The Southern Company Q1 2023 Earnings Call
Okay.
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Good afternoon. My name is Cathy and I will be your conference operator today at this time I would like to welcome everyone to the Southern company first quarter 2023 earnings call.
All lines have been placed on mute Brent any background noise.
After the Speakers' remarks, there will be a question and answer session.
At that time, if you have a question. Please press the one followed by the four on your telephone.
But any time during the conference you need to reach an operator, Please press star zero.
As a reminder, this conference is being recorded Thursday April 27th 2023.
Now the conference over to Mr. Scott Campbell, Vice President Investor Relations and Treasurer. Please go ahead Sir.
Thank you Kathy good afternoon, and welcome to Southern company's first quarter 2023 earnings call. Joining me today are Chris Womack President of Southern Company, and Dan Tucker Chief Financial Officer, Let me remind you we'll be making forward looking statements. Today in addition to providing historical information various.
Important factors could cause actual results to differ materially from those indicated in the forward looking statements, including those discussed in our Form 10-K Form 10-Q and subsequent filings.
In addition, we will present non-GAAP financial information on this call reconciliations to the applicable GAAP measure are included in the financial information. We released this morning as well as the slides for this conference call, which are both available on our Investor Relations website at Investor that Southern company Dot Com.
This time I'll turn the call over to Chris Womack.
Thank you Scott and good afternoon, and thank you for joining us I am delighted to be joining you today on my first earnings call as president of Southern company.
I've enjoyed getting the opportunity to interact with many of you over the last couple of months and look forward to meeting with many more of you in the months ahead.
I'm incredibly excited about the future of southern company, the energy industry and the valuable work that we're doing to serve our customers and communities.
I'm excited about the opportunities ahead of us and proud to be a part of a team that is making such a significant impact in building the future of energy.
As you've watched us reposition a deep talented bench across the system.
Our mission remains unchanged provide our customers and communities with clean safe reliable and affordable energy, while continuing to keep our customers at the center of everything we do.
Also unchanged is our goal to deliver superior risk adjusted total shareholder return and I believe our financial plan supports that objective.
Strength of our value proposition and it is a function of our customer and community focused business model the robust economic growth in our service territories and the constructive regulatory frameworks in our states.
It is also a function of our discipline as we remain committed to our objectives of strong investment grade credit ratings with a regular predictable and sustainable dividend policy.
Along with our focus on long term execution and value accretion we are executing on a loan on our plans as we believe.
And believe we're well positioned to achieve our financial objectives for 2023.
Dan I'll now turn the call over to you for our financial update.
Chris and good afternoon, everyone for the first quarter of 2023, our adjusted EPS was <unk> 79 per share 18 cents lower than the first quarter of 2022 and nine cents above our estimate.
A major driver for the variance to last year was milder than normal weather as the first quarter of 2023 was the warmest on record in the South East.
Higher depreciation and amortization and interest expense also impacted earnings for the first quarter compared to last year and were somewhat offset by constructive state regulatory actions a complete reconciliation of our year over year earnings is included in the materials. We released this morning.
When looking at adjusted EPS impacts compared to our estimate for the quarter. The main drivers were a strong start for our state regulated natural gas utilities and continued strong electric and gas customer growth.
Given the mid February timing of our last earnings call. We were able to factor model milder than normal January and February weather into our estimate for the quarter. So weather was not a major driver of our performance versus our estimate.
You may recall that our adjusted earnings in the first half of 2022 were significantly better than projected due to weather and other market driven factors or early 2022 outperformance supported our full year adjusted EPS performance.
And enabled us to accelerate maintenance activities in several areas of the business.
Those initiatives initiatives had us well positioned with additional spending flexibility entering 2023.
Such that we expect a significant weather impact we experienced in January and February should be manageable over the remainder of the year, assuming a return to more normal weather throughout the balance of the year.
Turning now to retail sales and the economy in the first quarter weather normal electric retail sales were 0.4% higher than the first quarter of 2022.
This increase reflects stronger residential and commercial sales from continued robust net in migration to our service territories, a strong labor market and a return to more normal business trends.
Industrial sales for the quarter were down one 6% as we are beginning to see weakness in housing related sectors, such as stone clay and glass lumber and textiles did inflationary pressures and higher interest rates.
Half of the industrial variance for the quarter compared to last year can be attributed to the closure of a caustic soda manufacturing facility in Alabama excluding.
