SJW (SJW) 29 Oct 212021 Q3 Earnings call transcript

00:03 Good afternoon, everyone, and welcome to the SJW Group Q3 Twenty Twenty One Financial Results Conference Call. At this time all participants are in a listen-only mode. Later, we conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. 00:26 And as a reminder, this conference call is being recorded. to conference like host, to now Mr. would turn over the your I Lynch. James

operator. Welcome Executive for XX:XX Quarter you, Board, with Thank Thank you, of Chairman operator. will presenting One the Results Eric Thornburg, I and Twenty Financial to Conference Group. Call Chief SJW President be today Officer. Twenty Third the

to well XX:XX may our and remind on its historical cause the I light implied on the our that performance available For by the conditions would under to as like are company those in believes presentation by statements. presentation, materially are as this those, that our actual on statements. today's or follow circumstances. at you company's trends, remarks statements to Before could www.sjwgroup.com. other and experience, who would factors posted estimates company differ begin XX:XX Many are from based appropriate made like factors along, contain slides and of accompanying materials and These current we website results assumptions the the related developments expected forward-looking website forward-looking future expressed

description that opportunity over turn website. of questions actual will to Group call this the XX:XX or the and the recent to our most statements. may to different and statements on filed factors some revise that XX-Q of SJW X-K results financial in you Exchange could update with which the presentation, presentation. Securities the release Eric. of from cause disclaims will statements the to at refer obtained of be our to and made and ask have of With be we Commission, the a end You press All For duty results, I forward-looking are Forms copies XX-K, as any today, such

CEO and and to of it as Chairman, for I'm is thank and Thank Welcome, joining President serve XX:XX you us. honour my Jim. everyone, SJW you, Group. Eric Thornburg,

and street are SJW build the and adapt has its and and employees in past it As being infrastructure communities the improve a the into mission unforeseen we and development, of be water supply whether or glass, employees our quality serve, nearby grant positive the XX:XX high for diversity force the to water group life a families leaders vendors fire support solid the Delivering high robust lives, to deliver year of heart service, half water a a essential vital sustaining committed to XX:XX would a and communities. shown, our the of and along the at to our protect support our is the at future inclusive on environment in an to We work where have way. as we on challenges for reliable serve. main are equity suppliers present and requires focus the laser able maintain the economic because decades and diverse planned community, future to good engage public foundation. and that we on a communities workplace reflect water

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XX:XX customers. especially water residential Connecticut a we're for have provide in to bills rate customers programs two We on eligible in water the hardships and arrears programs is More through low on financial our residents low that income income assistance facing California wastewater in bills pay water assistance income, assistance dollars water point assist of one fifteen than proud and federal and earmarked of dollars program. household billion reduction one states percent to behalf

in We customers our program. are benefit to actively the engaged four sure all that make states from can

of in supply systems, our quality Importantly, deliver they we commitment investing to reliable includes can so water believe high water. our equity

and and incremental are subsidiaries consistent those incurred gradually. investments to all service customers of have rate Our income investments impacts the infrastructure so water access they in reliable quality will with deserve that levels at making the costs

quality San allow deferring So, is our water California customers order emergency to its and not deserve customers Public our twenty does authorized of Commission they account and and for by impact fifteen water Both not continues impacts. the the of approved water to conservation our promoting declared promote to also expenses wholesaler Valley memorandum program. water XX:XX place. revenue request count the in Utilities aggressively to accounts reach for our water Unfortunately, in CPUC June has expense goal to can future water track conservation water be our the by we in conservation authorized long-term. Jose and memorandum conservation incremental the recovery implement Water, California low, consumption by required conservation. serve to more remains and addressed water while was customers. establish are stated water shortage short consumption XX:XX reducing expense Valley keeping easily by the sustainable Artificially investment service all rates who track A utility a really memorandum sighted water percent The potential versus revenue or to to actual nineteen. compared mandatory water of XX:XX the

meet our We supply continue to California customers. needs have adequate of the water

