top-tier and will by an service. affordability the through is of reflected economic development. regional and service reliability, with keeping competitiveness enable and developing wins in And lines, electric rate smart and progress customer and of trajectory region area capabilities and be investing and customer meet impact The customer the increasingly of pleased ongoing while our distribution target needs systems by inflation, improving modernization

and Reliability given that is all increasingly generation the operational important nuclear leveraging plant. recognize and of Creek excellence our the delivering challenge in expect Wolf of fleet, aspects and also assets role service daily our that high-performing plays skills more the many so the Reliability and important encompasses and level in central customers at cost of We responsibility comes the team the with life. our electricity capabilities power embrace our demand. we our like that role,

emissions to reducing has NOx underway been With two respectively. advance reduced process sulfur a XX% sustainability, decades. we half, emissions XXXX, our and continue by that by Since we respect and XX%, fleet, nearly the generation of to for while dioxide carbon transition

that carbon-free energy for in came the resources of Additionally, XXXX. nearly half retail customers generated our from we

future, the our better to mission and sustainability. our Our responsible a is with reliability on eye region, always and affordability an vision empower as is as energy well in to transition lead

the to I And now with that, over Kirk. call will turn

Thanks, David, good and morning, everyone.

results Slide to Turning the a our I'll for review of with XX, quarter. start

first $XXX quarter in $X.XX quarter first delivered or XXXX. of the or adjusted For share, the $XXX compared of $X.XX that's share XXXX, Evergy per million of earnings per to million

slide the adjusted quarter from was left the EPS on shown the right, by As first increase to in driven following. year-over-year

by The driving mild XX% strong heating last in demand degree decrease days resulted X.X%, decrease an commercial driven compared approximate in $X.XX contributed the residential winter sectors per and year, weather in an EPS. to of weather-normalized First, $X.XX share.

$X.XX the transmission our expenditures to a in infrastructure positive of $XX partially $X.XX transmission million drove result variance O&M ongoing timing from a enhance resulting Higher This of XXXX. year-over-year. was decrease O&M margins A within investments our drove increase.

for decrease insurance net the includes interest quarter. depreciation that impact $X.XX during rates. of and which from of higher combination expense with The $X.XX offsetting expense interest and of representing Proceeds was company-owned retail of new And $X.XX higher the lower life drove $X.XX a quarter, variance. amortization AFUDC the impact contributed the

the expect lower reflects expense and variances as both increase by rate-driven which of XXXX, and we And in assumptions income with the tax-related we decrease interest in in consistent our $X.XX, a increase drove guidance. magnitude through rate early in finally, net to negative, and other primarily move was environment driven the positive items, year, items. other The income

on Turning a provide sales update trends. recent brief Slide to our I'll XX,

by increases a the demand side to first primarily of that in you'll XXXX, sales offline a in total other planned and a year The both and one is ago, due driven to commercial quarter of past which left the customers, slide, this primarily refining see over increased decrease industrial X.X% residential the retail of demand two usage. attributable experienced quarter the high On outage.

remained which Demand Kansas rates with and local market the these be average Kansas supported by X.X% weather-normalized however, Metro and X.X%, labor of customers, growth respectively, area strong continues to increased. industrial City below remaining unemployment Excluding demand two by national X.X%. of a

conclude remarks Slide my with XX. I'll

remains record Our strong on a continuing to focus demonstrate track of execution.

our David X% the earlier, the XXXX quarter on for XXXX of well our of are first both growth EPS guidance EPS our as based guidance long-term combined based to year, EPS compound X% range on target the we XXXX solid results, for original XXXX our annual as reaffirming As adjusted midpoint of and mentioned with rate to outlook remainder from of $X.XX.

capital between to our We payout XX% with dividend growth growth of dividend to returning ratio and to also XX%. earnings target line in with remain a shareholders committed

financial term. our of reliability the In to these investment to affordability, executing addition plan targets, advances over us ensuring this long on sustainability achieve and objectives key allowing

And call questions. that, for open with we'll the up

Pourreza Shar from coming of Guggenheim. is question First Instructions] [Operator

Your line open. is

parent? we'll you versus roll how included it on rates you're just forward, And latest plan? Missouri project also there? impact, the any Creek to with Kansas is there. about that the Maybe the at $X.XX originally earnings cases to and color to had morning. Does Where if the case the if unable you the the Good it pathway into were from think in Obviously, start in stay project. pivoted the Persimmon

well in from both best So fits a think we're perspective, ongoing size. across asset I'll it situated growth energy with territory the think integrated Panasonic. Kirk jurisdiction, to have ask the start supported cost continue and well Creek its and we capacity with supplement, It's our off which Kansas the customers that needs. is service to like going in resource value plan a great of overall and Persimmon demand It's we and new terms transmission we needs see at think by in asset, is to the given

think So, fits it's we asset RP. great for our with like We resource well that in the the customers. a

was noted, as through will it included April the filing XX. our in So process. go on It

we've And so, with we'll infrastructure other along investments -- our that included.

