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Edited Transcript of NI.N earnings conference call or presentation 6-May-20 1:00pm GMT
June 15, 2020, 3:21 p.m. ·44 min read
Q1 2020 NiSource Inc Earnings Call MERRILLVILLE Jun 15, 2020 (Thomson StreetEvents) -- Edited Transcript of NiSource Inc earnings conference call or presentation Wednesday, May 6, 2020 at 1:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Donald Eugene Brown NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services * Joseph J. Hamrock NiSource Inc. - President, CEO & Director * Nick Drew NiSource Inc. - Director of IR & Finance ================================================================================ Conference Call Participants ================================================================================ * Charles J. Fishman Morningstar Inc., Research Division - Equity Analyst * Christopher Paul Sighinolfi Jefferies LLC, Research Division - MD and Equity Research Analyst * David Christian Peters Wolfe Research, LLC - Research Analyst * Insoo Kim Goldman Sachs Group Inc., Research Division - Equity Analyst * Julien Patrick Dumoulin-Smith BofA Merrill Lynch, Research Division - Director and Head of the US Power, Utilities & Alternative Energy Equity Research * Michael Weinstein Crédit Suisse AG, Research Division - United States Utilities Analyst * Robert Theodore Koryl Guggenheim Securities, LLC, Research Division - Associate ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2020 NiSource Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Nick Drew, Director of Investor Relations. Thank you. Please go ahead. -------------------------------------------------------------------------------- Nick Drew, NiSource Inc. - Director of IR & Finance [2] -------------------------------------------------------------------------------- Thank you. Good morning, and welcome to the NiSource First Quarter 2020 Investor Call. Joining me today are Joe Hamrock, our Chief Executive Officer; and Donald Brown, our Chief Financial Officer. The purpose of this presentation is to review Nisource's financial performance for the first quarter of 2020 as well as provide an update on our operations, growth drivers and financing plans. Following our prepared remarks, we'll open the call to your questions. Slides for today's call are available on nisource.com. Before turning the call over to Joe and Donald, just a quick reminder, some of the statements made during this presentation will be forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. Information concerning such risks and uncertainties is included in the MD&A and Risk Factors sections of our periodic SEC filings. Additionally, some of the statements made on this call relate to non-GAAP measures. For additional information on the most directly comparable GAAP measure and a reconciliation of these measures, please refer to the supplemental slides and segment information, including our full financial schedules available at nisource.com. With all of that out of the way, I'd like to turn the call over to Joe. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [3] -------------------------------------------------------------------------------- Thanks, Nick. Good morning, everyone, and thank you for joining us. Before I summarize our performance in the first quarter, I want to take a moment to comment on the current global crisis and to thank our dedicated employees for the critical and tremendously important work they do every day to keep America running in our service areas. This pandemic has highlighted just how critical the NiSource team's work is to the communities we serve. Early on in the crisis, the states we serve designated us as essential service providers, recognizing that we provide an essential service to millions of end-user customers across our service area. This also reflects the critical support we provide to the other essential service providers: hospitals, emergency responders, food providers and key supply chain operators on the front lines of this crisis. Those essential service providers are depending on us and our peers across the utility industry to continue to deliver a safe and uninterrupted supply of gas and electric power so they can continue their critical work. We are deeply grateful for the dedication and selflessness of those on the front lines of this crisis and for the opportunity we have to support their important and life-saving work. We have activated our Incident Command Structure to coordinate strategy, execution and communication across our 7 state operating area. To protect our employees, we have encouraged all those who can work from home to do so. For those employees who must report to a work location, we have implemented social distancing protocols, temperature checks for people entering critical company buildings, more frequent cleaning of facilities and equipment, and allowing only 1 person at a time in vehicles while doing our work. Also, certain critical functions have activated sequestration plans to prevent any outbreak among employees in specialized functions necessary to continue providing safe, reliable service to our customers. NiSource's sequestration approach is consistent with others in the utility industry. Across NiSource, we are following health and safety protocols recommended by the Centers for Disease Control and Prevention and federal, state and local governments. We have taken a number of actions to help customers through the COVID-19 pandemic, including suspending shutoffs for nonpayment until further notice and offering our most flexible payment plans to customers impacted by or facing hardship due to COVID-19. Additional measures the company has taken to protect customers include directing field employees to practice strict social distancing at any customer premise and minimizing nonessential field work that requires entering a customer's home. In March, the NiSource Charitable Foundation committed nearly $1.5 million in donations to provide relief support across our footprint. This included a $1 million donation to the American Red Cross and nearly $500,000 to support operating company initiatives at the local level. These donations are intended to support the delivery of care and comfort to communities in need across our footprint as a result of the COVID-19 public health crisis. While we can't see with perfect clarity how this crisis will play out, we remain confident that we will get through this and will emerge a stronger country and a stronger organization. We are resolute in our dual commitments to deliver essential gas and electric service to our customers and the equally important duty of protecting the health and safety of our 8,400 dedicated employees. Our business plan is resilient and will help us emerge from this event positioned to continue to deliver for all of our stakeholders. Now turning to Slide 3 in our results and key takeaways for the first quarter. Our non-GAAP net operating earnings per share of $0.76 compared to $0.82 per share in the first quarter of 2019. The first quarter of 2020 largely played out prior to COVID reaching crisis proportions in the United States, and therefore, was minimal pandemic impact on our first quarter results. As we've all seen, the continued spread of COVID-19 has resulted in widespread impacts on the global economy and financial markets and could lead to a prolonged reduction in economic activity, extended disruptions to supply chains and capital markets, and reduced labor availability and productivity. We are continuing to evaluate the range of potential impacts of the pandemic on our business and on future operating results and liquidity. We currently expect to experience decreased sales volumes to commercial and industrial customers and increased bad debt expenses. We may also experience sustained customer attrition. We will continue to manage these impacts, and we'll update you in future quarters as details become known. In order to help mitigate potential impacts on our cash flow, we have lowered our capital plan by $100 million, and we now expect to make investments of $1.7 billion to $1.8 billion in 2020. We also recently took a pair of actions to reduce financing risk and increase liquidity. On April 1, we refinanced our $850 million term loan with a new maturity date of March 31, 2021. On April 13, we issued $1 billion of 3.6% notes due May 1, 2030. Additionally, the previously announced sale of Columbia Gas of Massachusetts assets to Eversource Energy remains on track to close in the third quarter of 2020 and will provide additional liquidity. We remain committed to maintaining our current investment-grade credit ratings. You will recall that we withdrew our non-GAAP earnings guidance in February due to the pending CMA sales transaction. We continue to believe that the long-term growth opportunity for our remaining operating companies is unchanged. We expect to, following the completion of the CMA transaction, initiate 2021 net operating earnings per share guidance and restate a 5% to 7% long-term growth rate for both net operating earnings per share and dividends with 2021 as the base year. This new long-term guidance is expected to be extended beyond 2022 to include incremental investment opportunities related to our electric generation strategy, which continues to advance. While discussions with bidders in our latest RFP are ongoing, we're currently targeting ownership of approximately half the generation portfolio needed to replace our retiring coal plants. This presents incremental capital investment opportunities in 2022 and 2023. With respect to our Safety Management System implementation, it's important to note that even with our current pandemic response efforts, our broader safety enhancements remain a top priority. SMS continues to mature in our gas business. And in 2020, we have begun to implement SMS in our electric business as well. We are enhancing risk identification through our Corrective Action Program, which is providing valuable analytical insights. We are also piloting the use of mobile gas leak detection technology. And we're enhancing our gas emergency preparedness and response capabilities, including the deployment of new state-of-the-art mobile command centers. Safety remains the foundation of our business. Our safety enhancements are delivering value in multiple ways, including the activation of our enhanced Incident Command Structure to manage through the COVID-19 pandemic. Now I'd like to turn the call over to Donald, who will discuss our financial performance and outlook in more detail. Donald? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [4] -------------------------------------------------------------------------------- Thanks, Joe, and good morning, everyone. Looking at our first quarter results on Slide 4, we had non-GAAP net operating earnings of about $291 million or $0.76 per share compared to net operating earnings of about $308 million or $0.82 per share in 2019. The year-over-year decline was driven primarily by increased safety O&M costs and reduced industrial demand in the electric business, offset somewhat by increased revenue from base rate proceedings, our infrastructure replacement programs and the effects of gas segment customer growth. As a reminder, most of the first quarter played out prior to the pandemic-related shutdowns and stay-at-home orders in our states, so these results really do not reflect any meaningful COVID impact. Now turning to Slide 5, I'd like to briefly touch on our debt and credit profile. Our debt level as of March 31 was about $9.9 billion, of which about $7.7 billion was long-term debt. The weighted average maturity on our long-term debt was approximately 17 years, and the weighted average interest rate was approximately 4.4%. At the end of the first quarter, we maintained net available liquidity of about $1.3 billion, consisting of cash and available capacity under our credit facility and our accounts receivable securitization programs. Our credit ratings from all 3 major rating agencies are investment-grade, and we're committed to maintaining our current investment-grade ratings. I'd now like to turn to Slide 6, which covers our financing plan for our long-term growth investments. As we mentioned on our fourth quarter call, as a result of the CMA asset sale transaction, we no longer expect to pursue our previously planned 2020 block equity issuance. In April, we refinanced our $850 million term loan and issued $1 billion of 10-year notes at a 3.6% coupon. We expect these transactions will provide us the necessary liquidity to manage through the impacts of the pandemic. Our current plan, which is focused on providing funding for our ongoing safety and infrastructure investment programs, continues to include annual equity in the range of $200 million to $300 million from our at-the-market, or ATM, equity issuance program as well as $35 million to $60 million from our employee stock purchase and other programs. To date, the pandemic has not presented significant barriers to our safety and infrastructure modernization programs. As Joe mentioned earlier, we have as a cash conservation measure scaled back our capital investment plan by $100 million and now expect to invest $1.7 billion to $1.8 billion in 2020. A warmer-than-normal January and February provided us some flexibility in our capital execution this year. But we're monitoring the COVID-19 situation closely, and we'll stand ready to make further adjustments as necessary. We're also active on the state regulatory front as we seek relief related to incremental COVID pandemic expenses, including bad debt. In April, we received orders from state commissions in Maryland and Virginia, giving us authority to defer incremental COVID-related expenses for recovery at a later date. And we're currently working with our regulators and other states to address COVID-related financial impacts. Ultimately, the length and severity of the COVID pandemic will determine how significant the impact on our financial performance will be. But we haven't seen anything yet that would negatively impact our long-term growth drivers. We continue to expect that following closing of the Massachusetts transaction later this year, we will initiate 2021 net operating earnings per share guidance and establish a 5% to 7% long-term growth rate for both net operating earnings per share and dividends with 2021 as the base year. This new long-term growth rate is also expected to be extended beyond 2022 to include incremental investments related to our electric generation strategy. Now I'll turn the call back to Joe for a few infrastructure investment and regulatory highlights. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [5] -------------------------------------------------------------------------------- Thank you, Donald. Now let's turn to some highlights for the first quarter and early second quarter of 2020 from our gas operations on Slide 7. In Pennsylvania, we filed a base rate case last month with the Public Utility Commission, seeking an annual revenue increase of $100.4 million to invest in, modernize and upgrade our existing natural gas distribution system as well as maintain the continued safety of the system. An order and new rates are expected to become effective in January 2021. The same day as our Pennsylvania rate case, we filed a petition with the PUC, requesting authority to implement a temporary program that would make grants to residential customers who are experiencing a loss of income due to the COVID-19 pandemic, but who are not eligible to participate in our existing assistance programs. We proposed to use a portion of pipeline penalty credits that the PUC has previously approved for hardship funds, matched by a contribution from the NiSource Charitable Foundation to fund the grants. This is an example of how we're looking for ways to help our most vulnerable customers weather this pandemic financially, which is a priority for us across all of our states. In Ohio, the Public Utilities Commission approved our annual Infrastructure Replacement Program tracker adjustment. This order allows us to begin recovery of approximately $234 million in safety and infrastructure investments made in 2019. This well-established pipeline replacement program authorized through 2022, covers replacement of priority mainly -- mainline pipe and targeted customer service lines. New rates from this most recent filing went into effect this month. The Ohio Commission is also reviewing our latest annual adjustment request for our Capital Expenditure Program rider. This rider allows us to recover capital investments and related deferred expenses that are not recovered through the IRP. The pending application seeks to begin recovery of approximately $185 million in capital invested in 2019, and an order is expected in August 2020. In Indiana, our application for a 6-year extension of our long-term gas infrastructure modernization program remains pending before the Utility Regulatory Commission. The proposal includes nearly $950 million in capital investments through 2025 to be recovered through semiannual adjustments to the existing gas, transmission, distribution and storage improvement charge, or TDISC tracker. The existing gas TDISC program has been in place since 2014. An IURC order is expected in July 2020. Now let's turn to our electric operations on Slide 8. Construction is underway on both the Rosewater and Jordan Creek wind projects. Both projects are expected to be placed in service by the end of this year. Though inside that schedule, the Rosewater project could experience a construction delay due to the COVID-19 pandemic. We will continue to monitor closely any possible construction impacts related to the pandemic. The IURC, on February 19, 2020, approved our application for a third wind project, Indiana Crossroads, a joint venture with EDP Renewables North America. Indiana Crossroads will have an aggregate nameplate capacity of 302 megawatts and is expected to be in operation in the fourth quarter of 2021. Discussions continue with a number of commercial bidders who responded to our request for proposals, which closed in November 2019. The RFP results were consistent with our 2018 integrated resource plan, which calls for 100% of our coal capacity to be retired by 2028, to be replaced by lower cost, reliable and cleaner options. The plan is expected to drive a 90% reduction in our greenhouse gas emissions by 2030 and to save our electric customers more than $4 billion over 30 years. NIPSCO is considering all sources in the RFP process and is expecting to obtain adequate resources to facilitate the retirement of the R.M. Schahfer generating station in 2023. Currently, half of the capacity in the replacement plan is targeted to be owned by joint ventures that will include NIPSCO and unrelated financial investors as the members. The remaining new capacity is expected to be primarily in the form of purchase power agreements. NIPSCO expects to begin the appropriate regulatory compliance filings related to the new capacity as agreements are finalized with counterparties in 2020 and 2021. The planned replacement in 2023 of approximately 1,600 megawatts of retiring coal-fired generation could provide incremental NiSource capital investment opportunities for 2022 and 2023. We continue to execute on our 7-year electric infrastructure modernization program, which includes enhancements to our electric transmission and distribution system designed to further improve system safety and reliability. The program originally approved by the IURC in 2016 includes approximately $1.2 billion of electric infrastructure investments expected to be made through 2022. New rates under our latest modernization tracker update became effective in January 2020. Turning now to Slide 9. I'll focus on our system-wide safety enhancements. We are resolved to lead in safety and exceed existing industry standards, anchored by 3 pillars: a culture where everyone is empowered to identify and report risk, process safety that adds layers of protection, and enhanced asset risk analytics and management practices. Our ongoing implementation and refinement of a Safety Management System, or SMS, based on API's RP1173, is driving improved planning and performance across our gas business. We've made great progress in our SMS implementation in our gas business, and we've begun to introduce these practices in our electric business as well. In our gas business, we have advanced the maturity of risk identification through the Corrective Action Program, or CAP, which provides expanded insights and enhanced analytics. We are also piloting the use of mobile gas leak detection technology. And we have also matured our gas emergency preparedness and response capabilities, including the ongoing deployment of new state-of-the-art mobile command centers. Ultimately, we're driving toward having new tools like CAP to help identify, analyze and proactively mitigate risk, new risk informed programs, projects and rate cases and more flexibility in risk investments. This work will continue to be a priority in 2020 and beyond. Turning to Slide 10. I'd like to focus for a moment on our ongoing focus on environmental, social and governance matters. While this slide is new to our presentation, our focus on ESG is not new. We have been reporting on ESG and sustainability for more than a decade now. As many of you likely have seen, we recently published our 2019 integrated annual report. If you haven't already, I encourage you to check it out at nisource.com. The report discusses our renewed commitment to strengthening our safety culture, modernizing our energy delivery infrastructure, transforming our electric business, reducing our emissions and contributing to the communities in which we live and work. Last summer, we published our 2018 climate report, also available at nisource.com, which is aligned with the framework developed by the task force on climate-related financial disclosures. We also have a track record of being recognized for our sustainability performance. For instance, we have been named to the Dow Jones North America Sustainability Index for 6 consecutive years. We've also been named to the FTSE4Good index as well as a number of sustainability indexes maintained by S&P. We have an aggressive goal of reducing greenhouse gas emissions 90% by 2030 from 2005 levels. We reduced greenhouse gas emissions by 13% in 2019, bringing the total decrease to 48% from 2005 levels. We were a founding member of the EPA's Methane Challenge Program in 2016, and we hold a top 20% environmental performance score from the Institutional Shareholder Services. And in January, we were named to the Bloomberg Gender-Equality index for the third consecutive year. The GEI tracks the financial performance of public companies committed to supporting gender equality through policy development, representation and transparency. We are committed to being recognized throughout our communities as one of the best places to work and grow, and gender equality is a critical component of our inclusion and diversity efforts. Before we take your questions, I'll share and reiterate a few key takeaways. We remain focused on maintaining safe and reliable energy service through the COVID-19 pandemic. We have taken financial steps which position NiSource with ample liquidity to manage through the crisis. And we're seeking supportive regulatory relief with respect to incremental pandemic expenses. We will continue to manage potential financial impacts and provide you more details as they become known. Consistent with recent years, we expect to complete $1.7 billion to $1.8 billion in capital investments in 2020 and continue to expect to close on the CMA asset sale transaction in the third quarter. And we remain committed to maintaining our current investment-grade credit ratings. We continue to prioritize safety initiatives across our footprint even as we manage through the pandemic. This includes implementation of our SMS, which continues to mature across our gas business and is being rolled out in our electric business in 2020. Our electric generation strategy is advancing with wind project construction continuing, our coal-fired generation retirement is on track, and incremental capital investment opportunities identified as we further develop our replacement portfolio. Safety and infrastructure investments continue across our gas business with tracker updates progressing in a new base rate case filed in Pennsylvania. Thank you all for participating today (technical difficulty) of NiSource. We're now ready to take your questions. Mariama? ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) Your first question comes from Shar Pourreza with Guggenheim Partners. -------------------------------------------------------------------------------- Robert Theodore Koryl, Guggenheim Securities, LLC, Research Division - Associate [2] -------------------------------------------------------------------------------- This is Bob Koryl on for Shar. I know you guys obviously pulled 2020 guidance because of the pending sale of basic gas. But as we think 2021, prior language seems to allude 2021 should be at least as good as 2020. Is that still the case? And what are the drivers if you think about. -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [3] -------------------------------------------------------------------------------- Thanks for the question. As we think about COVID and we're early on into trying to understand what this could mean to our business and the economies, I think it's a little early to provide specific guidance on 2021. As we stated earlier, we haven't seen a significant impact in the first quarter because of COVID on -- from an expense standpoint as well as a revenue standpoint. But we do expect we will see lower customer demand and some higher bad debt expense. So I think as we get -- go through the quarters, we'll be able to provide more guidance and insight as we learn what the impacts COVID will have on our business going forward. Again, we don't think it affects our long-term growth drivers. But we do want to understand how it may impact our financials this year and our starting point next year. -------------------------------------------------------------------------------- Operator [4] -------------------------------------------------------------------------------- And your next question comes from Julien Dumoulin-Smith with Bank of America. -------------------------------------------------------------------------------- Julien Patrick Dumoulin-Smith, BofA Merrill Lynch, Research Division - Director and Head of the US Power, Utilities & Alternative Energy Equity Research [5] -------------------------------------------------------------------------------- If I can follow-up on the last question, just to level set here on '21 expectations. You all talked about being largely flattish versus '20 earlier. And some of that seems even predicated on cost cuts to offset some of the earnings loss as part of the sale. How are you thinking about that today given -- and I'm going to pretty suppose a certain amount of incremental cost cuts as you think about '21 to offset some of the lost demand that might spill over into '21 from '20 year? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [6] -------------------------------------------------------------------------------- Yes. No, that's right. We continue to work on the separation plan with Eversource, and for our own purposes, understanding what the dis-synergies are and what are those mitigation steps to help offset some of the impact of the loss of earnings from Massachusetts. Certainly, COVID provides some incremental pressure as we think about operating expenses as well as cash flows. And so we're working through that. At this point, not having any specifics on what the revenue impacts will be, it's -- I'd say it's difficult to give any specific direction. But as we do our scenario analysis and look at potential impacts to our customers, we are taking into -- we are taking that information into our analysis as we look at our own operating expenses and capital programs. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [7] -------------------------------------------------------------------------------- And Julien, let me just be... -------------------------------------------------------------------------------- Julien Patrick Dumoulin-Smith, BofA Merrill Lynch, Research Division - Director and Head of the US Power, Utilities & Alternative Energy Equity Research [8] -------------------------------------------------------------------------------- You're kind of -- go for it. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [9] -------------------------------------------------------------------------------- Let me add just a little bit of differentiation. When you think about the cost profile related to the CMA sale and the actions that we're taking there, those are really in the realm of changing cost structures on a permanent basis related to ongoing operations, largely across the shared enterprise platforms and enterprise cost pools. Very different from what you might do to manage on a short-term basis through a downturn like this, some of the discretionary spending that largely often comes back in future spending. It's timing of spending that you often look at for those kind of efforts. So I would differentiate the 2 efforts and highlight that our focus is on maintaining core strength for 2021 and beyond. So any cost shaping actions will take at the edges this year will be to manage, as Donald said, through the tight spots here. But our core focus remains on execution capabilities and lean operating platforms for '21 and beyond. So there's a distinction there. They may be commingled at times, but largely, they're separate and distinct efforts. -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [10] -------------------------------------------------------------------------------- I think the opportunity... -------------------------------------------------------------------------------- Julien Patrick Dumoulin-Smith, BofA Merrill Lynch, Research Division - Director and Head of the US Power, Utilities & Alternative Energy Equity Research [11] -------------------------------------------------------------------------------- I appreciate that. If I could just clarify that -- -- sorry, go for it, Donald. I apologize. -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [12] -------------------------------------------------------------------------------- Yes. I would say that because we've got a team that's focused on looking at the core operations and how we can change structure, even looking at some of the temporary levers that we may be able to execute go hand in hand with that work. -------------------------------------------------------------------------------- Julien Patrick Dumoulin-Smith, BofA Merrill Lynch, Research Division - Director and Head of the US Power, Utilities & Alternative Energy Equity Research [13] -------------------------------------------------------------------------------- Got it. But just to clarify, with respect to that early expectation of flattish guidance, you're not necessarily restating that at this point in time, given the various puts and takes here, just want to be as clear about that. -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [14] -------------------------------------------------------------------------------- I would say that it's too early to provide that guidance for 2021 not knowing what the impact of COVID will be on the business. -------------------------------------------------------------------------------- Julien Patrick Dumoulin-Smith, BofA Merrill Lynch, Research Division - Director and Head of the US Power, Utilities & Alternative Energy Equity Research [15] -------------------------------------------------------------------------------- Understood. And then if I can, just real quickly, how do you think about April sales trends thus far? I know you sort of talked about on the 1Q impact thus far. But curious, what are you currently seeing, if you can, just to give us a little bit of a sense of the flavor of the order of magnitude. -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [16] -------------------------------------------------------------------------------- Yes. We're actually closing the books this week. And so I don't have any specifics I can give you just yet. We'll have that, I'd say, over the next week. And as we get more information and can provide that to investors, we will do so. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [17] -------------------------------------------------------------------------------- Yes. The one thing that we are thinking about though, and I said it on the -- our investor fireside chat a couple of weeks ago, this part of the year is a shoulder season. And so it's a lower supply and demand season. And so it's also a little bit hard to translate what we'd see from an April standpoint into a long-term impact on the business as well as just understanding what businesses our customers are doing temporarily versus what they do long term. -------------------------------------------------------------------------------- Operator [18] -------------------------------------------------------------------------------- Your next question comes from David Peters with Wolfe Research. -------------------------------------------------------------------------------- David Christian Peters, Wolfe Research, LLC - Research Analyst [19] -------------------------------------------------------------------------------- On the RFP in Indiana, when should we expect an update on incremental CapEx opportunities? And how do you guys see that shaping kind of the long-term growth trajectory of the company? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [20] -------------------------------------------------------------------------------- Yes. Let me talk about the timing as we view it now. And then Donald can talk about the longer-term view to the extent it's coming into view at this point. So we're -- as we noted earlier, we're in the negotiations phase with the bidders into the RFP. We expect to come through that here in the next few months. So I would expect to see the regulatory filings associated with that, CPCN is associated with that, with a mix of PPAs and the JV tax equity structures later this summer. Maybe around our Q2 call, we'll see. We'll just see how it plays out. But later this summer, we should have a lot more to talk about in terms of the mix. And that would obviously lay out the timetable for investments on both sides of that equation. As it relates to the longer-term CapEx and growth profile, let me ask Donald to talk about current outlook on that. -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [21] -------------------------------------------------------------------------------- Yes. I think that guidance in terms of long-term growth and the 2021 base that we've talked about will likely be in the third quarter. So that we can talk about here's what we're seeing for 2021, here's what the investment plan looks like over the next horizon. And again, we expect to extend that beyond 2022 to take into account the generation investments. -------------------------------------------------------------------------------- David Christian Peters, Wolfe Research, LLC - Research Analyst [22] -------------------------------------------------------------------------------- Great. And then another question I had just on the 2020 CapEx. Is that $100 million being deferred until, say, next year or soon after? Or how should we just think about that $100 million? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [23] -------------------------------------------------------------------------------- I'd look at it as it's a reduction this year. But obviously, it's work that we need to do. And we'll have to find -- determine when we would make those investments in the future. We haven't looked that far out to say what -- how that might impact 2021 or 2022. But ultimately, it's long-term investments that we're making in the business. -------------------------------------------------------------------------------- Operator [24] -------------------------------------------------------------------------------- Your next question comes from Insoo Kim with Goldman Sachs. -------------------------------------------------------------------------------- Insoo Kim, Goldman Sachs Group Inc., Research Division - Equity Analyst [25] -------------------------------------------------------------------------------- My first question is on NIPSCO Electric. Could you just give a little bit more color on the types of commercial and industrial customers that you serve? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [26] -------------------------------------------------------------------------------- Yes. Sure. Let me touch on that. I think probably the most notable part of the profile from a low perspective is the concentration of energy intense industrials to steel and petrochem profile that we have there. And those customers, as you may recall, are under a new rate structure that was implemented with the rate case from last year that essentially shifts the capacity commitment profile for us to the firm portion of the load and allows them to buy through to the market on an ongoing basis. A novel approach that derisk that for us and for them and for our other customers. And you will note, if you look at industrial sales, Q1 of '20 versus Q1 of '19, you'll note a decline in industrial sales, a significant portion of which is related to that buy-through. So it's by design that we have some of that decline in there. And we did see about a 6.5% decline on industrial electric Q1 '20 versus Q1 '19. The remainder is a pretty diverse set of sectors. The remainder of our commercial and industrial loads are pretty diverse set of sectors across a growing part of the state. And so we see good diversity and good economic development there as well. We saw load -- and I would just highlight the load profile. If you look at the results for the quarter, on the electric side, residential load down quarter 1 versus quarter 1 of last year, same for commercial. And that's been a bit of a continuing trend on use per customer. By contrast, on the gas side of the business, residential sales were up about 3% across our footprint year-on-year. And commercial, up close to 5%. All of which, as we noted before, is pre-COVID impact. So we're not really seeing COVID impacts in that. And then industrial, slightly down on the gas side. So -- and we continue to see our customer count increase as we've gone to the first quarter here. We added a little more insight than you asked for, but I want to make sure the whole picture was in focus there. -------------------------------------------------------------------------------- Insoo Kim, Goldman Sachs Group Inc., Research Division - Equity Analyst [27] -------------------------------------------------------------------------------- No, that's really good color. And my other question is, could you just give an update on the latest timing of the Massachusetts DPU's investigation into the Merrimack incident? And is a final outcome on that required at all to close on the utility sale? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [28] -------------------------------------------------------------------------------- That all remains on track. We're, as you would expect, engaged right now with stakeholders in the early phases of that process. People continue to work through that. Even with the COVID implications for work from home, we've seen very good progress on that. We expect that to close, as we've noted earlier on the call, by the end of the third quarter this year. I would note that there's the possibility of some slight delay just from the workload issues and the way COVID might impact just working conditions. But we're confident in that. And we are viewing that and approaching that as a combined effort to resolve all matters related to Massachusetts, including the pipeline safety investigation. So it's all essentially on the table and in the mix together. -------------------------------------------------------------------------------- Insoo Kim, Goldman Sachs Group Inc., Research Division - Equity Analyst [29] -------------------------------------------------------------------------------- Got it. And also just, is that outcome required for the completion of the sale to Eversource? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [30] -------------------------------------------------------------------------------- Well, again, it's -- again, we've put all of the matters together into the sale. It's an opportunity for a comprehensive package to for NiSource to exit the state and Eversource to take the ongoing operations. -------------------------------------------------------------------------------- Operator [31] -------------------------------------------------------------------------------- Your next question comes from Michael Weinstein with Crédit Suisse. -------------------------------------------------------------------------------- Michael Weinstein, Crédit Suisse AG, Research Division - United States Utilities Analyst [32] -------------------------------------------------------------------------------- Just to be clear about the long-term guidance of 5% to 7%, you indicated a base year of 2021. That base year would include -- you're expecting that all of this cost savings to offset the synergies from the sale of Massachusetts will be in that 2021 base year at that point, right? There's not -- it's not going to be like additional savings that would flow into 2022 and beyond? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [33] -------------------------------------------------------------------------------- Yes. I'd actually expect that there would be savings that are ongoing. There's timing to some of the change in operations. If you think about doing a transaction, part of the work that we've got to do to separate will take multiple years. What we've got in this agreement is a transaction services agreement that lasts up to 30 months. And so as we analyze what that TSA looks like. We expect that we'll have some savings immediately because we won't have to do that work, and we can take the advantage of those savings opportunities. But over time, as TSA comes off as well as we make other structural changes to our cost profile, that will take a couple of years. -------------------------------------------------------------------------------- Michael Weinstein, Crédit Suisse AG, Research Division - United States Utilities Analyst [34] -------------------------------------------------------------------------------- Got you. And you're still saying it's about a $0.05 or so of ETS synergies that you're expecting after the sale is completed? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [35] -------------------------------------------------------------------------------- I could see it in the range, that being in the range of savings. -------------------------------------------------------------------------------- Michael Weinstein, Crédit Suisse AG, Research Division - United States Utilities Analyst [36] -------------------------------------------------------------------------------- And on the generation, the new generation investments that you're expecting, you indicated there will be some financial partners involved, non-related to NIPSCO. Are we talking about tax equity partners on wind projects? Or are we talking about something else here? And what kind of an arrangement is that? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [37] -------------------------------------------------------------------------------- That's right. That's right. We are looking at tax equity partners to be able to take advantage of the tax credits related to those renewable investments and support the utility being able to rate base those investments. -------------------------------------------------------------------------------- Michael Weinstein, Crédit Suisse AG, Research Division - United States Utilities Analyst [38] -------------------------------------------------------------------------------- So does that mean that at the end of the 5-year period of recapture period that those tax equity partners would want to exit the investment and NIPSCO would gain more of the investment at that point? Rate base would increase? -------------------------------------------------------------------------------- Donald Eugene Brown, NiSource Inc. - Executive VP, CFO & President of NiSource Corporate Services [39] -------------------------------------------------------------------------------- Yes. The way it's structured that over time, it's a build-on transfer arrangement. So over time, there would be steps where we would pick up more of the overall joint ventures. -------------------------------------------------------------------------------- Operator [40] -------------------------------------------------------------------------------- Your next question comes from Chris Sighinolfi with Jefferies. -------------------------------------------------------------------------------- Christopher Paul Sighinolfi, Jefferies LLC, Research Division - MD and Equity Research Analyst [41] -------------------------------------------------------------------------------- Maybe a follow-up on that last question, Joe. Just had a -- you talked about with the IRP having a combination of partners, but also things that you'd be investing in yourself. I'm just wondering how you think about the allocation of that or the breakdown of that. Is that the attributes of a particular project? Is that just the capital budget constraints is -- of NiSource in any particular period of time? Could you just give us a sense of how you think about that component through time? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [42] -------------------------------------------------------------------------------- Yes, it's really about optimizing the mix and starting with cost to customer is the key driver. When we analyze the RFP and the bids, we had a mix of PPA bids, bids that could go either PPA or JV and some straight JV. And as we optimize that portfolio, the 50%-ish blend is what looks like the solution set that balances best cost to customer with the right ownership structure for us and opportunities for us, all subject to continuing negotiation and continuing evaluation. But that's -- it's kind of the target zone we're operating in right now. -------------------------------------------------------------------------------- Christopher Paul Sighinolfi, Jefferies LLC, Research Division - MD and Equity Research Analyst [43] -------------------------------------------------------------------------------- Okay. So I guess as we think about the profile through time, that mix shift is something that could be something that's fairly constant? Or do you expect to have more NIPSCO participation earlier in the IRP process or later? Or can you give any color on that? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [44] -------------------------------------------------------------------------------- Yes. I think we'll take it one step at a time. As we go through, we certainly want to look for ownership opportunities and investment opportunities. And I would say we have a preference for that, but we want to do that in a balanced way that reflects the best interest of all of our stakeholders. And so we'll take each step in this, each tranche on a kind of an independent basis and look at the portfolio needs at a point in time. -------------------------------------------------------------------------------- Christopher Paul Sighinolfi, Jefferies LLC, Research Division - MD and Equity Research Analyst [45] -------------------------------------------------------------------------------- Okay. Great. I also had 2 other questions. I was just -- there's an earlier question about -- I think you kind of talked about the change in the NIPSCO customer set and rate dynamics maybe -- certainly since the last recession. And clearly, Columbia has been spun off since the Columbia pipeline since that time. But I'm just curious if there's any other things that you maybe have gone back through and looked at the performance of the company in '08, '09 just as like a proxy set? And maybe just some of the things, if we were to do that, that you would point out that are quite a bit different this time versus that time or maybe any learnings from that time that inform how you and Donald think about the business? I know you're not giving guidance, and I know you're still assessing COVID impacts. And the dynamic this time is different, but there is still obviously an economic component. Just curious any thoughts on that? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [46] -------------------------------------------------------------------------------- Yes. It's a good, good question because it's a reference case. But you almost use it as a reference from which you adjust what's different about today and what's different about this particular set of circumstances. And the one thing that, as we've said and Donald highlighted, is difficult and you're seeing it all round, is sector by sector, you can see very different depth and duration. Some that might bounce right back and might actually bounce back stronger. Some that are likely to see a little bit slower recovery and maybe don't recover back to where they were prior to this. And it's that blend of almost sector by sector and across our 7 states, or 6 states as we go into 2021, the unique blend of those different sectors that we're analyzing very carefully and trying to get indicators, if you will, of what recovery looks like. And so we're early in trying to get to the next level of detail on that. But I think ultimately, when you start to look at that, it's a very different profile than what we experienced in '08, '09. And as you noted, our mix is different. We now have without a pipeline group, as you noted, and with a different rate structure for our large industrials. More protections in place, so to speak. We're better positioned or better hedged against some of the risks we faced here. So it really starts to become more of a duration question, I think, ultimately. And that's why as we step through Q2, I think we're going to get a much better sense of what we're seeing both in April. As Donald noted, we'll see that pretty soon. And then by the end of Q2, even being shoulder months for our whole business, for the most part, it's more the economic recovery that will give you the leading indicators for Q3, Q4 and beyond when we'll be out of the shoulders. So looking forward to having more depth and detail on that. I want to be careful not to try to either be overly optimistic or overly pessimistic. I think we just have to step through this with eyes wide open. -------------------------------------------------------------------------------- Christopher Paul Sighinolfi, Jefferies LLC, Research Division - MD and Equity Research Analyst [47] -------------------------------------------------------------------------------- No. Sure. No, that's helpful. We'll pay attention to those data points as well. I guess a final question for me, Joe, just with regard to Massachusetts, I know you guys have given in your Qs, the updates in terms of insurance recoveries. And I know you've been somewhat cautious about anticipating any on the asset front. I'm just curious where that stands and what those discussions look like? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [48] -------------------------------------------------------------------------------- Yes. We're still in the midst of having discussions with our property insurer. The litigation was filed last quarter, but we continue to have conversations. Is it still too early to give any guidance on what any type of recovery might be there or even the timing. But I'd say that we are in constructive conversations with them. -------------------------------------------------------------------------------- Christopher Paul Sighinolfi, Jefferies LLC, Research Division - MD and Equity Research Analyst [49] -------------------------------------------------------------------------------- Okay. Is there a normal like length of time that you'd anticipate on for that process to take? Or is it just everyone's unique and the range is too wide to even speculate. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [50] -------------------------------------------------------------------------------- Yes, it is. It's -- every situation is very unique in terms of the information that you're providing as well as the negotiations. -------------------------------------------------------------------------------- Operator [51] -------------------------------------------------------------------------------- (Operator Instructions) Your next question comes from Charles Fishman with Morningstar. -------------------------------------------------------------------------------- Charles J. Fishman, Morningstar Inc., Research Division - Equity Analyst [52] -------------------------------------------------------------------------------- Joe, just one maybe point of clarification. On the $100 million CapEx reduction for this year, it sounded like it was more of a decision to delay some projects timing because of rate cases, the appetite of customers or regulators to take incremental rate increase things like that rather than a supply chain issue. Is my read of that correct? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [53] -------------------------------------------------------------------------------- It's really neither. It's more managing cash flow through this year and recognizing we're likely in a tight spot for a little while here. We want to make sure we're prudent, taking prudent steps as we go. And as noted earlier, Donald talked about it, just by the nature of our capital portfolio. It's long-dated. And when we take a step like this, which, by the way, puts us on the same profile we've been on for the last couple of years, $1.7 billion to $1.8 billion is consistent with where we've been. This year was elevated a bit. So it's really just timing of key initiatives and probably blended across both tracked capital, growth capital and our maintenance capital. So likely to just have a very modest effect on the future. -------------------------------------------------------------------------------- Charles J. Fishman, Morningstar Inc., Research Division - Equity Analyst [54] -------------------------------------------------------------------------------- Okay. I appreciate that. And then another question related to CapEx. Slide 17, which shows the recovery of those investments. Every time I look at that slide, the upper 2 bars seem to go higher, which is good. In other words, your recovery keeps getting shorter and more within the 18 months, you're up to on this chart now, 80%. Yet down at the bottom, it says greater than 75%. Should I expect those 2 upper bars to come down a little? Or are you just a little -- I mean greater than 75% is obviously correct. But where should we -- over time, we've seen those go up, but what should we expect in the future? -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [55] -------------------------------------------------------------------------------- Yes. It's a good insight and good question. And you may notice that we've moved 2020 into roughly $10 million roughly $70 million roughly $20 million because it's the nature of the $100 million pullback and how that ultimately lands that will move a little bit across those different categories. But to your question about the long term, if you look backwards, we had some larger generation projects and larger electric transmission projects that were in the mix. And that's why you'd see the more pronounced shift in the mix back a few years. As you go forward, the next couple of years, what you see here is likely to be what we'll continue to see until -- unless we get to the generation investments that we've been talking about, the replacement portfolio, we'd see a couple of years there of an excursion on what we view as the periodic rate cases or the maintenance and other. We would likely see those show up in that category for a short period of time. But obviously, we'd have that combined with the regulatory strategy for those kind of investments. -------------------------------------------------------------------------------- Operator [56] -------------------------------------------------------------------------------- There are no further questions at this time. I will now turn the call back over to Joe Hamrock for closing remarks. -------------------------------------------------------------------------------- Joseph J. Hamrock, NiSource Inc. - President, CEO & Director [57] -------------------------------------------------------------------------------- Thanks, Mariama, and thanks to all of you for your continued interest in and support of NiSource. As is the case for all of us around the communities we serve and all of our stakeholders, we're navigating through this COVID crisis carefully and thoughtfully. And we'll continue to stay transparent and talk with you about any implications we see and share any outlook on our business. We appreciate the time today and look forward to the next opportunity. Please stay safe. -------------------------------------------------------------------------------- Operator [58] -------------------------------------------------------------------------------- Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.


