Q4 2019 Earnings Call
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After the speakers presentation, there will be a question and answer session. The asking a question. During this session you will need to press star one of your telephone.
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I would now like to handle conference over to your speaker today Mr. Dan Fitel. Thank you. Please go ahead Sir.
Thank you good morning, everyone and welcome to [laughter] fourth quarter earnings conference call and webcast.
I'm joined today by Mike Renna, our President and Chief Executive Officer, as well as several additional numbers our senior management team.
Our earnings release in the presentation slides that accompany the call were issued yesterday. After the close market. There are also available on our website.
Excuse me at Www Dot that's true industries Dot com.
These and the associated temporary provided ended up with you've already done both GAAP and non-GAAP basis, using our non-GAAP measure of economic earnings reconciliations of economic earnings with comparable GAAP measures appeared in both documents.
Throughout today's call will be making references to future expectations plans and opportunities restaurant actual results may differ materially almost indicator. Bobby. This is result of various important factors, including those discussed in the company's forms 10-K intensity on file with the FCC with that said I'm pleased to introduce our CEO Mike.
Rental.
I'll review, our current operations significant initiatives and outlook. That's your eyes, Chief Financial Officer see all Fernandez will then review the financial performance Art individual segment, and our financial and our financial outlook.
Well done all for some final remarks after that we'll be happy to take your questions within introduction I mean, I'll turn it over to Mike.
Thanks, Dan.
Thanks for joining us today.
Please report that our 2019 economic earnings came in at the higher end of our guidance range.
A testament to our 100 sorry.
Oh, 1100 employees, who deliver users olds, while advancing our integration for business transformation efforts.
We accomplished.
All of our primary strategic objective in 20 like first and foremost we successfully executed our system modernization plan will more than 500 million spent on safety and reliability improvements on behalf of largest uncomfortable.
South Jersey gas annual customer growth green solidly above national averages fueled primarily by conversions on wasn't sound gas.
Ourselves even culture went through the only 35% improvement year over year customer calls.
I'm extremely encouraged by these results nearly 9500, new customers added 2019, highlighting sustained appeal natural gas across geography and across demographics.
Integration will want to the town Hall Scott.
Remains the largest decision process before manipulation of services et cetera.
Turning to wind down to watch U.S. able to sub tracking in line with our expectations.
On the regulatory before we open in 2019 planning and executing several important long term initiatives well once the town in South Jersey gas last summer.
He will prove to five year 300 million dollar infrastructure replacement program for list.
Authorizing replacement at 260 miles, an aging cast iron and steel plate.
Important modernization programs vary somewhat or South Jersey gas.
Hey, our people and it could enroll ring true ups each October.
Awesome last fall Beep, you will prove to late stage settlement preachy authorized an increase of 34 million pace.
No lease effect on November 15th.
[music].
In December we filed an engineering and routes studies BP wage clinical supply the buttons projects.
Not quite watching you. She will help ensure continuity of service to South Jersey gas customers can you kind of Interstate pipeline interruption resolution is expected in coming months.
And lastly on the financial from sale of our non core assets.
As was our refinancing activity steadily improving our balance sheet.
These assets generating more than 300 million opposed.
He was repaid.
Where are you.
And last fall, we successfully completed 200 million dollar offering a junior subordinated notes due 2079 long duration of.
Seem to be Barbie firming up.
Before turning over to deal with from a more financial guidance I want to speak about an important bank, we should probably jersey and actually I think about energy.
On January 27th Governor Murphy until the stage updated energy Master plan.
Outlining he's probably injuries.
Administration, Oh I'm traveling by 20.
No update if you can't be very dramatic Governor Crist 2016, Master plan, which centered on natural gas as a blended clean and affordable supporting aggressive expansion into homes and businesses across the state.
Actually I supports the clean energy goals.
Plan.
We have spent more than a jackie modernizing our infrastructure.
Moving reliability, reducing relations encouraging conservation and efficiency regulatory initiatives and investing in renewal.
At the outset, let me reiterate our core strategy yesterday I remains unwavering in our mission to watch a reliable affordable energy nearly 700000 customers we're honored to sure.
Let me also assure you that since the release of the energy Master plan, we have working together with our board and hard work evaluating how bad.