The impact of this single customer industrial sales were down approximately eight.
8%.
And a trend that continues to differentiate our southeast service territories for many other areas of the country.
We once again saw record levels of economic development activity with job creation and capital investment announcements at all times high all time highs in the first quarter.
We are beginning to see supplier announcements related to the ribbon and Hyundai electric vehicle manufacturing facilities in Georgia with six supplier announcements made during the quarter totaling over 4200 jobs and nearly $2 billion in capital investment.
We expect additional automotive supplier announcements in the coming months.
Beyond the automotive industry Q cells recently announced a new 2 billion dollar solar panel and component manufacturing facility in Georgia, which is expected to create 2000 jobs. Additionally.
Additionally, the port of Savannah continues to set records posting its highest national market share ever and second busiest February on record.
The port continues to expand capacity, including the recent announcement of the addition of 55 electric cranes, which are expected to eliminate a 500000 gallons of diesel consumption and related emissions per year.
Before I turn the call back over to Chris I'd like to call your attention to our recent dividend increase at its last meeting the Southern company Board of directors approved an eight cent per share increase in our common dividend raising our annualized rate to $2.80 per share.
This action marks our 22nd consecutive annual increase and for 76 consecutive years dating all the way back to 1948 Southern company has paid a dividend that was equal to or greater than the previous year.
This remarkable track record supports southern company's value proposition.
And lastly for me our adjusted EPS estimate for the second quarter is 75 cents per share Chris.
Chris I'll turn it back over to you.
Thank you Dan.
Before taking your questions I'd like to first provide an update on recent progress on plant Vogtle units three and four.
Importantly, the projected completion timeline and capital cost forecast for both units are unchanged from the update that we provided last quarter.
Since that time, we've seen sustained progress consistent with our expectations for each unit.
At unit three we've achieved initial criticality in March.
And successfully synced to the grid earlier this month.
We continue to work through final startup testing and commissioning and are currently performing testing at the 50% thermal power plateau.
This testing is expected to continue in the coming weeks with extensions to higher power of plateaus enforced trips to test the units safety systems.
Following completion of this final testing sequencing and consistent with our long term plans, we expect unit three to enter into a brief maintenance outage window before returning to full power.
After the successful completion of all appropriate pre operational and power extension testing as well as any necessary fine tuning unit three will be ready for commercial operations.
We continued to project, placing unit three in service in May or June of 2023.
Turning now to units for.
Substantial progress continued throughout the last quarter.
With hot functional testing commencing in March.
With lessons learned from unit three continuing to benefit our execution on unit four hot.
Hot functional testing has approximately 80% complete.
We have already achieved peak plan output of the test and are currently in the process of cooling the unit back down with progress throughout the test that has been consistent with our plan.
We project to complete hot functional testing in the coming weeks to be followed by a planned inspections and surveillance along with the middle of a final I tax receipt of the 103 G. Finding from the NRC and fuel load later this year.
Only six systems remain for turnover, which is testing for unit four and we continue to project an in service date between late fourth quarter 2023 and ended the first quarter.
'twenty 'twenty four.
We look forward to sharing our exciting progress in the weeks and months ahead as you're bringing these units online to provide reliable carbon free energy to the benefit of our customers and the state of Georgia for decades to come.
In closing.
I'd like to highlight the southern company was named the top utility on Forbes magazine Best large employers in America 2023 rankings. We ranked nearly 100 places higher the next industry peer and the top 15 of the 500 large employers ranked for the second.
Consecutive year.
Being recognized amongst the best in the nation. Once again is an honor.
This accolade is particularly gratifying because it is directly based on employee feedback.
We are committed to creating a workplace where all groups are well represented included and fairly treated with all within all levels of the organization and that and that everyone feels welcome C. I.
And respected.
At Southern company, we aspire to be a leader in our industry as such we will continue to strive to create the best workplace possible for our thousands of team members, who work tirelessly each and everyday to provide world class service to the customers that we have the privilege to serve.
Thank you for joining us this afternoon, operator, we're now ready to take questions.
Again to register for a question. It is the one four on your telephone.
And our first question kind of line of Steve Fleishman with Wolfe Research. Please proceed.
Hey, Steve Good afternoon.
Hey, good afternoon, Chris Congrats.
On your first call role.
Thank you.
You bet.