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My First Time
Aerospace celebrities talk about the flights that changed their lives.
Phil Scott
SCOTT CROSSFIELD
Test pilot, X-1, X-15, and other legendary aircraft
It was 1927, and the pilot was Carl Lienesch. He worked for my father at the Union Oil Company. Lienesch, he flew around to the various oil fields in use. Used Alexander Eaglerocks and Travel Airs. And my first flight was in an Eaglerock, and Lienesch took me for a ride out of Monrovia, California. That was before Lindbergh flew the Atlantic.
I was in the front seat and I enjoyed it. But I fell asleep. I was only six or seven years old.
REEVE LINDBERGH
Author; daughter of Charles Lindbergh
All I can remember is a flight with my father when we had a forced landing. I think I was maybe seven. It was out of Danbury [Connecticut], and what he rented—I know this was true because I asked [Lindbergh biographer] Scott Berg—was an Aeronca with a tandem cockpit. He didn't own a plane. He would take us up and my brother and sister would take off and land; all I could do was pull back on the stick. He would shout stuff like "Lean in the curve," and he had all these phrases like "An airplane is like a bobsled."
The choke malfunctioned and I was quite excited. I asked, "Are we going to crash?" He said, "No, but put your head down between you knees." I found it quite boring because I couldn't see much.
We landed in a cow pasture. There were no cows but lots of rocks. They had to take the plane apart to get it out.
GEN. JOHN R. DAILEY
(USMC, ret.) Director, National Air and Space Museum
My first flight was when I jumped in the front seat of a T-34. I was 23 years old. It was everything I hoped it was going to be.
My dad was a marine aviator but I had never flown, never been in the cockpit of an airplane. I felt completely prepared for it, having gotten through ground school and bailout school. They hook you up with an instructor and away you go. I was impressed that they pressed you as fast as you could take it. Every hop you were learning something new. They'd give you a solo or two to practice on your own, and then give you a check ride. It may sound naive, but I couldn't believe I was getting paid to be there.
I was in the Marines, and it took me about 14 months to get my wings. Would have been July of '58. It was in the Mentor, actually a Beech Bonanza with a tandem cockpit. We did spins on the very first hop. And aerobatics. We transitioned to the T-28, which had the R-1820 radial. You got into this thing and you started that engine and it torqued, and I thought to myself: I wonder if I'm in the right place. It's quite an airplane. Everybody I know thought the same thing.
EILEEN COLLINS
Space shuttle commander (mission STS-93)
I was 19 years old. My mother and myself, we flew from Elmira, New York, to change planes in Chicago and landed in Denver or Colorado Springs. We were taking a little vacation. My brother was a freshman at the Air Force Academy—a fourth classman, first year—and my mother and I went out for Parents' Weekend or Labor Day Weekend, and we flew out on a Thursday or Friday and flew back the following Monday. I got the window seat and spent most of the time trying to calm my mother down. She was drinking coffee and shaking— she was nervous the entire flight. I've got to give her credit: She isn't as afraid as she used to be. So anyway, I enjoyed looking out the window. For the first time I saw what the ground looked like from the air. That was about the time I started thinking about flying myself.
The first time I flew myself would have been '77, in a Cessna 150. I went to a local airport, Elmira-Corning Regional Airport. It's beautiful. It's hilly, lot of trees, difficult to navigate in. I never finished my license that summer. We had a lot of fog, and I could only fly in the morning because I worked in a restaurant. I waited till the next summer to finish up my flying lessons.
RICHARD BACH
Pilot and author (Jonathan Livingston Seagull)
From about the age of eight I would build little air vehicles and put my eye against the back of the cockpit and say: "This must be what it looks like to fly."
I had my first flight at 15. That flight was in an airplane owned by Paul Marcus. He was my mother's campaign manager; she was running as the first councilwoman of Long Beach, California. He had a Globe Swift and he casually mentioned one day that he flew airplanes. I absolutely started bouncing off the walls. He said, "What's the matter with your boy, Mrs. Bach?" She said, "He loves airplanes." He said, "Let's go out flying," and I latched onto his arm and wouldn't let go. When we walked out to the airport and we walked out the gate—I still feel the sunlight—my eyes were like dinner plates. He taxied out to the runway and talked to the tower and rolled down the runway. The earth started falling away, and I thought, Oh boy! I was enraptured and it never quit; it still feels this way.
I always thought about that first flight. Certainly it was the most important moment of my life.
PAUL POBEREZNY
Founder, Experimental Aircraft Association
Well, my first time was back in 1936, when I taught myself to fly a glider. It was a Waco gilder that one of my high school teachers gave to me when he recognized I wasn't a very good student but my interests lay in building model airplanes and flying model airplanes. So he called me into his office and said I wasn't a good student in ancient history, which is what he taught, but he had a wrecked Waco glider and he offered me money to repair the ribs and buy the dope, and he and I hauled it home. We were a real poor family. My dad had a garage with some wooden planks on the floor. I brought it in the garage and got books on building airplanes and repaired it. My friend had a nice automobile, a coupe, and we took it down to a farmer's field and hooked the glider on the back, and the first thing I knew I was up about a hundred feet. All the farm kids were watching me. And then I pulled the rope to let it go and found out one thing: Keep your nose down. It was so thrilling I couldn't believe it. I can still smell the skid sliding through alfalfa.
DICK RUTAN
with Jeana Yeager, flew the only unrefueled, nonstop flight around the world
Right after World War II, I was a little tiny kid about eight years old and my mother took me out to a little field near Riverside, California. I was too small to strap down in the seat. I stood behind the pilot's seat and held onto the seat cushion and the cotton was coming out of it. We bounced out across the grass field and climbed into the sky.
Sound barrier breaker
It was in January 1942 and I had never been in any airplane in my life. I was a PFC [private first class], a crew chief on an AT-11 bomber trainer, and I had to change the engines. The engineering officer said, "You want to test the airplane?" I said, "I've never been in the air." He said, "You're really going to enjoy it." Me being raised in West Virginia it was like me looking over a cliff. He flew some touch-and-go's and I got really sick. After puking all over myself, I said, "Yeager, you made a big mistake."
LEE ARCHER
World War II ace; Tuskegee Airman
I had already been reading War Aces and all the old comic books about pilots and the Red Baron and all of that, and that's why I asked my father to get me a ride in the airplane. The first flight was I guess in 1936 or '37, when I was nine or 10 years of age. A guy was flying around, selling rides for a couple of bucks. My father paid for it. It was about 10 or 15 minutes. We took off in a little biplane and that was it. I didn't have a parachute and I didn't have a helmet; I had a hat on and I was sitting in the back seat of I don't know what it was.
STEVE HINTON
Stunt pilot; president, Planes of Fame Museum
First time I ever left the ground was in an SNJ-5. I was 15 years old. It was at Ontario, California, at the air museum here, Planes of Fame. I went with a museum pilot, Roscoe Diehl. Roscoe was an Air Force fighter pilot and an Air National Guard pilot; he flew Lockheed F-104s.
I was pretty excited about it. I'd worked on airplanes all my life but I had never even left the ground. He let me grab the stick and said: "Try to break the airplane." His point was you can't break it so don't be too ginger with it. It was like 45 minutes. My best recollection is we took off and circled over Ontario and went over Corona, south of Ontario, and cruised around and did some loops and rolls, some aerobatics.
The same airplane—we still have it at the museum here today. I fly it every once in a while.
SEAN D. TUCKER
Airshow superstar
I was 12 years old. It was 5:30 in the morning at Hawthorne Airport in California. My father was flying to Fresno and he had an instructor with him. He was learning to fly instruments. He was departing in the dark, taking off and rolling down the runway, and I was scared to death. At 1,000 feet we went into overcast. At 3,000 feet he breaks out of the overcast and the sun was just coming up over the San Gabriel Mountains. And at that moment I knew there was a God.
SERGEI SIKORSKY
Aerospace executive; son of pioneering aircraft designer Igor Sikorsky
I was probably nine or ten years of age. It was in Stratford, Connecticut. I was sort of seated on my father's knee in the copilot's seat of an S-38, a twin-engine amphibian. I remember that we did a brief flight. Oh, it was great. The airplane taxied into the water from the seaplane ramp that still survives—50 years later it's still at the mouth of the Housatonic River. The [Sikorsky] plant is half a mile up-river. I remember that as the airplane taxied down the ramp into the water, the water kept coming up higher and higher, eventually ending about six to eight inches below the window. But there was absolute calm in the cockpit so I figured everything was under control. Our chief test pilot at that time, he was in the left seat, he opened up the throttles, and for about a few seconds I couldn't see anything out of the windshield because the propeller tips were whipping up such a spray. Suddenly we were on the step and everything cleared off like magic. And maybe two or three brief seconds after that we were airborne. I remember seeing the horizon expanding miraculously.
LT. COL. MARTHA MCSALLY, USAF
First U.S. woman to fly fighters in combat
I was a kid flying down to Miami and I was airsick and it was miserable. I had my head in a bag the whole trip. If anybody told me I was going to be a fighter pilot I would have laughed. I felt so bad.