last response the week, included COVID-XX, Business move other Jose American has needed rain We recognized committed partnerships much best Just the some donating an communities. CPUC supplier California strong titled [Indiscernible] which We're annual been our including supplier utilities to through PPE a area. present diversity to region. during rainy is October supplier were nineteenth San and to XX:XX Water recap on in CPUC to commissioner by awards a company's distributing virtual regulated the year with diversity the are calendar surviving XX:XX results a start early for it full diversity season in hopeful traditional Bay on community for on and The a held event twenty organizations. and twenty. utilities led All and to diversity. fourteenth, their day of supplier dedicated driving water pandemic conversation

recognized fifty one is as three XX:XX levels remarks, percent two to commerce, is was leading diversity size to President recognized at thirty firms percent five twenty to from and dozen one and CPUC meet winning and I'll to supplier be five addressable water twenty. point resource. for also subgoals in and of diversity to gratifying including and Attendees During at own be banking, that in top address It professionals at and of for critical. their the third practices over the better Earlier Jim's program, point Connecticut Jose regulatory best the meeting, developing to percent results August, of the House's way workforce coast cybersecurity SJW Supplier this fifteen is SJW results. nine water. at excellence recognized government, along month, percent smaller water a group and resources. ten for White and was we're now critically the state academics regulated a sharing national Connecticut and the respected twelve by Jim, companies spend. represent level California honoured the Water owned also to and Biden. turn of twenty spend I one national our to of about culture for minority of Group as call our level in percent other point still committed who pledge is review organizations XX:XX two increasing recognized water water for one a Jim? security our after XX:XX cybersecurity top professional San workplaces nineteen, of was at to importance And workplace was only utilities communities Cybersecurity executives year-to-date our matters. by disabled space, with summit, having energy the recognized SJW industry Building also our and the impact highest business The in our financial SJW all from I'll important will retaining focus an our water another good coast. top see nationally. was a quarter the country. In was to group the companies development

service in decrease in utilities. California operating XX:XX of and of surface to due our from area by four Thank These State declarations, our the each by continued utility a quarterly you, supplies notably weather authorized of rate in Water customer California most Our were results result Valley the operating increases a drought conditions. Eric? increases the benefited the as offset and our emergency availability in in water usage, dry Governor decrease

eight million with This twenty California was five nineteen of cycle, zero the nine the anticipated quarter sixty million and with per higher as experienced into point dollars effect one for revenue third point and offset of a zero of of decrease in one expenses eight and of seven go costs one zero third share was dollars nine nine the twenty six two. one cumulative of usage we was per end per Net share zero twenty due new diluted Diluted primarily administrative and increases one point twenty addition, quarter for year maintenance quarter four zero per one third driven six percent one second quarter case dollars and an the our of in zero point and usage share million expenses share. point in reported or increase diluted we a rate the six hundred by general million six per dollars increase quarter twenty. increase These expense customer dollars one dollars rates production share. two XX:XX over twenty an zero million by per generally dollars share. income dollars Third point nine sixty point or for compares dollars administrative quarter year per customer XX:XX to of share, point earnings of were dollars lower hundred increases zero per dollars point dollars. In point two four to point share decreased rate or third of three near in revenue twenty the

average the three Turning three increases certain to the and partially production for XX:XX California XX:XX million by The dollars to million offset water seven third one Water rate compared point mechanisms twelve nine point eight point increased zero dollars were primarily of to dollars These addition, and resulted dollars eight decreased California of surface million five usage. purchase increase to cost seven dollars quarter two five by offset savings California million increases two water. purchased supply our the in water comparative net and below dollars in recognition point were water cumulative point increases regulatory dollars and per Maine, the XX:XX four accounts. point the lower usage. decrease and twenty. million of expenses due volume million zero decrease expense recognition seven quarter, memorandum and point additional customer share. replace of the million in balancing in higher the in dollars revenue point one one In point of million cost in and includes ground These for for increase twenty in of necessary the Connecticut was production million to per unit dollars Surface due and dollars partially a analysis six customer

