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Midas Edge

NEW JERSEY RESOURCES CORP

For the period ended Dec 31, 2023. Filed Feb 6, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 6, 2024

NJR$54.71+0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Unaudited Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended
December 31,
(Thousands, except per share data)20232022
OPERATING REVENUES
Utility$293,093$357,409
Nonutility174,117366,158
Total operating revenues467,210723,567
OPERATING EXPENSES
Natural gas purchases:
Utility116,120182,446
Nonutility59,477232,070
Related parties1,8791,827
Operation and maintenance94,43979,501
Regulatory rider expenses19,18918,251
Depreciation and amortization40,28736,683
Total operating expenses331,391550,778
OPERATING INCOME135,819172,789
Other income, net6,3414,655
Interest expense, net of capitalized interest31,47329,491
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES110,687147,953
Income tax provision22,93632,978
Equity in earnings of affiliates1,660946
NET INCOME$89,411$115,921
EARNINGS PER COMMON SHARE
Basic$0.91$1.20
Diluted$0.91$1.19
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic97,86996,485
Diluted98,56397,083

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended
December 31,
(Thousands)20232022
Net income$89,411$115,921
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(79) and $(79), respectively264263
Adjustment to postemployment benefit obligation, net of tax of $(40) and $(12), respectively13141
Other comprehensive income, net of tax$395$304
Comprehensive income$89,806$116,225

Part I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended
December 31,
(Thousands)20232022
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income$89,411$115,921
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) on derivative instruments(5,400)(31,503)
Depreciation and amortization40,28736,683
Amortization of acquired wholesale energy contracts111530
Allowance for equity used during construction(1,482)(1,054)
Allowance for doubtful accounts(1,575)(2,459)
Non cash lease expense1,152727
Deferred income taxes18,75811,861
Equivalent value of ITCs recognized on equipment financing(2,888)(899)
Manufactured gas plant remediation costs(4,575)(2,627)
Cost of removal - asset retirement obligations(382)(322)
Contributions to postemployment benefit plans(1,996)(249)
Taxes related to stock-based compensation1,185554
Changes in:
Components of working capital(97,615)(335,025)
Other noncurrent assets and liabilities11,424118,915
Cash flows from (used in) operating activities46,415(88,947)
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant(71,166)(74,742)
Solar equipment(25,766)(43,993)
Storage and Transportation and other(8,713)(19,859)
Cost of removal(8,977)(7,329)
Distribution from equity investees in excess of equity in earnings830361
Cash flows used in investing activities(113,792)(145,562)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt50,000175,000
Payments of long-term debt(6,188)(4,782)
Proceeds from short-term debt, net16,55040,500
Proceeds from sale leaseback transactions - solar24,39433,150
Proceeds from sale leaseback transactions - natural gas meters8,8148,441
Payments of common stock dividends(40,981)(34,508)
Proceeds from waiver discount issuance of common stock17,91917,919
Proceeds from issuance of common stock - DRP3,7813,847
Tax withholding payments related to net settled stock compensation(5,000)(3,642)
Cash flows from financing activities69,289235,925
Change in cash, cash equivalents and restricted cash1,9121,416
Cash, cash equivalents and restricted cash at beginning of period1,5171,452
Cash, cash equivalents and restricted cash at end of period$3,429$2,868
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables$(146,377)$(247,080)
Inventories1,94817,974
Recovery of natural gas costs47927,904
Natural gas purchases payable24,901(76,930)
Natural gas purchases payable - related parties(2)11
Deferred revenue, current57,115—
Accounts payable and other(47,797)(35,361)
Prepaid expenses(5,794)(10,456)
Prepaid and accrued taxes20,89539,301
Restricted broker margin accounts(837)(56,460)
Customers' credit balances and deposits5517,724
Other current assets (liabilities)(2,697)(1,652)
Total$(97,615)$(335,025)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)$29,779$22,986
Income taxes$629$30
Accrued capital expenditures$13,333$24,119
See Notes to Unaudited Condensed Consolidated Financial Statements

