Good day, and thank you for standing by. Welcome to the SJW Group third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Andrew Walters, Chief Financial Officer and Treasurer. Please go ahead. Thank you, Shannon. Welcome to the 2022 third quarter financial results conference call for SJW Group. I will be presenting today with Eric Thornburg, Chair of the Board, President, and Chief Executive Officer, and John Tang, Vice President of Regulatory Affairs and Government Relations. For those who would like to follow along, slides accompanying our remarks are available at our website at www.sjwgroup.com. Before we begin today, I would like to remind you that this presentation and related materials posted on our website may contain forward-looking statements. These statements are based on estimates and assumptions made by the company in light of its experience, historical trends, current conditions, and expected future results, as well as other factors that the company believes are appropriate under the circumstances. Many factors could cause the company's actual results and performance to differ materially from those expressed or implied by the forward-looking statements. For a description of some of the factors that could cause actual results to be different from statements in this presentation, we refer you to the financial results press release and our most recent Forms 10-K, 10-Q, and 8-K filed with the Securities and Exchange Commission, copies of which may be obtained on our website. All forward-looking statements are made as of today, and SJW Group disclaims any duty to update or revise such statements. You will have an opportunity to ask questions at the end of the presentation. As a reminder, this webcast is being recorded and an archive of the webcast will be available until January 23, 2023. You can access the press release and the webcast at our corporate website. I will now turn the call over to Eric Thornburg. Eric? Welcome, everyone, and thank you for joining us. I'm Eric Thornburg, and it is my honor to serve as Chair, President, and CEO of SJW Group. We thank our 700+ employees for building and maintaining a culture of service and their commitment to serve customers, communities, the environment, and each other. They know that there's no substitute for clean drinking water, reliable service, and a healthy natural environment. We welcomed Bruce Hauk to our team in August. His leadership style aligns with our company's values and is already making an impact as a member of our executive leadership team. Over his 26 years in the water industry, he's built productive working relationships with regulators and local officials. Bruce's expertise and strong track record in utility operations, acquisitions, and business development will build on SJW Group's successful growth strategy that has expanded our footprint and transformed us into a multi-state water and wastewater company. We had a solid third quarter, despite some continuing headwinds led by regulatory delays in our California general rate case and cost of capital proceedings. Our GRC settlement agreement with the Public Advocates Office was approved by the California Public Utilities Commission on October 6, just after the quarter ended. The increase in authorized 2022 revenues, which will be retroactive to January 1, 2022, will be reflected in Q4. Our team has overcome supply chain issues that have caused longer lead times for some materials necessary to deliver our capital projects. Despite the challenge, our capital spending is on target for 2022. Likewise, inflation is affecting our operating expenses as it is across many sectors of the economy. In California, we are allowed an annual inflation adjustment. In all our other operations, we're focused on blunting the impact of inflation where possible, but this will not come at the expense of our commitment to water quality, reliable service, our people, and the environment. In the third quarter, we also celebrated the commissioning of our $60 million water treatment facility in Biddeford, Maine. The Saco River Drinking Water Resource Center is a generational investment that will serve the customers and communities into the next century. High-quality drinking water and reliable treatment is just the start. The center is a resource in the community to raise awareness about the importance of protecting and preserving drinking water and the environment. We reaffirm our 2022 guidance of $2.30-$2.40 per share. Andrew Walters will now discuss our financial results. Andrew? Thank you, Eric. Yesterday at the close of business, we released our third quarter 2022 operating results, reporting net income for the quarter of $25 million or $0.82 per diluted share on revenues of $176 million. This compares to 2021 quarterly net income of $19.1 million or $0.64 per diluted share on revenue of $166.9 million. The change in diluted earnings per share for the quarter was primarily driven by cumulative rate increases of $0.32 per share, a $0.26 per share production cost savings due to lower customer consumption, an increase in our California utility surface water production, and a $0.13 per share increase due to the impact of our California Utilities Water Conservation Memorandum account. These increases were partially offset by production cost increases of $0.31 per share, a decrease of $0.14 per share due to lower water sales, and a $0.10 per share decrease as a result of changes in our Connecticut Water Revenue Adjustment account, otherwise known as a WRA regulatory mechanism, which I will discuss later in my comments. As Eric noted, we received approval from the California Commission on the settlement agreement with the Public Advocates Office on October 6, 2022. The decision will be applied retroactively to January 1, 2022. John will provide further information on the decision and the impact in his comments to follow. Also of note, our California utility continues to operate under a mandatory call for water conservation declared by Valley Water, our wholesale water supplier. The declaration calls for a 15% reduction in 2022 water consumption as compared to 2019. During the third quarter, conservation by our California customers resulted in a usage decrease of 16% for residential customers and 10% for business customers. Turning to revenues, we recognized a quarterly revenue increase of $9.1 million compared to the third quarter of 2021. The increase was primarily attributable to $9.5 million in cumulative water rate increases and $5.1 million in the recognition of balancing and memorandum accounts in California, which included $3.9 million related to our WCMA and $1 million related to our Monterey Water Revenue Adjustment mechanism. These increases were partially offset by a $4.3 million decrease in customer usage and a decrease of $2.9 million due to the Connecticut Utilities WRA. Of the $2.9 million WRA reduction, $4 million of the decrease occurred to align actual regulated revenues to allowed regulated revenues under the mechanism. Connecticut Water actual regulated revenues for the quarter exceeded authorized regulated revenues by 12%. The decrease was partially offset by a change in timing of the monthly usage under the mechanism, which shifted $1.1 million in revenue from the previous periods in 2022 to the third quarter. Water production expenses increased $1.5 million compared to the third quarter of 2021. The expense increase included $9.2 million in higher average per unit water cost, partially offset by $6 million in lower customer usage and $1.8 million as a result of an increase in our California surface water production. Other operating expenses increased $3.7 million during the third quarter, primarily due to an increase in depreciation expense of $1.7 million and a $1.2 million increase in general and administrative expenses, primarily due to increases in labor costs and higher operating costs. The effective income tax rate for the third quarter was 1% compared to 13% for the third quarter of 2021. The effective tax rate decrease was primarily due to a tax accounting method change related to repairs tax in our Connecticut utility. Turning to our results for the first nine months of 2022, revenue was $449.3 million prior year. Net income for the first nine months of 2022 was $40.3 million or $1.33 per diluted share, compared to $42.5 million or $1.43 per diluted share during the same period a year ago. The change in diluted earnings per share for the first nine months of 2022 was primarily due to cumulative rate increases of $0.79 per share. A $0.66 per share decrease in production cost attributable to lower usage and an increase in California surface water production. A $0.20 per share increase in the balancing of memorandum accounts in California and a $0.11 per share non-recurring gain on the sale of non-utility property, net of non-recurring TWA purchase price holdback we recorded in 2021. These increases were offset by production cost price increases of $0.73 per share, a decrease of $0.33 per share in customer consumption, and a $0.29 per share decrease from the impact of Connecticut WRA. In addition, depreciation increased $0.27 per share. General and administrative expenses increased $0.16 per share, and the change in California cost recovery, balancing, and memorandum accounts resulted in an increase of $0.12 per share. Our year-to-date 2022 nine-month revenue increase was primarily due to $22.2 million in cumulative rate increases, $5.8 million in balancing and memorandum account changes, which included a $2.8 million related to WCMA and $2 million related to the Monterey RAM. The $3.7 million in new customers. This increase was partially offset by a decrease in customer usage of $9.1 million and a decrease of $8.3 million related to the Connecticut WRA. Of the $8.3 million WRA, $4.8 million of the decrease occurred to align general rate case revenues to allowed rate case revenues under the