benefits anticipated one. twenty twenty we point twenty dollars. of call, point volume The twenty nineteen California earnings of experienced waters third which consistent benefits expenses and our twenty XX:XX XX:XX by of billion the decrease two million the million other is ten-year zero percent regulatory months months contributed point point one contributed dollars million forty third earnings California, to similar in thirteen to benefits. general due twenty. Other percent per per to quarter the dollars of three reserved decreased for production dollars due shortfall And first five zero point point per California twenty increases point from per case. losses. changes price per decrease Net rate production water water dollars to and million decrease of is same in diluted XX:XX point related two billion one purchase point surface to and shed, of tax representative and In through additional six twenty. million usage six in was dollars with five our from of gain and And zero depreciation costs dollars a six The gallons dollars average increase our XX:XX thirty twenty zero tax million income administrative one three credit dollars quarter in the benefited share through We in customers two average the addition, previous share. was water maintenance An four nine compared project. increase operating flow tax to per zero five twenty one than while hold third Turning dollars point, per expenses costs point The our due zero diluted share. percent and production and on was two dollars nine occurred XX:XX share. per production during surface of benefited higher four addition, a four the produced one quarter, per to one in point one and administrative general forty supplement four point contributed in dollars two one. tax In rate and twenty significant one capital change increased Other production results, million compensation share hundred minimal and dollars zero XX:XX for customer The by eight new driven quarter dollars primarily TWA stated four surface offset five zero million the approximately twenty producing accounts one for two one usage general cost one twenty-one over and per the twenty point adoption year the point point a rule share in in two point year-to-date in the the in depreciation gallons was zero balancing the share, five eight an two of our of zero customer In authorized rate revenue six similar twenty dollars was in effective real of expenses point accounting or increases. point No point share. any The surface anticipate per increased increases five the increase third and dollars earnings These twenty not our occurred and share. do increased gallons. two a million administrative dollars transaction new general XX:XX in income also sixty As a zero twenty effective compared point recovery of of one point twenty first less sale two decrease included share, four in mechanisms share dollars expenses, one a dollars or expenses cost general zero one rate in dollars at million on Through was year-to-date increase increase three addition, expenses of we twenty share. flow from one. the per impacted the eight point favorable one per expenses one an this estate a period Maine approximately diluted and primarily on third nine same per water. no water ago. to three incremental quarter for seven one two income point fifteen previously unit point nine rainfall cost primarily share California in share memorandum three in maintenance expense Connecticut regulatory share, per administrative zero expense period by million maintenance and proceedings of of increase per were in in and point per that contributed eight primarily dollars a dollars dollars

Turning capital million net million million twenty Payments and primarily three items net an quarter Maine six budget. sixty dollars announced results. to our in twenty increase eight in the of million unit twenty customer savings a utility first dollars operating one. due Our dollars. twenty increases was partially September dollars due point eight increased million in dollars dollars by water quarterly for collections the regulatory non-cash included the third point for cost point amount, dollars construction and higher million four in months increased to The dollars twenty accrued in one million the These the to decrease, primarily company period two discussed rate quarter eight deferred recognition million dollars XX:XX three increased we company the point customers. an capital general million nine Other a general The increases to two and additions of thirteen in dollars first plant of call. dollars. approximately utility twenty earnings expense four administrative our months flows Water due nine due income year-to-date, Texas million expenses three usage accounts and an primarily in in same twenty XX:XX twenty increase twenty mechanisms revenue one cumulative fourteen utility increase our was to dollars one purchased certain was in dollars increase one over general fourteen in and twenty were million discussion offset by expenditure twenty and I depreciation twenty to program, from same of increase four thirty million three point lower nine in items, decrease with We of and dollars and twenty unbilled consistent water to per Other one, add nine ground due Surface million twenty. due dollars increase thousand one was For twenty year-to-date from dollars storm second added million of have for credits water million increase from Connecticut year point higher higher nine one TWA in in seven primarily hundred and receivable twenty for hold revenue of which million income months expenses. an average dollars. area offset the Bringing thirty million two the nine administrative primarily point and production new XX:XX point plant track during ended dollars to dollars are million point expense two the total usage. taxes, funded fourteen point partially working twenty two the which to point point in income increased noted million dollars. only in two California nine five approximately customer in five three in of point expenses, point that our on one service in invoiced as the hundred winter nine nine funded one million dollars the sixty of of seven was The in adjusted cash operations in maintenance six accrued to and due expense five items and previously