Part I

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(Unaudited)
(Thousands)December 31,2023September 30,2023
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost$3,927,578$3,843,037
Construction work in progress230,603237,428
Nonutility plant and equipment, at cost1,784,0351,767,306
Construction work in progress153,541142,768
Total property, plant and equipment6,095,7575,990,539
Accumulated depreciation and amortization, utility plant(732,326)(714,087)
Accumulated depreciation and amortization, nonutility plant and equipment(266,896)(254,397)
Property, plant and equipment, net5,096,5355,022,055
CURRENT ASSETS
Cash and cash equivalents2,739954
Customer accounts receivable
Billed170,47297,540
Unbilled revenues91,93119,100
Allowance for doubtful accounts(8,847)(11,036)
Regulatory assets76,72873,587
Natural gas in storage, at average cost193,742199,501
Materials and supplies, at average cost30,83327,022
Prepaid expenses15,5359,741
Prepaid and accrued taxes22,86043,046
Derivatives, at fair value37,77130,755
Restricted broker margin accounts19,33120,796
Other current assets23,86321,071
Total current assets676,958532,077
NONCURRENT ASSETS
Investments in equity method investees103,268104,134
Regulatory assets581,907584,830
Operating lease assets175,864175,740
Derivatives, at fair value1,1781,564
Software costs9,1058,375
Deferred income taxes22,90328,383
Postemployment employee benefit assets18,65118,684
Other noncurrent assets62,67961,654
Total noncurrent assets975,555983,364
Total assets$6,749,048$6,537,496

Part I

CAPITALIZATION AND LIABILITIES

(Unaudited)
(Thousands, except share data)December 31,2023September 30,2023
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares December 31, 2023 — 98,202,255; September 30, 2023 — 97,584,455$245,009$243,458
Premium on common stock582,551558,654
Accumulated other comprehensive loss, net of tax(9,564)(9,959)
Treasury stock at cost and other; shares December 31, 2023 — 15,710;September 30, 2023 — 13,04122,13620,748
Retained earnings1,226,0691,177,834
Common stock equity2,066,2011,990,735
Long-term debt2,738,9972,768,017
Total capitalization4,805,1984,758,752
CURRENT LIABILITIES
Current maturities of long-term debt219,627116,155
Short-term debt268,650252,100
Natural gas purchases payable76,17851,277
Natural gas purchases payable to related parties857859
Deferred revenue118,51961,404
Accounts payable and other105,627151,790
Dividends payable41,17540,981
Accrued taxes10,79910,090
Regulatory liabilities30,34432,287
New Jersey Clean Energy Program14,38215,804
Derivatives, at fair value13,19616,145
Operating lease liabilities4,7984,772
Restricted broker margin accounts12,4198,029
Customers' credit balances and deposits45,46144,910
Total current liabilities962,032806,603
NONCURRENT LIABILITIES
Deferred income taxes299,454285,427
Deferred investment tax credits2,3652,434
Deferred revenue635659
Derivatives, at fair value7,4647,967
Manufactured gas plant remediation165,315169,390
Postemployment employee benefit liability102,482102,528
Regulatory liabilities179,638180,458
Operating lease liabilities148,849148,023
Asset retirement obligation62,43561,993
Other noncurrent liabilities13,18113,262
Total noncurrent liabilities981,818972,141
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities$6,749,048$6,537,496

Part I

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)

(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202397,584$243,458$558,654$(9,959)$20,748$1,177,834$1,990,735
Net income—————89,41189,411
Other comprehensive income———395——395
Common stock issued:
Incentive compensation plan1162903,451———3,741
Dividend reinvestment plan942363,552———3,788
Waiver discount4101,02516,894———17,919
Cash dividend declared ($.42 per share)—————(41,176)(41,176)
Treasury stock and other(2)———1,388—1,388
Balance as of December 31, 202398,202$245,009$582,551$(9,564)$22,136$1,226,069$2,066,201
(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202296,250$241,616$519,697$(4,826)$(6,805)$1,067,528$1,817,210
Net income—————115,921115,921
Other comprehensive income———304——304
Common stock issued:
Incentive compensation plan922293,243———3,472
Dividend reinvestment plan (1)93—437—3,429—3,866
Waiver discount368—4,469—13,450—17,919
Cash dividend declared ($.39 per share)—————(37,665)(37,665)
Treasury stock and other————1,768—1,768
Balance as of December 31, 202296,803$241,845$527,846$(4,522)$11,842$1,145,784$1,922,795

(1)Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.