mechanism. Connecticut Water actual general rate case revenues year to date has exceeded authorized general rate case revenues by 6%. In addition, the change in timing of monthly usage under the mechanism noted in my comments on the quarter resulted in a $3.5 million revenue decrease for the first nine months of 2022. This timing difference will reverse in the fourth quarter of this year. Water production expenses increased $3 million in the first nine months of 2022. The increase was primarily due to $20.4 million in higher average per unit water supply cost, partially offset by a $13.3 million decrease in customer usage and a $5.4 million increase in our California surface water production. Other operating expenses increased $11.3 million in the first nine months of 2022, primarily due to a $7.6 million increase in depreciation expense and a $6.4 million in higher general and administrative expenses, primarily due to increases in labor and higher operating costs. In addition, cost recovery balancing and memorandum accounts increased $2.1 million, and taxes other than income increased by $1.5 million. Also in 2022, we recorded a $5.5 million gain on the sale of non-utility property. No similar gain was recorded in 2021. The change in other income and expense was primarily attributed to our 2017 TWA sale holdback, which was released in the second quarter of 2021. No similar activity occurred in 2022. The effective income tax rate for 2022 was 8% compared to 11% for 2021. The effective tax rate decrease was primarily due to a tax accounting method change related to repairs tax in our Connecticut utility. Turning to our capital expenditure program, we have added $58.9 million in company-funded utility plant in the third quarter of 2022, bringing the total company-funded additions for 2022 to $160.5 million. Our 2022 cash flows from operations increased approximately $29 million over the same period in 2021. The increase was primarily due to an increase of $34.2 million in regulatory assets due to balancing the memorandum account activity and an increase in general working capital and net income, adjusted for non-cash items of $5.2 million. These increases were partially offset by $4.5 million in payments for previously invoiced and accrued, an increase of payments for postretirement benefits of $3 million, and a decrease of $2.9 million related to higher accounts receivable balances. At the end of the quarter, we had $150.8 million available on our bank lines of credit for short-term financing of utility plant additions and operating activities. The average borrowing rate on the line of credit advances during the first nine months of 2022 was 2.79%. The average borrowing rate for the same period of 2021 was approximately 1.34%. Recent borrowing costs on the line of credit are around 4%-4.6% as a comparison and are projected by the Street to increase even further in 2023. With that, I will stop and turn the call over to John. Thank you, Andrew. As mentioned earlier, in October, the CPUC approved a settlement agreement between San Jose Water and the Public Advocates Office for the 2021 GRC that covers 2023 to 2024. We are appreciative of the CPUC's and Public Advocates Office's recognition of the critical work water utility professionals perform each and every day, and this is reflected in our GRC decision. I also extend my deep appreciation to our customers, employees, and community leaders who have and continue to support the essential work we do. The decision benefits both San Jose Water and its customers by recognizing the need for continued investments in the water system to deliver safe and reliable water service and authorizes a three-year, $350 million capital budget. The $25.1 million in additional 2022 revenues authorized in the GRC will be retroactive to January 1, 2022. Because the decision came after the close of the third quarter, those revenues will be reflected in our fourth quarter results. We estimate the additional revenue will be about $0.51 per diluted share. A three-year revenue increase of $54.1 million was approved prior to authorized inflation adjustments, if any. The constructive decision also reduces earnings volatility by addressing the water supply mix and further align the actual versus authorized usage. The water supply contribution from San Jose Water's surface water has been lowered to 1.8 billion gal from 2.6 billion gal, and the decision establishes a full cost balancing account for water and energy costs. Among other provisions in the final decision, recovery of $18.2 million from various existing balancing and memorandum accounts and an increase in fixed charges on water bills to recover 45% of the authorized revenue requirement, which is up from 40%. Filings are being processed to implement new rates as well as recover memorandum and balancing and interim revenue accounts. We will provide an update in Q4's results. The 2022-2024 cost of capital proceeding for the four large Class A California