And Hydra, Tom out there I'm sure he's listening but.
Ah the Ah <unk>.
Just on could you just remind us for the prudency filing in Georgia, when when that when that comes in roughly.
When that's going to be scheduled this year.
Fuel load on unit four.
Right now we're looking to for units for fuel owe to occur in the July timeframe. So we're working we'll work with the commission and the staff on moving through that process, but it will get started as we enter fuel load on unit four.
Okay.
And take like I think most things pick six months pretty much yeah. We charge, we expect six yes six months is the time frame we expect today.
Okay.
And then I think I know you mentioned the remaining process for unit three startup, but just.
The testing so far I mean, obviously you kept the timeline, but so far the testing is it fair to say everything is gone.
As planned is there any issues that have come up just any color there.
And Steve I think as you've as you've seen before things do come up I would say testing has gone very well.
Though we've experienced in trips and the systems operated as they should.
But we worked our way through it and but we continue to proceed in and move ahead.
So so far so good but you know we know Theres first time start up there's always issues. This is why we test.
And we're focused on the secondary side, but I'd say, so far so good but we continue to Oh testing is always a process that will go through to make sure we're ready for commercial operations.
Yeah, Okay. Thank you very much thanks.
Thanks, Steve.
Yeah.
And our next question comes the line of sharp <unk> with Guggenheim Partners. Please proceed.
Shar good afternoon to you my friend.
Good afternoon, Chris you got it Chris did you guys recently, just around the 24 guidance kind of loaded on the back of ongoing inflation and interest rates I guess, how are you seeing things develop now and do you see kind of opportunities to manage.
Your exposure like we saw with the prior convertible note issued in February got a bit of a better sales outlook today I guess what are some of the pushes and takes since you revise that twenty-three guide it seems like there's some incremental tailwind here. Thanks.
Sure are you asking about 23 or 24.
24.
Okay. So let me start and then I'll kick it to Dan we'd we moved the lower end of rock band down because as we as we pushed out.
I expect the startup of <unk>.
Commercial on unit four.
Move that we lowered the range down to 395, so that was based on the the push on the schedule for unit four Dan you want to comment on any other aspects of our guidance Yeah and just following on to what Chris said you know once we have clarity, which again will be the end of this year early next year on unit four.
Or will narrow that 'twenty 'twenty four guidance down to something that's more akin to what we typically do we go around to a 10 cent Ranger. So based on the actual in service date, all the other moving parts you mentioned Xiaomi, we kind of are where we were we are executing in a way to make sure that we're managing where we.
Two we will continue to be creative and thoughtful around how we're financing, particularly at the parent company I think the convertible deal was a tremendous success you know, we'll see what other opportunities we have not necessarily that specific instrument, but just to be opportunistic in the way. We do that and then from a cost perspective, you know everyone is seeing pressures in and we.
Our no different but we've got a lot of efforts underway to make sure that we're running the business as efficiently as we can in a way that's that continues to support that guidance range.
Got it and then just Christian can kind of curious maybe just your overall thoughts on the cost side, because southern doesn't really have a stated cost cutting target like some of your peers. Despite obviously you guys managing O&M fairly well I guess looking at things kind of from a fresh lens are you seeing opportunities to cut cost.
Cost incremental to your current plan, maybe at the Holdco level like shared services or even at the Opco is I mean, I guess is there any opportunities you see as a new CEO that could be additive to plan as we're thinking about maybe further streamlining the business.
Yeah and chart out I would say, it's a wonderful question not build on what Dan said I mean, we will continue to look at how we can run this business more efficiently.
Are there opportunities to two to create shared service opportunities to find efficiencies in places we will do that.
As you know Theres, a lot of conversation and interest in and we take it very seriously the issue of affordability and so we will continue to find ways to to put downward pressure on our pricing find ways to look at the interest rate and inflation implications, but look to find ways to make sure my O&M perspective.
That is either flat or declining.
Over a force cant forecast periods. So we will continue to do that and pursue those kind of opportunities and we've done it in the past and we'll continue to do it in the future and I'd say in addition to the particularly the shared service areas as Chris mentioned, one of the other great opportunities, we have which you'd you'd hope we would have is to really optimize how are you.
Internal resources are deployed.
Between operating expenses and capital investments. So we're certainly doing everything we can to optimize the way they're deployed to focus on our capital spend.
And reduce cost at the same time.
