New Jersey Resources Corp. (NYSE:NJR) Q4 2020 Earnings Conference Call - Final Transcript

Nov 30, 2020 • 08:30 am ET

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New Jersey Resources Corp. (NYSE:NJR) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Dennis Puma

Good morning, everyone. Dennis Puma, Director of Investor Relations at New Jersey Resources, and I'd like to welcome you to our 2020 Analyst Day. I'm joined here today by Steve Westhoven, our President and CEO; Pat Migliaccio, our Chief Financial Officer as well as other members of our senior management team many of whom you'll be hearing from today.

As you know, certain statements in today's webcast contain estimates and other forward-looking statements within the meaning of the securities laws. We wish to caution persons watching this webcast that the current expectations, assumptions and beliefs forming the basis for our forward-looking statements are beyond our ability to control or estimate precisely which could cause results to materially differ from our expectations as found on slide 2. These items can also be found in the forward-looking statement section of today's earnings release, first on Form 8-K and in our most recent forms 10-K and Q as filed with the SEC. We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. We'll also be referring to certain non-GAAP financial measures such as net financial earnings or NFE, utility gross margin, financial margin, S&T adjusted EBITDA, adjusted funds from operations and adjusted debt. We believe these non-GAAP financial measures provide a more complete understanding of our financial performance and liquidity. However, they are not intended to be a substitute for GAAP.

Net financial earnings, financial margin, utility gross margin are discussed more fully in Item 7 of our 10-K. We've also provided presentations of our most comparable GAAP financial measure and a reconciliation of these non-GAAP financial measures in the appendix of this presentation. You'll find an agenda on slide 3, outlining our speakers for today. We'll then take a short and conclude with a question-and-answer period. All the slides accompanying today's webcast are available on our website and were furnished on Form 8-K filed with the SEC this morning.

As always, I want to thank you for your interest and investment in New Jersey Resources. Please enjoy the day.

Executive
Stephen D. Westhoven

Good morning, everyone and thank you for joining us today. Looking forward to this discussion and excited to share the progress we've made over the past 12 months. Our plans for the future, only wish we could have done this update in person. This is an important moment for NJR, we're holding this Investor Day to give an up close look at our Company and who we are. I'll talk today about the opportunities we're pursuing. We'll give a detailed view of our plan to deliver predictable, sustainable growth and long-term value to our shareowners. We'll talk about how our strategy increases NJRs value and how we've positioned our assets and infrastructure to be part of the clean energy economy, not only in the short term, but over the long term as we transition to decarbonization.

What you'll see is a diversified company with complementary businesses that began to