redpajama_set_name: RedPajamaCommonCrawl


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Q: How index.d.ts of @type/node was loaded to make my first nodejs program with typescript. maybe i need import or references index.d.ts of @types/node. but it work just after exectue
npm install @types/node and append code like this import { setTimeout } from 'timers'
but way it was referenced.
sorry for my poor english and thanks.

A: TypeScript has an approximation of NodeJS's module resolution algorithm baked into it so that it can make this scenarios easier.
When you do not specify a value for --module, or "module" in tsconfig.json, it defaults to "commonjs" which in turn defaults the --moduleResolution setting to "node".
In addition to recursively traversing the node_modules directories above and within your working directory looking for files and directories matching the imported name, this also enables automatic resolution of the "packageName" >>> packageName/package.json.main resolution behavior of the NodeJS require function. It also enables the "packageName" >>> packageName/index convention where NodeJS requires a directory as a module via its index file.
In your case, this is how, roughly speaking, it resolves index.d.ts automatically:
When you import from a non-relative module specifier, it looks in node_modules directory adjacent to the working directory.
From there it first looks for an @types subdirectory.
If it finds a directory with the same name as the import, it looks for a package.json file in that directory.
If it finds a package.json with a "main" property it resolves the import to that file.
That file is index.d.ts.
Hint: to see this in action pass the --traceResolution flag to tsc, or set
{
  "compilerOptions": {
    "traceResolution": true,
    // ...
  }
}

in tsconfig.json.
Look at the output and you will see its file system walking behavior and each attempt to resolve the import.

redpajama_set_name: RedPajamaStackExchange


Site Contamination Practitioners Australia (SCP Australia) provides Australia's first professional certification scheme to recognise practitioners working in the contaminated land industry. SCP Australia certification recognises a practitioner's ability in assessing and managing the full scope of contaminated site projects by ensuring they have the necessary level of knowledge, expertise and skill.
The certification scheme, designed specifically for Australia, aims to provide a professional industry standard to contamination industry practitioners and is designed to complement the accredited site contamination auditor system currently operating in Australia. Certification will establish an Australia-wide standard based on demonstrated competencies and quality of performance. On-going certification is subject to adherence to the SCP Australia Code of Ethics and Professional Practice, annual submission of a continuing professional development diary and payment of a yearly registration fee.
Carly Clark, a principal environmental scientist who has been with COVA for over eleven years, has recently gained certification under SCP Australia and is now a "Certified Practitioner: Site Assessment and Management". It is intended that all reports related to contaminated land investigations, remediation and validation, submitted for State EPA Directors' approval or input, must include as a final reviewer a person with certification under SCP Australia. At present, less than 25 contaminated sites practitioners across Australia have gained this certification.
COVA is proud to congratulate Carly on a well-deserved certification and is keen to apply our expertise to assist clients with any contaminated land aspects.


Furon® Flare Grip® II Fine Thread Flare Fittings are used in systems carrying high purity or corrosive liquid chemicals within the semiconductor, fine chemical and pharmaceutical industries. Flare Grip® II Fittings are injection moulded from High Purity PFA and are available in sizes from 1/4" - 1" in straight connector, 90º elbow, 45º elbow and tee configurations. All flare fittings are manufactured in Class 100 clean rooms, and supplied double bagged.


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The 2018-19 Cowgirls Basketball Schedule Gets Announced
David Settle
Seneca Riggins, Townsquare Media
Eight teams that competed in post-season play are part of the 2018-19 Wyoming Cowgirls basketball schedule released Monday.
Six of those teams that played in post-season tournaments are in the Mountain West Conference. They were in the field of either the NCAA Tournament, WNIT or Women's Basketball Invitational.
The Cowgirls open next season with three straight home games. The season officially begins Wednesday, Nov. 7 against Chadron State. UC-Colorado Springs (Nov. 13) and Adams State (Nov. 18) will also visit the Arena-Auditorium in the first month. Wyoming will play in the Pacific Thanksgiving Classic in Stockton, CA Nov. 23 and 24. November concludes with a home game versus Montana State Nov. 27.
There are only three games in December and all are at home. Denver comes to Laramie on Dec. 4, while Idaho comes to the AA on Dec. 8 and South Dakota State stops in on Dec. 20. The Vandals were part of the WNIT last year, while the Jackrabbits were in the NCAA Tournament.
The schedule makers didn't do the Cowgirls any favors with Mountain West play. UW will play the two teams that tied for the regular season title to start the conference season. Wyoming plays at regular and post-season tournament champion Boise State Jan. 2 for their first league game. The Cowgirls then return home against UNLV Jan. 5 and San Diego State Jan. 9. The Aztecs are one of the two "one-time" opponents in conference play.
UW's other "one-time" opponent has them on the road at Nevada on Feb. 16. The "Border War" games are at Colorado State Feb. 9 and home versus the Rams Feb. 23. The Cowgirls close the regular season at New Mexico Thursday, March 7.
Wyoming's two byes in their conference slate are Wednesday, Jan. 16 and Saturday, Feb. 2.
The Mountain West Championships will be March 10-13 in Las Vegas at the Thomas & Mack Center.
Click below to view and/or print the full schedule.
2018-19 Wyo WBB Schedule
Read Wyoming Basketball News
Filed Under: College Basketball, Wyoming Basketball, Wyoming Cowgirls
Categories: News, Sports