utilities is pending before the CPUC. San Jose Water's cost of capital application requested a return on equity of 10.3%, a capital structure of 55% equity to 45% debt, and a decrease in the average cost of debt. The application also requested to maintain the water cost of capital mechanism authorized in previous proceedings. This mechanism allows the ROE to be adjusted by half of the change in the Moody's AA utility bond index rate. Drought conditions continue in our California service area. We have regulatory mechanisms in place balancing the need to aggressively promote water conservation with the company's opportunity to earn its authorized return. Furthermore, the combination of the full cost balancing account authorized in our GRC and our water conservation memorandum account perform in the same manner as would a full decoupling mechanism and should further minimize our earnings volatility and maximize the opportunity to earn our ROE. On a related note, the industry will benefit from Senate Bill 1469, which was signed into law by Governor Newsom last month. As you recall, the low-income proceeding decision from 2020 eliminated the future use of the full decoupling mechanism. Water utilities could no longer request them going forward. For those that enjoyed decoupling at the time, this decision phased it out as they completed their current GRC cycle or application. Senate Bill 1469 restores water utilities' ability to request to establish or reestablish the mechanism in a future GRC application. The ultimate authority to approve decoupling still rests with the CPUC. Given the drought conditions which demand a strong conservation response, we believe decoupling will allow us to be aggressive on that front while also ensuring we can recover our fixed costs. We anticipate seeking to establish decoupling in a future application. Planning is underway for our advanced metering infrastructure project. The $100 million project, which is separate from the three-year capital budget approved in the GRC, was authorized by the CPUC this June. We anticipate the bulk of the spend to occur in 2024 through 2026. The current level at Lake Elsman will likely support approximately 1.8 billion gal in total production for 2022. As shown on this chart, Lake Elsman is slightly below the five-year average and higher than in the same period in 2020 and 2021. This should bring total service water production in 2022 close to or equal to the volume authorized in the recently approved GRC. We now have a full cost balancing account for water supply and energy costs, providing protection in instances where actual water supply mix diverges from what is authorized, thereby allowing us to recover our actual costs. With that, I will turn the call back over to Andrew. Thank you, John. In Connecticut, the Public Utilities Regulatory Authority authorized recovery of $10 million in completed projects through the Water Infrastructure Conservation Adjustment mechanism. The increase in the WICA surcharge was effective July 1, 2022. WICA contributed approximately $1.2 million in revenue in the third quarter. The cumulative WICA is now 3.26%, which is expected to generate approximately $3.4 million in annualized revenues. On September 23, Connecticut Water completed the acquisition of the assets of Miami Beach Water Company in Old Lyme. This is a water system for a small beach community that serves 118 customers. Maine Water Company has general rate case applications pending with the Maine Public Utilities Commission for four of its divisions. The GRCs in those divisions were required through the prior settlement agreements related to the Tax Cuts and Jobs Act. If approved as filed, the increase in annualized revenues would be $532,000. A decision is expected in the fourth quarter. Step two of the company's multi-year rate GRC in the Biddeford & Saco division went into effect on July 1, 2022, and is expected to generate annual revenue of $6.3 million. This was related to our $60 million generational investment in the Saco River Drinking Water Resource Center that went online in June. This was the middle step in a multi-year plan that is gradually raising rates in the division. The third and last filing to reflect the operating cost of the new treatment facility is expected to be submitted in early 2023. On August first, a water infrastructure charge filing for the Skowhegan division was approved by the MPUC, which increased annualized revenues by $50,000. On September 29th, the city of San Antonio approved our proposal for service area transfer with the San Antonio Water System. There are no current customers associated with this transfer, but there is developer interest in adding as much as 1,500 water and sewer connections. If completed, it will add approximately 520 acres to our water service area and 317 acres to our sewer service area. SJWTX now serves more than 26,000 water and wastewater connections between Austin and San Antonio, and its service