SWX — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-05

• Southwest Gas is engaged in the business of purchasing, distributing, and transporting natural gas for customers in portions of Arizona, Nevada, and California. Southwest Gas is the largest regulated distributor of natural gas in Arizona and Nevada, and also distributes and transports natural gas fo…

• As of March 31, 2026, Southwest Gas had approximately 2,287,000 residential, commercial, industrial, and other natural gas customers, of which 1,227,000 customers were located in Arizona, 852,000 in Nevada, and 208,000 in California. Residential and small commercial customers represented over 99% of…

• Southwest Gas’ revenues and cost of gas sold can change depending on natural gas cost included in customer rates. These changes, however, do not directly affect the company’s profits, as regulatory commissions in the states in which Southwest Gas operates have set up mechanisms that allow Southwest …

• If the actual cost of gas differs from what is recovered through customer rates, the difference is recorded as a deferred amount.

• •If Southwest Gas has under-recovered costs, it records a regulatory asset on the Condensed Consolidated Balance Sheets as deferred purchase gas costs and interest income on the Condensed Consolidated Statements of Income within the Other income (deductions) line item.

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Consistent with the Company’s earlier determination to simplify the Company’s portfolio of businesses, the Company determined it would pursue a separation of Centuri. In April 2024, the Company and Centuri announced the completion of the Centuri IPO. The Company completed subsequent sales of Centuri…

• Our business includes Southwest Gas, which is engaged in the business of purchasing, distributing, and transporting natural gas for customers in portions of Arizona, Nevada, and California. Southwest Gas is the largest regulated distributor of natural gas in Arizona and Nevada, and also distributes …

• As of September 30, 2025, Southwest Gas had approximately 2,276,000 residential, commercial, industrial, and other natural gas customers, of which 1,222,000 customers were located in Arizona, 847,000 in Nevada, and 207,000 in California. Over the past twelve months, first-time meter sets were approx…

• •Completed sale of last remaining shares of Centuri common stock through secondary public offerings and private placements resulting in net proceeds of $901.2 million; collective net proceeds used to repay outstanding indebtedness and the third quarter dividends to stockholders, with expectation to …

• •Year-to-date gross margin of $546 million and operating margin of $1.0 billion

Text added vs the prior filing · source: 10-Q · 2026-05-05

• Management of Southwest Gas Holdings, Inc. and Southwest Gas has established disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to provide reasonable assurance that information required to be disclosed in their respective reports …

• Based on the evaluation by management of the period covered by this report, management, including the Chief Executive Officer and Chief Financial Officer, believes the Company’s disclosure controls and procedures were not effective at attaining the level of reasonable assurance noted above due to th…

• Management evaluated the impact of the material weakness and has designed and is implementing changes to our internal control over financial reporting to address the material weakness in internal control over financial reporting described in our Annual Report. During the quarter ended March 31, 2026…

• • We expanded our internal control framework over income tax accounting by modifying the control activities related to state tax apportionment rates. This expansion included the implementation of a formal interim review control designed to identify, evaluate, and document the impact of any significa…

• While these remediation measures are ongoing, we believe the planned remediation activities will be sufficient to remediate the material weakness described in our Annual Report once completed. The material weakness, however, will not be considered remediated until the applicable controls operate for…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Management of Southwest Gas Holdings, Inc. and Southwest Gas has established disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to provide reasonable assurance that information …

• Based on the most recent evaluation, as of September 30, 2025, management of Southwest Gas Holdings, Inc. and Southwest Gas, including the Chief Executive Officer and Chief Financial Officer, believes the Company’s and Southwest Gas’ disclosure controls and procedures are effective at attaining the …

• There have been no changes in the Company’s or Southwest Gas’ internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the third quarter of 2025 that have materially affected, or are likely to materially affect the Company’s internal control …

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• On September 10, 2025, Justin L. Brown, President of Southwest Gas Corporation, adopted a new Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) of the Exchange Act. Mr. Brown’s trading arrangement is scheduled to terminate on January 7, 2028, su…

• Mr. Brown’s Rule 10b5-1 trading arrangement described above was adopted and precleared in accordance with Southwest Gas Holdings’ Insider Trading Policy and actual sale transactions made pursuant to such trading arrangement will be disclosed publicly in future Exchange Act Section 16 filings with th…