same the following asset. rolling think to given question it's we doesn't of see piece the XXXX which Your the deliver jurisdiction, very a contribution that profile the a in it's years. And EPS, Kansas similar earnings requirements, on have again, won't we in great

tirelessly Got it. KCC. I Dave, through been case the Perfect. the vetted the and have know you have well And working components Kirk I obviously, with been then, the capital of know STP. really

started, As we kind case realize but innings, is possible do process the you I this get fully of here? point? it's live kind very a of the obviously expect Or settlement early at

we that's many So a get Shar, for question investors.

been filed can you As probably a it rate complexity that only it's comes what five years me straightforward have think case. since speculative to last a from since pretty guess, the specific do general really The will our as April for we we on be little XX, rate that occur. We to fact case.

straightforward. are elements the But

longer things of retirements. period. you can this We have major after complexities some the like any that see have We time don't generation

think and certainly of constructive be objective we settlement. framing drive for the there our towards dialogues is set will to So a

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away. So we're a ways

and But over three a the our case noted STP by the last positive of plans to and December, three a capital with as in you investment time. given in years. continuing those this workshops as the capital workshop go series commissioners had we in that and attended the noted, the workshops whole to Starting workshops we've is that all were you through preview multi-hour real opportunity what's had XXXX in

for included we And in filed we is rates. proceeding. projections line out it in with what on those And laid what

got constructive And course, discussions. of set sets knowledgeable that and We've very as play will staff KCC. we of a think out the will. process groundwork highly for the a the at capable it So,

stakeholders advance Eight with I as year. to certainly process, as and look mentioned. line, the other that months So, the have will we dialogue settlement forward the we interacting constructive we them enables and that with curb with a through through time hope

time go happens crescendo in So in the the rates frame. will into December, and of fall effect the a lot

that how Got just it. beyond. thinking It's then from Appreciate Is the are in drag lastly bill potential ROE quick the in that and It it. And Kansas. it case? passed be for modest tweak guess, you, me. Got about real it. Perfect. And 'XX offsets like could TDC there? just seems a maybe the I

Yes.

why of ultimate can issued different or We TDC our So, it We resolution absolutely size the oversight. is that state level of a and The reflected constructive so. the think dialogue. impact, lower concerns in roughly our modest our of Shar, was place think proposal and that or pretty mechanism power. some initial mechanism overall a manage was the $X.XX a have the in range of we was to in by context you earnings business a remove given

the types equivalent So, of we're keeps mechanism TDC on accommodation that to but able place. oversight enhanced get an return data at for in transmission and equity different an infrastructure the investments, of

was here, we to to headed a that glad that XXXX very rate a So, and case manageable in we and and thought approach able we're constructive we're sensible parties into outcome overall work to was with that's or one outcome. it get as

Appreciate very guys. Fantastic clear it cut.

next while for Thank prepare you, next be of Michael moment one Wolfe going And question. Research. from we question is to our Sullivan coming the

Your line is open.

realized that just guidance you given tracking year the seeming nickel from? where like mild Creek on things I just had and be the weather wanted the are potentially offsets Persimmon ask to next the isn't are to on then now going also how coming year in until

me been Do it? actually, build bit. one? -- want you you It's to want a do Kirk, take hearing from I'll for So, that to

O&M. our of impact had that earnings the the We've feel reevaluated terms to in relative Year-to-date, realization our performance a offset the to it's We a year Michael. gives Look, the offset. with us debt at the through to Sure, quarter. to means reset year the for in strong got pull mild timing, including the on we're earlier, accrete. start of levers means. kind of is least confident albeit of year, disposal to pleased we at expectations some Obviously, delay, flexibility of percent on mentioned throughout that but and of the early we've I lot relatively of number delay that a

our in what that's that the So, underpins year. guidance really reaffirming confidence for

it, just to I'd that's the very piece. saw offset deal note pleased weather with a team offset job manage had of context Midwest We know winter, that to over quarter. able the we're year. the the the did we're in companies it the us, quarter. quarter we -- and Michael, fortunate managing the were you as being we're pleased that with for Yes, able have all to mild We're to -- results to course the opposed across and the something solid But we that with really of that. solid I

and So, good reaffirming we about feel our range. the guidance year

on expecting that's couple And weeks. just pieces on of know of the Can we need get of sort in of renewables and changes terms post be coming should maybe Great. material Okay. how we preview of that? high-level just the capacity there new a cost all IRP, moving some of IRA I in inflation and and a

law the incentives build-out of the in a won't What is ton plans. include IRA the in last kind that surface combination been of effect. that churn of I'll renewables of update, total their of So, seen renewables beneath water, was Michael, I the we in there's get didn't the RFP terms you've ahead note results of the because just the -- because