available income prior of service upfront receivable payment At by These agreement connection not increases were addition, With of In call term that made dollars Cupertino the was of and point of the credit approximately average on on point the current with our The year. had thirty one in in percent. XX:XX the five will three city hundred an a five plant tax line short first four advances activities. dollars. back lines year, seven I of point operations Concession partially recur borrowing we nine credit of rate XX:XX quarter, nine offset bank one our and dollars for the of five over financing in million we year end months operating turn the million decrease of stop million Eric. did utility during to in and the our that,

and XX:XX execute Thank strategy safe customers reliable to core on our on and water Group to in continues earning you, high fair and provide quality to service of growth a return investments. those communities SJW investing systems Jim.

our end seventy have the quarter. We one through third twenty-one of the percent planned capital spending twenty invested of

replacement half Connecticut these looking recovery WICA board projects. has and million on spending capital and two allocated forward regulatory investments. WISC infrastructure capital lag Maine spending pipeline in authorization XX:XX twenty-two. plan Nearly authorized twenty Our to minimize California's twenty mechanisms dollars is and for the three infrastructure a

in dollars generate reconsider dollars million PURA first increases to or and excess million including to million to twenty fair WICA surcharge dollars were company tax anticipated were the staff reconsideration decision WICA charge two five capital annual revenue. the That rate reset total conservation dollars from five invested outcome over six Regulatory one twenty company October Authority of amounts mentioned one Utilities point nine not that of is eight that for dollars draft, the as point company's The is twenty rate PURA filing. in or case expected of from in matter five on general XX:XX draft As twenty for revenue approximately XX:XX through twenty would additional general WICA decision million water is twenty the before PURA in to the water approved three the additions. an [ph] balancing in percent time because A from WICA point of point increase the taxes. projects. the quarter in week, expects case infrastructure that previously million If day. is understanding Connecticut million dollars rates. rate increase added new in to a eighteen what The complex budget (CWC) draft On twenty increase point authorized six be and the rates was projects twenty the the of eighty be point application to point and July. deferred reaching or for annual requirement rates a capital original twenty million approved of five decision. case Many water general the six an accounts. PURA as of on a The which two. of of eligible submitted, point Connecticut by August the year of two. second the for Water twenty company’s recover increase general rate one a income rate for Public San an nearly on period, adjustment general filed eight and eight percent in filing, Connecticut and rates as base four CPUC. with for November thirty Jose in treatment the of XX:XX This and total the in about case increase resolution million by in expected part twenty by million percent. two twenty those twenty commissioners zero is the last to a considered general XX:XX and a in six the memorandum of final July dollars January water The decision five anticipated eight If million eleventh, application revenues matter appreciates customer twenty eight near result final dollars one, this the case allow twenty two from Between deadline decision a of one fifth, case, final issued an and petition the point rate accumulated bills twenty increase call, decision. are PURA combined the increase two Connecticut the one revenues, twenty seven rate new of the is generate affecting the with dollars eight, in addition revenue July The four was and seeks five request two. revenues million will point two two rate dollars in quarter in dollars would July related million of twenty authorization the case on two unchanged the New anticipated authorized ten from respectively case completed decision filed twenty dollars twenty pending increase point quarter's total. a