Terrific, Thanks, guys and congrats Chris on your first call of many I appreciate it.
Again, thank you very much.
Yeah.
And our next question comes to line of Ross <unk> with UBS. Please proceed.
Hey, Ross good afternoon, Chris asked.
Afternoon afternoon again.
So Dan I just wanted to go through the seasonality again, you kind of you kind of brought it up in your prepared remarks, but I just want to make sure I fully understand the drivers there.
Can you hear about.
With over two hours in the first half of 'twenty two when you've got a little over about 50 in.
In the first half of 'twenty three so if I if I heard you correctly, you said that that outperformance in 'twenty two I didn't put a lot of O&M forward into the year.
So that's part of it but there.
Theres other pieces here Q I think one would be.
A reduction in part of the vocal penalty once unit three goes in and then I think there were some sharing.
Outside the band in Q4 of last year. So other than those three pieces is there anything I'm missing around sort of getting getting back into the guidance range with a better second half this year versus last.
Yeah, not in terms of getting back but in just in terms of making those comparisons year over year or so I think the other important moving part that we saw in the first half of last year that really helped us get up to that strong start was earnings that were really driven by where energy prices were so not only.
Our regulated side, we had some commercial industrial pricing that benefited from that but also on the southern power side got off to a great start just because of where market energy prices weren't allowed us to do a lot of those things. So when you're doing the year over year comparison that will be a difference big thing that you brought up that's just not as <unk>.
Obviously always looking at this is the kind of you know.
Rebates of refunds back to customers notion that was a significant element of the second half of last year. If you combine all of our jurisdictions in terms of either what was accrued to refund back to customers or what was put into regulatory reserves that we have.
Your liability reserves and some of our jurisdictions that was 33 cents just in the fourth quarter and so that's a pretty significant year over year reconciling item that won't necessarily be there this year, but we'll still be able to support that $3 60 as a midpoint.
Alright, Thanks for that Dan and then on the industrial sales decline you mentioned about half of that was sort of a one off item due to the caustic soda facility.
The restaurants kind of like seeing it in lateral housing related sectors. Many X housing what are you seeing for any economic backdrop currently.
In that context.
Yeah, you know, it's still in I want Chris to kind of add onto this but just from an overall sales perspective still seeing year over year growth and a lot of sectors. There is a bit of slowing going on but the overall strength here in the southeast continues to show itself, Chris you want to add anything there yet and so we look at the economic development pipeline.
Here in the South east, which remains to be robust, but I look at.
First quarter 23 versus the first quarter 'twenty, two and the announced projects expect like 10010, plus thousand jobs and some $4 billion of investment here in Georgia, and Alabama also sees increases around EV and battery supply chain and the pipeline continues to be to be very full so we continue.
To be excited about the economic activity that cannot development pipeline.
From population growth and migration to the customer growth, we saw some 11000 on the electric side.
6000 on the gas side. So we continue to see very positive factors that you know some people say there may be a recession, but we think here in Ontario, or it may be lessened because of this ongoing continued economic strength in economic activity that we continue to see.
That's great Christian Thanks for that Dan and maybe maybe this is an unfair question, but I'm going to pose it anyway.
Sure.
How do you think about I mean, we've seen in the press this week and EPA power plant will potentially coming.
Around natural gas and emissions reductions.
How do you how do you think about that in terms of sustainability achievement merchant.
The ability of reliability.
Because natural gas is definitely needed for both of those things as we work through the energy transition you know what are the risks and opportunities around that type of regulation.
Yes.
Let me break that up in two parts I mean, I think in terms of the proposal using the process before and that will go through a number of different iterations and if when when we're in there is in final rule, we'll assess it and understanding and figure out what it means to us.
I mean, we have been pursuing our fleet transition our focus on sustainability.
And with a real commitment of balancing affordability will sustain sustainability and moving toward toward net zero I mean, and we'll continue to do that as we go through this fleet transition so.
We will continue and so whenever a new rule comes out.
We'll take a look at it I would also say I think for the economy natural gas is very important natural gas is important.
To this country to the economy.
A lot of regions that cannot.
From an affordable affordability standpoint make the transition to all electric and so I think from a national energy policy standpoint, I think it's important to recognize the importance of natural gas as we go forward. So that'd be my response to that question.
Yep.
Anymore, Chris Thank you very much.
Thanks Ross.