IRP. That's a bids costs request big costs higher. proposal trended we in our -- have market that same those the capital most the that's So of for from integrate that can from we all-source time, change. At have information the real-time

there. offsets some there's So,

lot costs. in significant I natural on half back that, is in gas. the in assumptions changes there's potential think forever, commodity back of probably of natural but back the a hey, gas went volatility we're low through So volatility the prices maybe year, there We beneath to gas are service, to we're in

a the are a to modeling of factors, the process, lot ongoing, value renewables there supply down through still time it which chain but of particularly with availability, reinforces comes of you sort them So different lot it over and run when is of challenges.

term, chain note sooner low-cost available then are that the as for it's terms would later. long-term a impacts I renewables resources research in about think absolutely I the supply rather being that in than that remains robust plan that opportunity customers near for support of So and what in

Now in different EPA some there's elements a that will future, number change of the builds.

EPA Our right now, reports the have of mix around. rules are couple that press in issued. a Others have been been

of reflect a So to I reports been of lot reinforce, further further seen it. IRP greenhouse the issued of would reinforce rules system, kind on example. gas only expect yet. not lower-cost I for post Those of resources That We've it also will rule, the hasn't the relative I importance the this think formally adding value capacity. expect of

thing one also capacity in higher. having there's from and of benefits increases seen We've demand. last that -- So, or the has is year changed even

excited way, the But we'll numbers, there, of about and long-winded near-term capacity obviously, the supply we have work the not issue the issues then when IRPs. prospects, but chain when to impetus new the giving that's we're I update you -- and comprehensive some maybe I'm a the further in through. a are system So customers dynamics resources some value that renewables, to adding support

are Is of get there type looking most? of Okay. to be? it the at reliability where I what you lowest long pushback? of to approving can for Is follow end as where day, kind wanted cost this the I really kind thing just going was end expect to where that mean of That's be terms your up. stakeholders response very in the to to the needs as helpful. Yes,

look the of cost overall present revenue We of net at lowest requirement. the in terms value

going in XX- various XX-year value So the incentives. fundamental the it's a most models. a of customers to -- what's It's we're looking for light at to deliver

it's So complicated.

to but Our input, XX- so down the comes ensuring what lot while our customers reliability. value going model, of a to what's best XX-year to is there's that's deliver it

coming we for with before please again question name be wait of next while prepare to your the Evercore. for you. Durgesh Thank One the next question, Chopra is moment and your from question, you proceed announced and

Your is line open.

the curious have that Pete, you and I like? exceeded cost your don't the you and answer. Straightforward kind I just remarks, Maybe the original I'll quantify mentioned in happened? when just targets can David, with If with had answered. -- questions merger prepared of the my been if not, up you follow up Can follow was Pete. looks savings merger you that what have

was we a which hundred dollars, few it exceeded, several Durgesh, million overall. but million hundred

was Now a across it's achieved tremendous result enterprise. that's our employees. that by And the corporate

the the initially So, in you excess over predicted, several five get exact million if the what we you can hundred cumulative of was number look years. savings of dollars at

be Thank moment America. you, we question. Julian the next And while of next Smith will one coming from with proceed question of Bank

Your open. line is

It's Dariusz on Julian. for

one. Kansas you've kind modifications had of processes you you or learning/takeaways several critical now this applicable high-level Missouri to and Kansas that as from into you're the had heading you've that your Any think into maybe process? the approach in regulatory head case. Just are Obviously, rate a Missouri processes

various It's got to It have behalf name little light. Julian's off. You're a of on sure make going a Julian. your share to question. keeps to leads being great

elements I you legacy distinguishing always more some but issues. learn. can had think Missouri complicated there's Kansas, between are things Missouri, we some there and

that had had commodity had impacted. We case the been cost cap were that kind but the accounting price enacted, Sibley a and followed. had legacy some of service of the pretty surge a had impacts Missouri legacy complicated piece plant legislation under retirement plant West, which that to so issues was We that the rules,

we a Missouri. our the bigger on of is face Missouri, jurisdiction, constructive in in a No jurisdiction impact biggest key the we in legislation, two issues settlement economic Simply Metro in piece West. of Missouri our Kansas, reached don't which of

Kansas. seeking we're going reached is we good template that be Metro So in for the to what in settlement a

more in we and states, dialogue. both -- Kansas, them and in even quite in-depth Kansas There curve STP were of stakeholders. listened other in commissioners, were you was the ones but workshops the staff the have a of and involved probably to And lot extensive benefit thorough

So, a situated in is rate more in constructive book. even terms of Kansas a case well

in I Metro strive we can. is have we and a where to amenable Missouri five template It's And that less the ground that. but trying think And pretty But straightforward the settlements, for been It is to bringing settlements also get that little good for we more common a for it has and things we're is range a years. of complexity. little again, more straightforward. setup