Some of the wealthiest people in this world have a reputation for knowing how to make a lot of money. However, that doesn't necessarily mean that they are abundant in every other area of their life.
If you have the desire to create financial abundance, make sure that you keep reading. The message that I am going to share with you is going to ensure that you don't fall into the money trap that will leave you feeling unfulfilled.
Are you ready to avoid the BIGGEST mistake that rich people make?
Ready to learn 21 powerful morning rituals that will take your life to the next level? CLICK HERE for instant access to my FREE Morning Ritual cheatsheet!
Some of the richest people in the world have money issues.
A lot of people assume that rich people must be happy because they have so much money. As a result, they end up taking advice from incredible entrepreneurs who have mastered financial wealth and abundance. However, a lot of rich people may be failing in other aspects of their lives. They create a guise of abundance when in reality, their circumstances may be very dismal. This is why it's important that you don't get caught up in the illusion of wealth.
In a study on the relationship between entrepreneurship and mental illness in Silicon Valley, psychiatrist Michael Freeman found that nearly half of the entrepreneurs experienced mental health issues at some point in their lives. Why? He believes the personality traits often found in entrepreneurs — creativity, extroversion, open-mindedness, and a propensity for risk — are also traits found with depression, ADHD, bipolar disorder, and substance abuse.
The most successful people overwork themselves to the point where they neglect their health, their relationships, their family members, and their emotional well-being. Instead, they chose to pursue their business, full on, and make it their only priority in life.
Their business becomes their identity.
They put so much focus on creating wealth because they have built their identity around it. More importantly, it is what people celebrate them for. However, once they "make it", they continue to invest everything that they can into creating more wealth, at the expense of every other area of their life. Trust me when I say that there is so much more to life than just being an entrepreneur and having a business.
I remember the time when I hit my 6-figure salary milestone. I finally felt financially secure and I was living my dream life, but in reality, I wasn't. Something was missing. I just wasn't fulfilled. In fact, I felt depressed. According to a growing body of research, some of our long-held beliefs about how to prosper at work and in life are actually backward. By expecting happiness later, science says that we are chasing our tails, and missing out on success because of it.
I soon realized that nurturing my inner world was more important than fancy cars, a big house, and designer clothes. Don't get me wrong. Money is great and it affords you a lot of opportunities in life. However, if you aren't happy, then what is the point?
In order to be truly successful in life, you must find a balance between all aspects of the human experience. You need to strive to master the 7 different areas of your life – body, mind and emotions, relationships, family/social, business/career, money/finances, and spirituality. If you experience massive financial success but neglect your health or relationships in the process then, in my opinion, you have not achieved true success.
Before you can define what success means to you, you need to first decide what you want your life to look like. Unfortunately, people fall into the trap of not really knowing what they want. Instead, they follow other people's paths, assuming that its the right way. As soon as you get clear on the kind of life that you want, you will start filtering the information that you receive from others. Keep in mind that, a huge part of getting what you want is knowing what you have to give up.
If you want to achieve financial freedom, you will have to work harder than you ever have before. It will require that you make huge sacrifices. However, this should only be something that you do temporarily, with the goal of catapulting yourself towards a life of abundance. It is at this point that you must rebalance your life and find your center again. This is where a lot of rich people get into trouble, but you don't have to.
Do not fall victim to the money trap that rich people get stuck in.
Financial wealth is not a true measurement of success. Having more zeroes in your bank account won't make you a happier person. In my experience, it only gives you temporary pleasure. I believe that true success comes through self-mastery, which is an inside job. Step back and take a look at your life from a holistic perspective. Decide what is important to you and always make sure that you are living in alignment with your values.
In the words of Albert Schweitzer, "Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful." What does success mean to you?


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NSSF Launches Educational Ad Campaign on Capitol Hill to Coincide with Congressional Fly-In
The National Shooting Sports Foundation (NSSF) — the trade association for the firearms industry — is launching an educational advertising campaign reminding legislators of the industry's economic impact on the nation's economy and the pivotal role that excise taxes, paid by manufacturers, play in funding wildlife conservation throughout the United States. The launch will be focused on D.C. area publications and will coincide with the NSSF Congressional Fly-In (April 6-7).
Titled "The Original Green MovementSM," the ad notes that while "green" initiatives are commonplace today, the movement began with America's sportsmen. The ad states that while "everyone is now talking about their green initiatives, United States sportsmen have been putting their money where their hearts are since 1937."
Key statistics that are highlighted in the NSSF ad include the more than 183,500 jobs created by members of the firearms and ammunition industry, paying more than $8.2 billion in wages annually and having an overall economic impact of $27.8 billion.
"The economic growth of America's firearms and ammunition industry continues to be a bright spot in our country's still ailing economy," said NSSF Senior Vice President and General Counsel Lawrence G. Keane. "Our ads will help remind America's lawmakers of this important fact."
Keane continued, "The excise tax dollars (up to 11 percent) manufacturers pay on the sale of firearms and ammunition is the primary source of wildlife conservation funding in the United States and the financial backbone of the North American Model of wildlife conservation. Clearly, America's firearms and ammunition industry spawned the original green movement."
Since the firearms and ammunition excise tax began in 1937, more than $6.4 billion has been collected from firearms and ammunition manufacturers benefiting wildlife restoration and hunter education.
Mark Thomas, NSSF managing director, marketing and communications, noted, "This educational campaign is meant to ensure that legislators and legislative staff fully understand that sportsmen were the first conservationists and continue to have a tremendous impact on America's conservation and economic efforts.
"As the trade association for the firearms and ammunition industry, we are very proud of the contributions our members have on the future of hunting and the shooting sports," Thomas added. "This multi-level campaign clearly illustrates how NSSF promotes, protects and preserves hunting and the shooting sports."
Tags: conservation green initiatives
Categories: Conservation, Education, Government Relations, Hunting, Industry News, Top Stories


text:
Pedro Richter Prada (Huamanga, 1921. január 4. – Lima, 2017. július 14.) perui politikus.

Élete
Federico Richter del Castillo és María Prada fiakét született 1921. január 4-én. 1942-től a Escuela Militar de Chorrillos katonai iskolában tanult, ahol 1946-ban végzett. 1971 és 1975 között belügyminiszter, 1979. január 31. és 1980. július 28. között miniszterelnök és védelmi miniszter volt.

Jegyzetek

1921-ben született személyek
2017-ben elhunyt személyek
Perui politikusok
Belügyminiszterek

redpajama_set_name: RedPajamaWikipedia


A movie that I watch on repeat, up there with "Casablanca" (1942) and "Shane" (1953), is Frank Darabont's "The Shawshank Redemption" (1994). When I first saw it, I did not realize it was based on a story by Stephen King. Darabont adapted King's novella "Rita Hayworth and Shawshank Redemption." Excellent screenplay. Good storytelling, full of affect.
"It comes down to a simple choice, really.
Initially, I was inspired to design a small poster. But then I turned toward making desktop wallpaper—something I've never done before. I honed in on just one wallpaper, but in the process, while finding and reacting to color combinations, I mulled over certain elements. They were cast members: a rock hammer, hay and the ocean. For those who have not seen "The Shawshank Redemption," these elements play an important role in the story's overall narrative and aesthetic. They also act as complementary backdrops to motivational and reflective quotes, which serve well as constant reminders to keep going—in a hopeful and determined way.
Each version's compressed folder contains display sizes for desktop, including iPhone and iPad, plus sizes for retina display.
The typefaces: "Haymaker," designed by Trevor Baum, part of the Lost TypeCo-op, was used for the headline; "Walbaum," designed by Justus Erich Walbaum, was used for the quotes.
If you liked these lovingly-made wallpapers, show your appreciation by helping to support my labor of love—Design Feast, which proudly includes this blog. Learn more.


SpeedPod is the first part of the new SLAMMER fast-fill system for constant and unlimited firepower! This revolutionary paint pod allows you to refill in tight spots with one hand, pass paint like a football without spilling, and extend your paint capacity from 120 to 150 balls. End cap removes for easy cleaning. It keeps your hopper hopping while keeping ball spillage to a minimum. One bonus feature is that this pod can be passed like a football to an out-of-ammo teammate!


text:
Locust Fork steht für:

 Locust Fork (Alabama), Ort im Blount County, Alabama, Vereinigte Staaten
 Locust Fork (Black Warrior River), Fluss in Alabama, Vereinigte Staaten