Along with the Master plan, while continuing to promote clear and environmental and economic benefits natural gas.
As a result, we tend to initiate carbon reduction investments across all three gets oneq nonutility businesses over the next five years investments that will be incremental to our quality utility capital.
Specifically do you plan to focus on areas that reduce energy consumption and emissions accelerate deployment of renewable energy.
Educate customers on maximizing energy efficiency and modernize via technology innovations.
As a starting point you further address emission reduction and the normal.
And to invest approximately 800 million of our $600 million capital budget and 2020 on solvents collections.
Well the targeted focus on SJ on corporate facilities.
Until properties community solar and other development projects.
And our utilities, we remain committed to an acceleration expansion building infrastructure modernization aimed at lowering fugitive methane emissions.
But on a parallel path our utilities.
Oh, no gas and power to gas opportunities also bringing the benefits of smart technology to our 700000 customers.
Collectively these investment not only advanced Reagan's energy goals.
Reinforce our efforts to reduce greenhouse gases and to lower the carbon content of our energy.
Across our three I'm, particularly in our utilities are uniquely positioned at the parent to make critical investments in sporting greenhouse gas reduction in sound energy policy policies that will transform how we developed to use.
Thank you with that I'll turn it over to Seattle, which would be more operating performance and guidance.
Thanks, Mike.
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That was my remarks are we loved ones you find somebody.
Thank you see all.
As we begin 2020, our strategy of priorities remain focused on.
During the majority of our earnings for utility operations.
Every capital plan focused on critical safety reliability projects.
On regulatory initiatives, including the base rate case filing.
Jersey cash in advancing the critical supplies in Tennessee project I mentioned earlier.
On a continuing to affectionately effectively integrate lives in the town and achieving significant cost savings.
Our business transformation initiatives.
And moving forward with targeted clean energy investments to support of our trying to get to sustainability goals would be energy master.
And on further balance sheet strength and using the proceeds from our noncore asset sales and additional refinancing activities.
As I conclude my remarks, my thanks, as always war torn 1100 employees for their outstanding work.
And transformation path most companies that often the last several years as required enormous dedications.
It's dedication throughout 2019 is whatever you hired for each.
On top of the entire synergies or do you decide from there continued efforts to improve the lives of our customers I know families.
Operator that concludes our prepared remarks, we're now ready to open the lines for questions.
As a reminder to ask a question you will need to press star one on your telephone to withdraw your question press the pound or hash key please standby, while we compile the Q1 day roster.
[noise] and go first question comes from the line of Tate Sullivan with a Maxim group.
Good morning [noise].
Hi, Good morning, <unk>, Kim focusing first please on slide 21 on the non utility economic earnings guidance and and specifically on the 14 million Nonutility at a 45 million I mean can you remind me of the current framework for his investment tax credits related to your solar installations, primarily.
He and I mean will that be recognized or what else is I can you just provide more contact sorry, if I missed it.
Well that would yeah that would include actually a wholesale.
That include midstream, because we're putting midstream in the not utility. So it would be if you do see related to pennies and it would also include ITC.
Later to our two or Oh consoles.
Right.
It just so I'm trying to break down that figure.
But it would include Itcs, Okay, and then on the fuel management fuel list a fuel management contracts you put in there back is there any changes to those compared to.
I think I've noticed one contract a small contract was not in there or can you get that give an update on those contracts. Please.
Oh.
Yeah, that's oh on.
I'm, just trying to get to that age.
Thank you.
I'm not sure what do we always want as volatile.
Oh, no one well do you want to be too.
Yeah. The there was one of them there previously for Calpine that was a contract that it rolled off it was very small contributor and we had that are in our.
Guidance numbers for 2020. The addition of its your energy degree Rod project.
And then we're also working on the renewal of several of the contracts that will be coming up for exploration in 20 and 21.
Okay. Thank you.
Mike back to solar sorry, I forgot to ask is up I mean are their operations still in place from the solar efforts you had from a couple of years ago or is it a new and <unk> were heard what do you have to do to.
Go back to investing in solar.
So we have a couple of assets that are still being held for sale. The whole part of the original Goldman noted that we were not able to successfully close on but we are actively looking for and have already discussions with other potential buyers. No. This would be a this will be clean Riyadh.