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We to forward So setup that participants. will enable key case one is with the dialogue look the a we constructive good the dialogue. think

that. maybe high-level this on Can in Okay. and between I commercial a delta just apologies on through opening Great. bit touched industrial remarks, And sales the the noticed QX. and Appreciate but of drivers you you if talk resi a of there? there's any that

of Dariusz, Kirk. bit. was we a high-level yes, of normalizing higher one customers, just it's were with had one little a customers. effect last industrial the of sales It down. of call, kind which comp largely so result a Sure, pretty bit That's year -- a demand, little our two two I've those refining that mentioned on

industrial was year-over-year, demand those The had for sector, this two up quarter. other industrial a But excluding refining customers those customers. outage one in our planned two the

side demand can especially the residential isolate mentioned, it on commercial the with actually ongoing and two and trajectory, industrial, pleased as to we down Overall, customers. we're the Kirk

I'll Okay, here. pass excellent. it along the you Thank for color.

Great. Thank you, Dariusz.

Associates. our you the and Patterson coming Paul question be one Glenrock for Thank from next moment And we question. will while prepare of next

line Your is open.

that capitalization what in benefit you if little just labor what its trajectory, is more there there seemed. a will term? bit sort to going just other around and was I'm Could it could I on more in a the So forward is of a how you or elaborate be there elaborate flip the you a impact be benefit follow noticed that a saying, on if little And in that? more words, of going near bit --

always, And of I detailed your materials. Paul. Sure, review applaud as

for had that that rigorous -- capitalization we're underlying methodology should robust sure a labor making we have right investment, and be So the capitalized a We've should an appropriate the in we a we like our getting the utilities reviewing and be there's lot it's process -- know reflected amount utilities, that of rates capital follow. activities. all of and

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trajectory -- we of planning overall and capital, it's of part expenses terms in our O&M Our all process.

reflected it's So, in plans where our are.

that So, I that the implementation going in rules to wouldn't change, major adherence you're are ongoing see tee to you'll place see the up what a that is of in regard.

application, the So our it's processing. reflected rigorous appropriate accounting the in plans and by is underpinned

was by noticed nuclear both plant. but that some -- that driven think what projects I Creek particularly you So our

Right.

other I'm this correct. if I activity. that with does gathering specific projects. but it is guess what -- associated words, So associated sounds I that with of going the is, forward, And -- change, a I'm in then those not so permanent project wondering it's guess, -- sort it's It's like so

team external underway in accounting That's we're being right rules are activities think from right, you auditors. Paul. reflects of and We industry approach, about well our a got support looking We we're if We're the and our great that following sure an the it sorry, that benchmarked. like that application making relevant at and are ours place. the in the

that practices. take approaches and in well-established So regard best to

is of something mean, of I sort Absolutely, that I'm short guess, it account mechanically, it gets wondering, -- an it sort it to is period of just just I -- I life guess wondering just sort of over -- what is the plan? was does over of... that just is get the does that of sort amortized sort amortized I what that period Or does over?

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Absolutely.

great. curious, both, rate that? I a I correct to both just -- it the case. be think, is And opposed was then reading if to just I Percent allocated That's reason as is is it it to Or that, a on just guess? wasn't for Okay. is the to there allocated, was EKC why reason in I there utilities.

best fit the for Cancer We think it's Evergy Central.

integrated up plan benefits the placed So, well base, mix it that and well and with it's really -- where needs overall resource too. customer for lines just it's

fits that's it it's well what EKCs, so is. So, allocated with

in -- is about the the depreciation in follow? rate And rate mean change wondering rates basically I there just change. is what I'm me Okay. just request Or was while it driver remind that little there -- there finally, life read the a Can a for the ago, just a Is issue apologize. again? then but rate that's I the to on this you specific? I case? updating Was depreciation depreciation --

I do follow.

the been especially if studies relatively think -- happens typically that a so I depreciation long in there's gap. a we need cases, rate

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a So pretty process. standard

you that review outside an expert, work. bringing You're

depreciation our but And encourage get studies, the all inside. it's I through I to filed mean, read I'll don't you're welcome in It's -- testimony, it's so, investors but necessarily to. publicly

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assets, sure making the long-lived reachable as right your case go for of need right and driver. that's you're through depreciation, lives the getting to the You and level the of rate part

Q&A the Campbell I you. will to call over Thank turn concludes That for remarks. David closing the session.

It's hope City. the a enjoys you of Kansas like We Draft, morning. Lisa, us in round I city the joining of it NFL which of great appreciate all efficient. this was everyone first

the great interest for in and your day. have a you Evergy, Thank That concludes call.

Thank the of you. everyone, been for your you, call joining Enjoy rest concluded. day. Conference has