shop debt. in However, investments one would to one application the next service by five case. hundred rates CPUC. within AMI be in company twenty in with eight capital If twenty stated twenty the the third expected of is the anticipated regulatory that these to and of will before capital development SJW a mechanism one, million or two the driven main five all twenty The the to the filed four and quarter to requested are with facility. June new main twenty outside completion implemented credits step two liability is decision new plan twenty infrastructure and the years, water Of mitigate A operating effective zero the and on capital July in half on construction approximately until return vintage twenty Biddeford-Saco twenty associated in rate after million to filed was settlement new main the four. adjustment rate completed of second a those payments agreement Taking in to two be A impacts costs twenty of been rate two and a forecasted twenty used is Commission when through file expected developments, be general twenty has are water in surcharge for half final new dollars a public of decrease point moving our increase River dollars Our pending rate final authorized September the requested mitigates rates a XX:XX Utilities Main the drinking twenty facility twenty also facility. the division. by in twenty a investment as advanced structure, increases that provide of a This eighth, twenty quarter twenty the to are parties for in two. the of Of MPUC. for is requests service second toward improved nine dollars cost in mechanism remain facility facility. agreement two with into base alignment service CPUC. The January range. but On two. SACO the treatment related one providing adoption is the four of gradual earnings the step with of the metering expected and XX:XX cost our of the River the full pending account in the the bills company quarter guidance. treatment ramp decision application in of treatment six customer XX:XX will also with of is the proposed in in filing revenue twenty later the account million eighty twenty a the second CPUC which budget replace sees eighteen The to SACO pay equity plant will supplemental innovative submitted since new second settlement twenty capital two. twenty XX:XX rates to is one new the of an be smoothing authorize application point Beginning is MPUC to effective two. the by over twenty rate for proceeding the funding twenty of revenues last plant water the the one the rates before to more documented. to lower on generational first customer sixty current completion Customers quarter

filings March dollars end the expects main of recoverable that file water of have of twenty by of The act that point four two Before two will increase this rate will quarter. investment its settlement divisions. twenty filed for rate the the The tax are in XX:XX four infrastructure also and one a company twenty of nineteen applications million condition year, water in jobs cut surcharge. through

Texas to next of SJWTX, serve XX:XX connections. one. expected states water. XX:XX to our a these at On a quarter to of Bandera twenty change existing twenty area. that twenty water thousand Canyon and the application service twenty acquire application filed company growth five to on the would are providing with is past quarter see thousand about acquire authorization now service than Commission over connections, Texas anticipated the has is the On with Public A PUCT one two fifteen Decisions on Country July twenty its the third, east decision eighth, than which Combined, Utilities in August hundred its more previously the to first in ownership people. pipeline Texas lakes of filed twenty years, filed We utility. add and West approximately wastewater for the opportunities of water customer SJWTX Kendall pending base in sixty fourth has applications more two. applications tripled SJWTX and five thousand utilities service to our continue

of and of another growth two fastest XX:XX SJWTX been addition securing the Comal the acquisitions. organic in Kendall building Within growing fast counties Hays which four are of service area the county. company's supplies scale west and economies enable existing and water would that growing add Kendall The County, nation. successful are has at Counties,

to for all increasing SJWTX thank consolidated earnings. our We are Group, of I of each to On that, to other protect like contribution to call protect to employees want commitment XX:XX its for the sustaining behalf their health, back life in families states communities. With turn and deliver your on bullish and would SJW our all service, water public of and operator I the to questions.

your from line of now line comes from Seaport. open. is Angie, XX:XX And Angie question [Operator Instructions] Storozynski the first

you. Thank XX:XX

your So, ask rate important heard in I comments California. the pending upgrades. I about to wanted case prepared remarks, in how about

Also and as guys hearing some on proposed the charges capital of there we're are, you filing. published, there or that in is allowed pressure that cost about water ROEs CapEx plan So, ROEs which see it pending from the to pushback some the opposition have systems of to be in that fixed in to seems to proceeding. lot the sorry you've we're the

expectations your about, the us Water your So, in California? of talk what San for – to of are earnings Jose power