Okay, that's something that we started thinking about last year around this time really.
Specifically thinking about how do we are.
Targeting arranged sustainability like finding ways with which we could green our buildings and our facilities and obviously someone was was one of those options. We've also been looking at is as a solution to replace the engines.
The landfill operation, we have which is as you know of.
They have been they've been underperforming now for several years and we believe that sold as a viable.
Means with which to.
Reposition those contracts, while still providing energy to to the calories into the landfills, but also outdoor.
That's probably.
And so that was really kind of our first thoughts about or about a re entry, but then when when the state releases energy Master plan. It became became very clear that we had rethink.
Our position in the state and specifically, how S.J. I was going to align itself will be goals state. So.
If you wouldn't be quite is going to require a a re entry.
We'd be going some some business development activities and as I said I mean, our target really in terms of priority our own buildings landfills community solar, which we think is isn't great way to align ourselves with the state at our landfills would actually be well the landfill sites, where we have our landfill gas operation.
Great.
Options for community solar and we're looking at other.
So you know I opportunities that fit our risk profile and say.
Our strategic re entry into this market.
Okay. Thank you very much for for that additional color. Thank you.
And once again, ladies and gentlemen, if he would like to ask a question. During this time. Please press star followed by the number one from your telephone keypad at this time.
Your next question comes from the line of Scott send check with Exodus point.
Putting thanks, just one quick follow up on that come the solar assets that you're going to be spending on for this year well they'll all be entering into service. This year at some point or another where some of it in this year and some in next year.
Yes, [laughter] it'll be it'll probably be.
You know, there's there's obviously always risk around around getting to be ready for intended use.
Status or meeting that criteria I think they certainly we would.
Well I think I feel pretty comfortable about our own facilities being being something that would be ready for intended use by by the end of this year.
There are few other projects that were looking at right now that that would be constructed in 2020, so many other ones.
Could potentially discretion to 22 anymore.
Okay, and then the ones that are you I'm, sorry, you contracting to yourself or is there another party that your contract into for some of the facilities on your sites.
Oh on our side, it's a yet we would call.
Okay, and so some of that is obviously the ITC coming and then does that are going forward well well that then do you get recovery of the purchases in rates for your gas distribution, usually sorted that flip to a loss in the future how should we think about that.
We would we would be doing it added through the parent companies of the parent company would make you best friend to.
Well the solar facilities on.
Solar assets on our on our facilities and we would pass on the energy savings to do that so the different facilities.
You've got your utility Yep Gotcha, great. Thank you very much.
[noise] one once again, ladies and gentlemen, if he would like to ask a question. During this time. Please press star followed by the number one from your telephone keypad.
Your next question comes from the line of Steven them Breezy with granite line.
Hi, guys. How are you thanks for taking my question.
I just just had a quick one or two quick ones I guess first question you know so.
Restarting the solar do you guys expect this to be like an ongoing spend of $100 million or is this just for this year as a bridge or how should I think about that.
It's great questions do you I I think.
No it's as I mentioned before.
No. This isn't this decision that we have made and attempt to better align.
So.
All the way were looking at citizens, we made the decision to exit solar five years ago. It was a very different solar market, but it was very different.
New Jersey energy marketing as well now fast for five years.
And you know what was once a plan that called for the rapid expansion of natural gas is now calling a rapid expansion of renewable energy in particular solar and wind.
And we think they.
Well to be you don't need completely Frank and honest work at your utility the energy Master plan and forms and shapes our strategy.
And maybe more importantly, it changed informs our regulated.
And so I think we'd have to be responses in an agile we can't be an outlier.
You can be seen is has the system. We have you seen as a partner and I think that includes solar.
So I would expect us to.
Make very modest very targeted investments in solar where we think that it can have a direct line of sight to.
The to the state and really to them to the region. I mean this isn't just something that's isolated from New Jersey. This was a broader regional thing around mobile.
What I can tell you is.
Yes, we are not returning to the days, where where solar represents 40% of our of our of our earnings it'll be much more modest and much more targeted.
Okay, so, but but for a baseline assumption it does sound like there'll be some ongoing spend you know, but I'd say target for years will probably come so yeah, okay, and and so I guess the other question I had it was just from a funding standpoint, obviously, you guys have talked about $125 million plus of equity.