areas are located in three of the five fastest-growing counties in the United States. SJWTX has more than tripled its customer base in 16 years under SJW Group ownership, providing service to about 76,000 people today. With a diverse portfolio of water supplies, a growing wastewater business, and continued additions to the customer base through organic growth and acquisitions, we are bullish about the prospects of SJWTX and the increased contributions to consolidated earnings. As Eric commented earlier, we're reaffirming our 2022 guidance to $2.30-$2.40 per diluted share. Our guidance is dependent on the decision in the cost of capital case in California and the completion of the four divisional GRCs in Maine in 2022. With that, I will stop and turn the call back over to Eric. Eric? Thank you, Andrew. We continue to have strong Institutional Shareholder Services, ISS, ESG ratings. Further, GRESB's infrastructure assessment places SJW Group in the top quartile of our comparison group, which includes many of our water utility peers. GRESB is a global ESG reporting and benchmarking framework. Connecticut Water Company and San Jose Water Company have helped our customers secure nearly $10 million so far in 2022 through various state and federal programs, such as the Low Income Household Assistance Program and the California Water and Wastewater Arrearage Payment Program. Both companies also offer additional assistance programs, including a reduced water rate for income-eligible customers. I'm proud of the strides we continue to make in our supplier diversity efforts. In September, San Jose Water Company received the prestigious Trailblazer Award from the Institute for Supply Management for our supplier diversity efforts. In addition, Connecticut Water, for the second year in a row, has been named a top workplace in the state of Connecticut by the Hartford Courant and Hearst Connecticut Media Group, one of only about 60 companies to receive that designation from each publication. We're especially pleased that the Top Workplace Award is based on an anonymous survey of employees on areas that include culture and company leadership. Looking ahead to 2023, our board has authorized a $258.1 million capital spending plan with $1.3 billion planned over the next five years. We are making progress on our goal to reduce greenhouse gases by 50% by 2030. We will be documenting our progress on this and other goals in the near future with an update to our last corporate sustainability report. With that, I will turn the call back over to the operator. Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. Please stand by while we compile the Q&A roster. Our first question comes from the line of Richard Sunderland with JP Morgan. Your line is now open. Hi. Thank you for the time today. Good morning. Hey, good morning. Hi, Rich. Maybe starting on the inflation side, given some of the commentary there, I'm curious what you know, if you could speak a little bit more to what you're seeing and, you know, also is this something that could impact regulatory strategy or rate case timing going forward? Thank you, Richard. Richard, appreciate the question, and let me ask Andrew to make a few comments on that, perhaps John as well. Rich, I think we've got the inflation picture in mind in the existing strategy that we have. We are planning to, you know, move forward on a regular cycle in our Connecticut utilities, and it means that we would file sometime during 2023 with an idea towards having rates effective for 2024. I will maybe turn it over to John to talk about California, our other major utility. As it relates to Texas before I do that, though, Texas continues to grow and is continuing to outpace that. But we are looking at regulatory mechanisms there that will continue to manage our revenues and with our investment in that utility. Yeah. Hi, good morning, Richard. So the inflation factors will be reflected in our escalation and attrition year increases for 2023 and 2024. Those are really just published indexes that are going to be used. You know, it's fairly standard here in California to do that. Having said that, as we think about our 2025 general rate case application—I'm sorry, our 2024 general rate case application, I should say, we are going to true up those costs, which will include the pressures of inflation on those true-up costs. As you know, we have a triannual cycle here in California, which essentially means we true up our costs once every three years. We will be truing up those costs to reflect, you know, those pressures when we file our application on January 1, somewhere around there, 2024. Understood. That's very helpful commentary there. Thank you. Then on the decoupling legislation, you know, how do you see the backdrop here and what's changing with the legislation? You know, there's certainly been kind of a long history in the state in terms of decoupling on the water side and some of the twists and turns there. Just curious