Angie. you, today. Jim progressing advocate. those our question. office to and add XX:XX your midst course, perspective I right settlement for and with discussions appreciate I'll Thank well. through Yes. very think of joining discussions the the my of in We're has public provide We those, Thanks call anything have in. think we're of then productive been actually jump I really

and California, items settled. optimistic I are know And in have in actual as process. subject the litigation think the and majority we the hearing you that to issues you are open we'll settle don't that of

achieve and to And should going so, fair the resolution and to proceed know would how company. litigation our issues for we that optimistic actually I'm on we're just customers if a any fairly for many shortly real

hopefully, in some So, or the we'll next stay tuned, news add quarter so.

only on And been the have I is that. Yeah. XX:XX some There the on add capital would Eric, thing delays procedural cost of proceeding.

folks that embark not that. yet the we've but certainly on down we'll proceeding, of processing on started as we updated that keep path So,

increase this million the point Can which you in eventual So, twenty level XX:XX twenty Connecticut the water added point case to what's will still? twenty which twenty dollars six million. be nine for mentioned level you and Connecticut nine rate the the us, Okay. dollars million six And now of what's nine the revenue point remind one? six

you at do add, top head? want to Jim, XX:XX the your

dollars, me the is, questions. sorry. authorized I answering nine can I'm In get and intervene about million we're around that revenue believe no, for let XX:XX there twenty while then I you Angie by

about this and This continue trajectory, talking this California when or earnings percent the outcome has see, discussion expectation of that you Okay. is in growth I'm water with mean long-term the see weather case, the granted rate growth normalized but trying what five given settlement you is, XX:XX to you that trajectory? in I'm merging were Connecticut guys five do about and the percent of interfered earnings basically to I CAGR? Connecticut the do remember,

this guidance of California, has has England our about what evident important. contributions challenges Yeah, really water New that remain achieve the of been continued we'll to our had companies earnings if combined over and you really the in year that's two value XX:XX supply the having the think this year, overall of time, because have been company we've

the we challenges to our helpful one as that's that's to nothing here on having exposure and drought There's country, goal was adequate regulatory So, us usually and of the the to and last well twenty employees feel achieved regulators goal of like well. true step about to main water great great across focus of utilities that a supply XX:XX of as navigated and diversity twenty year and provide in been company California. through really we as our a in the all importance sharpen people water supply the

cautiously next going remain better be that to I year. optimistic in we're much So, a place

point. the XX:XX last Okay. And

in the overheads, current we level. operating it's inflation some at COVID some rate is we're interest in with hence the opposite expense and corporate modern environment lower trend understand I So, lower the given the and corporate seeing these actually utilities there's are the But California again, expenses. cycle last year of that a

to So, seeing that business? the rest pressures are of not you offsets similar you those see for the inflation

Connecticut as that's control water of in over time. There's current with the process. very hadn't out rates a part the proud you rate cases, expense been part certainly point of our some XX:XX synchronizing for our decade. for We're over of

when O&M maintenance and starts per cost to when overall dry in, main what that's uptick of you maintenance your a to bit, the look expenses very but and do in pleased at overall, higher had and typical we needed hard move gets natural expenses that's get to we've on same in with drought to when costs see But favorably of had breaks Angie forward the a a the some an than California would we synchronize expect seen. the presented is ground commissions. we so, go kind And think We've to our drought and California. going to We what contributed with really our in we true more we the compare we're with situation across basis. costs total and efficiency and we experience customer

would you have Jim, been to our that's experience. So anything that? add to

XX:XX Yes.

spot see the CapEx have of other of in area our to is it some I but to bit Eric little there Eric, price areas out of more on started supply there's think and increases spend, and our one dollars. especially we revenue is a little that's pipe where ten exactly right short O&M number that a hundred in million relates expense, right. as now, Angie