The previously announced 150 to 175 I understand.
Picking up spending so I get that but you know going forward, if you're going to be having these spending levels. What do you look what do I guess, what are you guys projecting in terms of equity needs on a go forward basis. You know obviously this year has helped a little bit by the asset sale proceeds so just trying to level set for expectations going for.
Good.
[laughter] <unk> another great question I I the way we're looking at it is where we're certainly trying to remain remain flexible a lot of what I've talked about particularly in these what I'll call, it's called non traditional utility investments.
Investments that Werent contemplated when we put this original plans together at our original financing plan things like orangeade things like smart meters things like power to gas.
And also go this this modest reentry into into solar we're going to protect the balance these were either investment best fell outside of our original plan and what we thought where our what we thought were original equity needs.
We particularly with the utility investments we believe this to be no.
To be consistent with what we've done in the past, which is that we will protect our balance sheet, particularly when it relates to utility investments and that would be our plan.
I can't quantify that at this point in time, because you know again, we have these are all initiatives that were in the process of developing don't really have a lot of specificity around cost and timeline, but these are all.
Fundamental to our to our five year strategy going forward more to come I mean, I think by you ought to be go out good this year, we'll be able to speak.
With more specificity around cost and timing and an equity concerns, but suffice it to say that we will certainly protect our balance sheet. We made these investments okay. Perfect. Thank you guys very much for the time appreciate it.
Thank you.
Your next question comes from the line of fill covello with Exodus point.
Hi, guys. Thanks for taking my question.
Just wanted to a I mean, I guess, you kind of answered it there obviously looking for more color around the equity and.
You can tell us anything about potential timing.
The conduit whether that.
Makes a block or ATM and whether its forward sale or not but.
Sounds like we have to stay tuned for that unless there's something else you can offer there.
So vicki handle that we had looking past the burning the includes the engine on equity, including ATM program equally or a meaningful amount of.
In boots, and booties are the equity I became a vision has 90 I'm having another project.
Sure, where they might have to transition.
By some yes, you are you in any way so weve condensate pipeline, if you think Hopkins.
I mean, we that's everything being attached to it.
Yeah, a lot of the timing I think will be for this lease for 2020 will be driven by.
The beep you decision around our LNG project.
We're expecting that to be somewhere around mid year.
Okay.
And then just to be clear on the sizing so whether it's 150 or 175 is that.
Just a function of capex need or is there also a balance sheet consideration in.
And the Capex related to the LNG project.
We discussed earlier.
Okay.
<unk>. Thank you.
Great. Thank you.
<unk>.
And once again, ladies and gentlemen to ask a question on the call today when they did price started and then the number one from the telephone keypad. Your next question comes from the line of Matthew Davis with car fleet count for adult.
Hey, good morning, guys. Thanks for taking my question.
Hi, I'm at.
I just just quickly can you first off just remind us what the targeted credit metrics are in terms of it whether you're looking at ever for debt or debt to cap.
Okay. Thank you yeah that'll actually play out when they are as opposed to this would be around 10% and when competing scene. So people want to type of spending the upcoming here.
And then one rating agencies, we like the I've got two movies that NBC.
They did you know quite yet.
Do they give you a targeted ever FFO to debt.
Yes, it's like a thing on that.
And then secondly, as you think about the energy Masterplan in New Jersey, how do you see that if it all impacting the core LBC business in new Jersey over the medium and longer.
Great question.
No there there's there's we're still.
And again kind of to be determined phase I think you know.
Certainly there's a there's a big push towards renewable.
Uses a language I'm encouraged by some of some of the language in the energy Master plan that calls for carbon neutrality versus you know a complete elimination of of carbon.
I think the important thing for all of US to think about is how critical our infrastructure is to advancing the state's energy Master plan objectives. The things a week and then we can do the best it's a beach make particularly as it relates to renewable gas and power to gas.
Yes, they really do some poor.
This move towards towards clean energy and.
That's that's where our focus is you know I mean I attended the day, it's where.
Where it infrastructure company and and our infrastructure is critical in invaluable not only to serving the customers today and for the next 30 years, but also you know going forward in terms of how much value. It can bring to Ah you know this is renewable energy.