how you see that going forward. I think certainly the Senate Bill 1469 is really gonna benefit the industry. You know, we wanna be treated the same as the electric utilities. We wanted to have the, you know, the same mechanism that they do. We have that, I guess, approval to go ahead and reestablish or request to reestablish or establish a decoupling mechanism for those utilities that don't have it already. We certainly think it's a positive step in the right direction. Having said that, you know, we also worked very hard, as you know, in this rate case to really align our actual versus authorized usage. We're getting greater recovery in the fixed charge. We have the full cost balancing account now. All of those things, including decoupling, are working together, if you will, to really give us, you know, the opportunity to earn our greater return on equity. Understood. If I could just slip one more in here. The 2023 budgeted CapEx, $258 million. Could you give a flavor of just the changes there versus 2022? You know, I guess I'm curious on one hand, is this inflation on the capital side that's also showing up? Or just what are some of the new projects in there versus your activities in you know, this year? Yeah. Thank you, Richard. I'll start on that and see if my colleagues have anything further to comment. You know, again, pretty consistent with prior years, a lot of the basic blocking and tackling, you know, replacing old water mains and the like, and recovering those investments through our surcharges in Connecticut and Maine. We anticipate activating a similar surcharge in Texas in 2023, depending on conditions there. Of course, California, it's all part of the triennial plan. As we finish construction each year, we can recover that through a timely rate adjustment in January. Other than that, there's not any really large notable project that's worked its way in. As John mentioned in his commentary, we're excited about launching AMI. That's just a significant win here for our customers and our company, and we look forward to executing on that. That's a multiyear project and really gonna set the tone going forward. Super excited about that. I think Eric. Great. Sorry, I didn't mean to cut you off there. No, it's okay, Richard. Okay, great. We'll leave it at that. Thank you again for the time today. Thank you, Richard. Appreciate your support. Thank you. Our next question comes from Angie Storozynski with Seaport Global. Your line is now open. Thank you. Okay, just a couple of things. First on the cost of capital, you did reiterate your guidance. If I understand correctly, that guidance assumes that there's gonna be about $0.10 of a drag associated with the true up in the cost of debt from the cost of capital proceeding. I understand that there is some uncertainty when exactly this adjustment is gonna happen, if it's gonna be impactful for 2022. If there were not to be an adjustment, do I add back the entire $0.10, or is there some offset to that drag? No, that number is reflected in the guidance. If it didn't come to fruition, then it would change our range. Okay. And you... Go ahead. ...put it the right way. You would just add back approximate $3.5 million of dollars that we said, calculated for that cost. Okay. Then you show, obviously inflation in SG&A costs. So what percentage of it, like roughly, is gonna be recovered under the California GRC? And what portion of it, again, roughly is a drag versus your original expectation? Angie, we haven't necessarily made that exact calculation. I will tell you that the authorized versus actual, we do have a drag of approximately 10%. It takes between the authorized and actual that could be due to disallowance, that can be due to inflation outpacing the adjustments and the time that it takes when we file the rate case to the time it actually is effective. There's a few different factors, but that at least gives you a sense of kind of the actual versus authorized differential. Okay. Just moving on to this, you know, potential filing for decoupling with the next GRC. As you said, I mean, under the current GRC, the recently approved GRC, you're protected against changes in the cost of purchased water and the mix of the cost of the purchased water. There is some exposure from a sales volume perspective, right? The decoupling mechanism could, you know, basically remove this last true risk factor that you currently face in California. Is that fair? Yeah, Angie, it's John Tang. Yeah, I think that's absolutely fair and, you know, you know, we're recovering more in the fixed cost now than we've ever before, and so that will blunt some of that risk. Certainly, you know, with the climate change predictions and the water supply challenges that we're seeing here in a more compressed way, you know, we're kinda oscillating between droughts and floods. You know, certainly it adds to that volatility. If we can get the decoupling, you know, a full decoupling mechanism authorized in our