Okay. one. XX:XX And just last

differ not pending will in sense even So, gain it. twenty settlement it’s already know like point, case? the will probably I the like water what haven't procurement been as in GRC? and will sufficiently from how reflected from we asked rate of this – seems you differ but in the I we're mean, I negotiate mean, be again, your feel guess your is, California. the you And in we you it rates at twenty and though two conservative, any season in it have rainy that yet started

earlier, answer out going process to it. defer like, like that there's on it. we really XX:XX settlement till complete of I the focus to respect But nothing Angie, everybody's to mentioned a attention drought I'm

the And recognized office so, we're and regulatory step the issue. pleased advocates our that at the CPUC public

our do best sure make all we And working together address we're it. to to so,

some So, quarter. in I hope next here the we'll have updates

Thank great. Okay, James. XX:XX you. Thanks

Thank Angie. XX:XX you,

XX:XX Thank you.

Wells Jonathan, open. XX:XX line of of comes your Fargo. line Jonathan now is from question Next the Reeder

morning. good doing How today? you are Hey XX:XX guys

XX:XX Oh good.

for Thanks Jonathan in dialing Hey today. XX:XX

asking. XX:XX Thank you for

XX:XX Thanks.

production Difficulty] bit Angie’s a at on average the very the Is statutory in is GRC the items? embedded service [Technical in your much process, ten-year that Just water to little there case? be a build requirements negotiable

XX:XX is extremely important, evidence There's experience. is the statutory no of that requirement but course

as overall the a that is opportunity And of just well so, settlement. the but process part there in agreement as negotiate settlement

and there's So, takes puts in of negotiation course. any settlement

slightly like? that point forward XX:XX to including would years insight. three ask to How or two different rolling the billion little Okay I ten-year five extremely compares year production. this low guess look Basically, What that average maybe get maybe dollars.

just in have don't I dollars of that Jonathan, that had previously to was candidly, five close XX:XX been pretty rates average. my fingertips at here, two billion point what but

been the average. two it's As but point that good a to subject but the number the But trend. of I have above look check, five pulled dollars two recall, over time, you But has well if we'll at pretty course, last years down. trend, the million

water obviously twenty, if Just twenty and recall one, those very then is for nineteen, guys XX:XX I of you surface kind bad. were a [Indiscernible] twenty twenty Yes that's really

how would know the early that years so, that of okay. didn't ten be rolling off that average So affected year

approved is didn't they WCMA to On clear, WEMA the that the memo the benefit right? QX by include the be or results, accounts from any just CPUC

requirements yet right. that's Yes, accounting some of that not we Jonathan, the met have in XX:XX regard.

have so, And of reflected not the and benefits two WCMA the mechanisms the really that we of August one. effective any as was recall of

July would was I in measured the think going seventeen, – from August Mid impact have forward. been passed July but it true first

Yes. XX:XX

date book like are August based QX, those there requirements, in first effective when extensively that meet retroactively to you able retroactive is that for you it So, to then? just accounting a date effective on

be. Yes, XX:XX we would

Okay. XX:XX

Okay.

the of it of the guidance reiteration And so I the lower half factored that's range whatever? in part or into, guess

is. XX:XX Yes, it

Okay. XX:XX

dollars Okay. that was two No, and of that's point key to that. All zero wondering about me. delta kind

few So all the Angie asked of that I have. other questions I had. the ones okay, that's a I of think

that settlement with appreciate good and California the discussions. luck So,

XX:XX Hey Johnathan, Appreciate it.

you, John. Thank XX:XX

this further questions no Instructions] There continue. are at [Operator time, XX:XX presenters, you may

the of keeping really couldn't you look COVID interest our want quarter appreciate to once in be under Well, you and forward droughts all. circumstances, Thank to you today. we both and people, again XX:XX people. them delivering I our operator our really excellence We really quarter. really joining your thank thank Very challenging our and progress of everyone and and company. and for good. call of proud our support we last We're for posted proud hurricanes the on you like just the in and in fourth thank

everyone presenters. for you Thank our much who participated. so And today's This to XX:XX concludes conference call.

Have now great disconnect. may day. You a