Future so.
I think you know a little bit more specific in terms of that very near term book.
Critical utility investments in terms of.
Safety and reliability I fully expect we're gonna have 100% support from the regulators and from the administration as well as from the legislature in the state of New Jersey, I do not see any kind of impact to that I think that we're still going to be able to add customers.
And I I don't see anything in the immediate future that's going to prevent us from achieving our customer growth targets longer term I mean that that could certainly be something that they could be arrest, but I certainly don't see it anytime in the in this five year Horizon and then it you know I think the biggest thing you.
Since I believe that the state understands that these big.
We're done didn't see the supply based investments that not only South Jersey gas Elizabethtown gas have to me, but every you gas utility mistakes made they understand the business case, they understand the immediacy of it and they understand the necessity of these investments and I really believe that.
We will have support.
For the non pipe.
Supplying and solutions and that's our focus that's at the basis of our of our five year plan its safety and reliability type investments modernization investments and as we speak critical redundancy investments.
You know look and then every five years, we haven't do energy Master plan. So you know we could be we can be it a totally different place in the next five years, but I think from a.
From from actually I perspective.
The most important thing that we can be used market responsive and agile.
And then just thank you for that and then just going back to the solar build out given its more I guess.
Directed investment in targeted year, how do you see the earnings profile from that business going forward, meaning do you anticipate being able to maintain the same level of earnings contribution in 21 is 20.
As 2020 would or will it be more variable given the timing of investment in value of Itcs.
Yeah, I think as Mike mentioned earlier I think.
As we.
As we get into future years will be continuously evaluating the level of those investments I don't think you know the the hundred million dollar of Capex. So we've targeted for this year is it's just that are targets for this year.
In the next coming years I think we you know we can expect to remain involved in the market because of of of the goals of the energy Master plan, but ultimately those those earnings contributions will be oh, well, well well not as Mike said get up to the level that they have been historically when we were really investing.
Heavily in solar a malls and ultimately be replaced by some of the other renewable type investments that we intend to make at the utility level things like really well natural gas and other things.
Again, I think our our plan really does or.
The move.
Within our from a contribution perspective for our utilities to be 88, plus you know 85% of our of our earnings.
And again, a lot of that's going to come from kind of the parallel.
Traditional utility investment and then now some of these more were normal based utility investment, but Steve's point I think the.
You can expect utility to continue to grow as a as a relative percentage of.
[music].
Thank you.
Yes.
Your next question as a follow up question and it comes from the line of Tate Sullivan with Maxim Group.
Thank you and the detail on the solar is helpful too and I I mean, I understand E. M. P. It's every five years and not you did mention is another way to address you know that plan the installation of smart meters <unk>. What is what does that for the natural gas meters and cannot be a less spending on the utility side to get approved quickly.
Can you get more context of that please.
I'll take this is Dave Robbins I think the way we're looking at smart meters is.
Smart meters has many benefits its going to help encourage conservation, which is perfectly aligned with the M. P. As far as greenhouse emissions, it's going to eliminate a lot of truck roll as we do not have to send crews out to take the meters at all be done auto.
Adequately so lot of benefits from.
That program and you as Mike said earlier were in our.
Really exploring how this was it's going to work we've talked to a couple other gas utilities, who have the program. So we're getting a lot of good information.
And the way we see this investment in both of our utilities, we believe it would work kind of as a tracker because it will take a probably.
Our estimate maybe five years to put the program in across our customer base.
So we think it's a great opportunities for our utilities.
Okay Alright. Thank you have a good rest of the day.
Thank you did.
Ladies and gentleman. Thanks, I would now like to turn the call over to Mr. Friday unfair no further questions. At this time are there any closing remarks, you, but I can make at this time Sir.
Yes. Thank you all for joining us this morning.
As a reminder, ordering of our call today will be available on our website and as always please feel free to contact me Banff idle for analyst and investor questions or Marissa Travaline leave for media inquiries are contact information can be found on our earnings release in the earnings presentation material. So again, thank you for joining us today in for.
Your continued interest and invest in Investor day on this concludes our call have a good day.
Ladies and gentlemen that concludes today's conference call. Thank you for participating you may now disconnect.
[noise].