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SOUTHWEST GAS HOLDINGS, INC.

(SWX)
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Southwest Gas : 2021 First Quarter Earnings Conference Call Slide

05/10/2021 | 05:46am EDT

2021 1st Quarter Earnings Conference Call

May 7, 2021

PARTICIPANTS

JOHN HESTER

GREG PETERSON

JUSTIN BROWN

KEN KENNY

PRESIDENT AND CEO

SVP/CFO

SVP/GENERAL COUNSEL

VP/FINANCE/TREASURER

SOUTHWEST GAS HOLDINGS

SOUTHWEST GAS HOLDINGS

SOUTHWEST GAS CORPORATION

SOUTHWEST GAS HOLDINGS

May 7, 2021

2

SAFE HARBOR STATEMENT

This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These include, without limitation, our 2021 expectations for our utility infrastructure services and natural gas operations segments, estimated natural gas operations capital expenditures through 2025, projected rate base at December 31, 2025, our 2021 EPS guidance and expected long-term value drivers, as well as statements regarding our expansion projects and other investment opportunities.

Forward-looking statements are based on assumptions which we believe are reasonable, based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Part I, Item 1A "Risk Factors," and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosure about Market Risk" of our most recent Annual Report on Form 10-K and our quarterly report on Form 10-Q for the three months ended March 31, 2021 filed with the SEC, and other reports that we file with the SEC from time to time, and the following:

  • The timing and amount of rate relief;
  • Changes in operating expenses;
  • Changes in rate design, infrastructure tracking mechanisms;
  • Customer growth rates;
  • Conditions in housing markets;
  • The effects of regulation/deregulation;
  • The impacts of construction activity at our utility infrastructure services segment;
  • The impacts from acquisitions;
  • The impacts of the ongoing COVID-19 pandemic and efforts to prevent its spread on our business;
  • The impacts of stock market volatility; and
  • Other factors discussed from time to time in our filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. The statements in this presentation are made as of the date hereof, even if subsequently made available on our Web site or otherwise. We do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

May 7, 2021

3

2021 HIGHLIGHTS

  • Record quarterly basic EPS of $2.04
  • Dividend increase for the 15th consecutive year
  • Updated EPS guidance
  • Added 37,000 new customers (1.8% growth rate) over the past 12 months
  • Operating margin increased $24 million
  • Issued $250 million term loan due March 2022 to fund incremental gas costs
  • California rate case approved by CPUC
  • Revenues increased $30 million, or 9.1%
  • Supported customers with restoration services following winter freeze event
    ($9 million of incremental revenue)
  • EBITDA of $26.7 million, a $13.2 million, or 98% increase

May 7, 2021

4

OUTLINE

Financial Results - March 31, 2021

Liquidity and Capital Expenditures

Dividend and Rate Base Growth

Regulation

Diversified and Growing Customer Base

Sustainability Focused

2021 Expectations

May 7, 2021

5

Disclaimer

Southwest Gas Holdings Inc. published this content on 08 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 09:45:02 UTC.


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Financials (USD)
Sales 2021 1 459 M - -
Net income 2021 243 M - -
Net Debt 2021 3 099 M - -
P/E ratio 2021 17,2x
Yield 2021 3,33%
Capitalization 4 120 M 4 120 M -
EV / Sales 2021 4,95x
EV / Sales 2022 4,65x
Nbr of Employees 11 149
Free-Float 99,2%
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Technical analysis trends SOUTHWEST GAS HOLDINGS, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 71,04 $
Average target price 75,50 $
Spread / Average Target 6,28%
EPS Revisions
Managers and Directors
John P. Hester President, Chief Executive Officer & Director
Gregory J. Peterson Chief Financial Officer & Senior Vice President
Michael J. Melarkey Chairman
Karen S. Haller Chief Legal & Administrative Officer, Executive VP
Robert L. Boughner Independent Director