And our next question comes the line of Julien Dumoulin Smith with Bank of America. Please proceed.
Hey, Julien how are you this afternoon my friend.
Hey, absolutely. Thank you for the time, Chris appreciate it nice to see out of you Congrats again.
Thanks, Melissa that absolutely it's nice to have you.
With that said look I want to pivot back to the credit conversation as we kind of pivot out of the three years before you look at the timeline is getting a little bit narrow here.
What are you guys thinking today about the prospects of credit improvement what kind of metrics would you want a target obviously you've seen some gyrations there through the course of construction how far do you want to go on that improvement side, what does that mean in terms of like targeted broad metrics again, I get that the rating agencies have different metrics. They target and then ultimately what does that translate.
Two in terms of the target for you guys and the timeline there right as you look at this in service.
Yeah, Julian it's Dan so.
Look with once Vo with three and four is in service reflected in rates from a cash flow perspective, and we've talked about this for its about a 700 million dollar improvement in our operating cash flow and thus improvement in F. F O from an F F O to debt perspective, what that means is <unk>.
Given the rest of our business combined with that improvement we should be comfortably in a let's just call. It 17 ish zone from an episode of debt you know it could be as high as 18 years could be in the high sixteens, but comfortably above certainly current ratings thresholds.
And what I've continued to articulate as an objective to have all of our regulated utilities in the a category.
And our parent company at Triple B, plus and I think we can achieve that without having to do anything but execute.
Right, but that are further improving.
In terms of the underlying metrics per se.
Absolutely.
Okay, and then sorry, if I can pivot one more subject here just to touch on Georgia, Georgia power, specifically around solar opportunities I know that IRA is unlock certain opportunities I know that this is in flight in the process, but maybe not necessarily right, but prospects for investing on that front, obviously, you've had the southern power placeholder, but I'll focus more specifically on solar at Georgia power.
Sure Ed or any of the other opco today post Iraq.
And given the yeah.
The opportunities and we'll be working with the commissions ought to pursue those opportunities for us to to build in all more renewables as we go forward taking advantage of the opportunities that the inflation reduction act affords us and the opportunity. We have is not just looking at the lease cost, but also but who's the best cost owner of these projects going forward. So.
It's a wonderful opportunity for us, but also I think as you mentioned there are also opportunities for southern power.
As we go forward. So there are wonderful opportunities for us as we go forward and we're looking forward to fully investigating and executing around them.
Got it but maybe in the next quarter or so we'll get a little bit more detail there.
We'll keep you posted.
All right excellent well leave it at that thank you guys. Good luck alright, well see you soon thanks Julien.
And our next question comes the line of David Arcaro with Morgan Stanley . Please proceed.
Hey, David.
Hey, there.
Good afternoon, and thanks, so much for your time.
A couple of quick questions on on the Vogel units I was wondering when would we expect unit three to be running at full capacity, we've seen it ramping up and down getting too.
50% power wondering when we might see that.
At full capacity and then.
Just on that unit to have the.
You touched on this before but has the testing in and running so far been going smoothly enough to.
<unk> did not push out any like incremental delays within them that made a June timeframe.
No and so we're not announcing any schedule shifts or our cost estimate increases.
You know harvest empowers sometime in May.
I mean, we're working through the process, we're doing all the testing and we're wrapping up I would say look for some time in may to get to 100% power.
Okay got you. Thanks, and then on on unit four just during hot functional I guess similar question have you seen any.
Issues pop up during that testing phase that would add incremental time, even within the.
For Q2, <unk> 'twenty 'twenty four window.
And I think as we said, we're about 80% complete on hot functional on unit four.
And I think it is clear that we have taken lessons learned from our unit three experience.
And there are no issues to note and so I'd say so far so good.
And many of you recall you may recall unit three took us about 94 days and so we're now 80% complete and if we stay on schedule sometime in early May we will conclude hot functional testing and and then look toward our critical path items of eye, Taxane and testing and look into.
Fuel sometime in July so.
So far so good.
So that's kind of that's where we are but we've been the lessons learned from unit three unit for I think are clearly reflecting is showing up as we go through hot functional testing on unit four.
Okay, great. That's good to hear thanks, so much thank.
Thank you very much.
Our next question kind of find enough Turkish Chopra with Evercore ISI. Please proceed.
Good afternoon.