next rate case, we certainly view that as a positive benefit. Having said that, and then I think I mentioned it in my comments, we do have a full decoupling mechanism now, essentially through the WCMA as well as our full cost balancing account. We will continue to have that as long as this drought continues. Okay. My last question is, Andrew, so you guys do not mention any drag associated with the drop in the value of pension accounts, like those, the ones that are not tracked. I think, you know, it continues to weigh on earnings of your peers in California, right? But you don't have it. Yeah. It's not that we don't have it, but it hasn't reached to the level that it's been material relative to the other things that we've talked about. Okay. It is something that we are experiencing, and there's times when we have positive adjustments as well as negative adjustments. Okay. The last question, the effective tax rate for the entire 2022, and if you could give me guidance for 2023 as well? I'm sorry, can you say that question one more time? Just on average, the effective tax rate for 2022 and maybe what you would expect for 2023, given this repatriation tax adjustment in Connecticut? Let us come back to you on that question. We're still doing a little bit of work on our 2023. Just as a baseline assumption, I would assume that the tax rate that we have had prior to this most recent quarter adjustment for the repair tax would be the more consistent tax rate to use as a baseline. Kind of around that 10%-13% range. Okay. Thank you. Thank you, Angie. Thank you. As a reminder, to ask a question at this time, please press star one one on your touchtone telephone. Our next question comes from Jonathan Reeder with Wells Fargo. Your line is now open. Hey, thanks for taking my questions. I was just wondering if you had any insight into the timing of the proposed decision and the cost of capital that you can share. I know in the slides you said, you know, you expect a decision in Q4 2022, but I think that'd require a proposed decision, you know, in the next few weeks, by mid-November. Yeah. Jonathan, it's John Tang. Good to hear from you. You're absolutely right. The procedural schedule right now has this proceeding wrapping up by December 31st of this year. You know, that window in terms of getting a proposed decision and then getting a final decision to be voted out is getting narrower and narrower. You know, we are like you. We are waiting really on a proposed decision. You know, once we have that proposed decision, you know, we'll be able to work on that and figure out where we need to go. You know, that's the, it's a little bit of a waiting game at this point, right now. Okay. All right. The comment in the slide is more just on the current schedule as opposed to, you know, necessarily concrete expectations that we'll see something in the next couple weeks, other than hope. Yeah, no, I don't have any concrete expectations. I guess, Andrew, can you remind us about, you know, SJW's variable rate debt exposure? I believe there's only exposure at the utility level, you know, whereas the parent debt is all fixed rate with maturities not starting until, you know, late in the decade. That's right. We have in terms of our variable rate exposure, it's really on the line of credit is where the significant exposure is. We do not have a significant amount of variable rate notes or any other variable instruments that we are seeing significant moves in the interest rate. So that's a positive, at least from our perspective. The other thing I'll just comment on from a debt perspective is we have a number of issues that we've disclosed previously. Those issues will be funding, you know, anywhere from this month all the way through till January. So that will continue to fix our cost. We raised those debt issues when the interest rate environment was better. The next timing that we will need to look at raising debt will really be more towards the back end of 2023 at the earliest, based off of where we stand today. I think we feel like we're in a pretty good position, and that obviously includes some of the equity raise that we disclosed as well. Great. No, I appreciate that, additional detail. Thanks. Yes. Thank you. I'm currently showing no further questions at this time. I'd like to hand the call back over to Eric Thornburg for closing remarks. Yes, thank you, operator. SJW Group is an organization with high-quality regulated water utilities in economically vibrant regions. We enjoy constructive regulatory environments with capital supportive mechanisms in place, with a long track record of executing accretive acquisitions and providing sustainable and consistent long-term growth in earnings. All of that supports our 78-year track record of paying a dividend, with 54 consecutive years of increasing that dividend. We thank you for your investment in SJW Group and wish you a happy holiday season. Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.