Hey, good afternoon, Chris Thanks for thanks for taking my question.
Just first Chris you talked about the maintenance outage at unit three I just want to confirm that's just standard process right. That's not an added step yeah. It's.
Go ahead Douglas.
No. That's it please go ahead.
Yeah, no you're right I mean, a standard outage I mean, there are some testing equipment that has to be removed and some things that we have learned and so we will fine tune some things may be some remediation that will will occur.
Probably about a 10 day maintenance outage, but yeah I mean, it's it's it's standard and was expected.
Perfect. Thank you for clarifying that and then maybe I can just pivot to the the Georgia power.
Under recovered fuel filing I believe you made that in February .
Any initial stakeholder feedback there.
Oh.
You know the last call, we talked about perhaps offsetting some of that balance that lower gas prices going forward as we see it just anything you can share with us on that front would be great. Thank you as you've met yeah. As you May know, we reached a stipulation with the staff and we're looking at about a 12%.
Rice increase on retail rates over three year period to recover that unrecovered fueled ballots and that would take take effect in in June .
And that is lower than what our initial request was and 30 P less 30% less than what we expected and I think as we look at this this outcome. This stipulation it reflects kind of rush sensitivity and are interested in and paying attention to affordability and recognizing that we must recover this.
To recover fuel balance, but how do we do it in a manner that minimizes the impact on customers and so that's kind of where we are.
More more hearings in consideration to take place, but the rates will take effect starting in June .
Perfect. Thanks, so much.
You're welcome Thank you Douglas.
And our next question kind of slaves Sophie Karp with Keybanc. Please proceed.
Hi, Good afternoon, how are you doing low good afternoon, Thank you and welcome.
Thank you. Thank you.
Thanks for taking my question.
Most of my questions have been answered actually let me just maybe throw this one that you guys at with Volvo moving toward the completion units three and Union Falcon. They remain on track to be completed in the direct line of vision.
Would you take some time.
The medium term to have another look at the businesses that you own and maybe figure out which ones are.
The.
<unk> kept otherwise.
Optimize our business mix or are you quite happy with what you guys right now.
I mean, I think you kind of speak to it.
But as we have success on Vogtle, three and four it does give us the opportunity to.
Unlock the full value of this company and counter regain a premium valuation.
And we will look at our business.
We will look at all parts of it in terms of from a buyer and seller perspective.
And the thing about it is I say, we've got and we will always look our handover, we feel real good about the cards that we have made will always do our homework.
We will look at whether what others have extracted in the marketplace, but we will also look and see some things we can do better.
We don't have any equity needs I mean, we're in a very very good spot and so I just think it's an opportunity for us to really unlock full value in the full potential of this company as we go forward.
Okay well. Thank you so much that's all for me.
Thank you.
Our next question comes from the line of Angie Straczynski must see part. Please proceed.
Hey, Angie how are you.
Very good so I'll ask this question so would you actually be willing to acquire some assets now that you have.
Seemingly a clean slate eventually you have no equity needs.
You have a strongly improving cash flow and there are assets available for sale mm for now the way. We look at you guys you basically sell for roughly the debt.
And the effect of average earnings growth switch.
Cannot believe that you would be happy with.
And Angie had been I'll tell you and I I think I said it on the on.
On the last answer to the last question. We are excited about the progress we're making through on these vogel units and we're looking forward to bringing both units online and getting those units completed.
Once we do that I mean, we really going to focus on really making sure that we are unlocking the full potential in the full opportunities for this business that we have and we are large enough to do this as a standalone.
At the same time, we're continuing to always look at our look at the market look over at hand, as I said from both a buyer and seller perspective.
We will always continue to do our homework, but we feel good about where we are.
Uh huh.
You know five to seven is good enough roster to be the best risk at a risk adjusted return and in the industry and we felt feel good about where we are.
Okay. That's all I have thank you.
Thank you.
Our next question comes the line of Ashford Conn was variation. Please proceed.
Ashok.
Pretty good congratulations my my questions have been answered thank you.
Thank you very much have a good day.
Thank you that will conclude today's question answer session. Sir are there any closing remarks.
Oh gosh, we thank you for for being with Us today.
And we look forward to speaking with you in the future.
But otherwise operator, thank you very much for the call.
Thank you, Sir ladies and gentlemen, this concludes the southern company first quarter 2023 earnings call. You May now disconnect have a great day.
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