PNM RESOURCES INC

For the period ended Mar 31, 2024. Filed May 3, 2024.

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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.

Mar 31, 2024 · Filed May 3, 2024

TXNM$58.10-0.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended March 31,
	2024	2023
(In thousands)
Net Earnings	$50,366	$60,273
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)	366	3,111
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771 and $178	(8,139)	(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)	907	891
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(17) and $43	50	(125)
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(697) and $565	2,048	(1,659)
Total Other Comprehensive Income (Loss)	(4,768)	1,694
Comprehensive Income	45,598	61,967
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,044)	(5,127)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Comprehensive Income Attributable to PNMR	$42,422	$56,708

	Three Months Ended March 31,
	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$50,366	$60,273
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	103,004	87,128
Deferred income tax expense	6,935	9,576
(Gain) on sale of NMRD	(4,449)	—
(Gains) losses on investment securities	(17,998)	(6,442)
Stock based compensation expense	4,608	3,490
Regulatory disallowances	4,459	—
Allowance for equity funds used during construction	(3,292)	(1,964)
Other, net	1,031	810
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	29,296	64,919
Materials, supplies, and fuel stock	(6,457)	2,443
Other current assets	24,662	(1,305)
Other assets	(7,341)	(2,074)
Accounts payable	(31,482)	(56,306)
Accrued interest and taxes	(9,823)	(4,514)
Other current liabilities	(39,860)	(16,844)
Other liabilities	(10,843)	(7,689)
Net cash flows from operating activities	92,816	131,501
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(289,100)	(264,368)
Proceeds from sale of plant assets (Note 13)	2,840	28,372
Proceeds from sales of investment securities	302,510	91,830
Purchases of investment securities	(304,971)	(95,773)
Proceeds from sale of NMRD	116,936	—
Investments in NMRD	(12,550)	(11,500)
Other, net	(23)	6
Net cash flows used in investing activities	(184,358)	(251,433)

	Three Months Ended March 31,
	2024	2023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$658,800	$635,200
Revolving credit facilities repayments	(676,200)	(457,800)
Long-term borrowings	117,000	—
Awards of common stock	(5,440)	(8,394)
Dividends paid	(35,085)	(31,677)
Valencia’s transactions with its owner	(4,003)	(5,510)
Transmission interconnection and security deposit arrangements	57,875	3,894
Refunds paid under transmission interconnection and security deposit arrangements	(12,003)	(15,167)
Debt issuance costs and other, net	(1,435)	(560)
Net cash flows from financing activities	99,509	119,986
Change in Cash, Cash Equivalents, and Restricted Cash	7,967	54
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Period	$11,910	$4,132
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period	$1,728	$—
At end of period	$8,922	$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$48,912	$39,794
Income taxes paid (refunded), net	$(488)	$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$40,223	$37,148

	March 31,2024	December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$2,988	$2,215
Accounts receivable, net of allowance for credit losses of $3,203 and $3,388	105,002	126,291
Unbilled revenues	55,142	64,072
Other receivables	39,808	76,509
Materials, supplies, and fuel stock	104,491	98,034
Regulatory assets	61,453	73,046
Prepaid assets	16,792	19,759
Income taxes receivable	6,168	6,697
Other current assets	15,999	8,920
Total current assets	407,843	475,543
Other Property and Investments:
Investment securities	448,164	444,408
Equity investment in NMRD	—	119,570
Other investments	193	171
Non-utility property, net	28,023	29,367
Total other property and investments	476,380	593,516
Utility Plant:
Plant in service, held for future use, and to be abandoned	9,807,524	9,701,180
Less accumulated depreciation and amortization	2,812,846	2,755,823
	6,994,678	6,945,357
Construction work in progress	693,502	589,834
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840	72,190	74,671
Net utility plant	7,760,370	7,609,862
Deferred Charges and Other Assets:
Regulatory assets	930,752	914,381
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	179,480	182,201
Other deferred charges	224,531	198,805
Total deferred charges and other assets	1,613,060	1,573,684
	$10,257,653	$10,252,605

	March 31,2024	December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$244,500	$261,900
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)	283,776	280,169
Accounts payable	133,470	205,175
Customer deposits	6,256	6,237
Accrued interest and taxes	88,302	98,655
Regulatory liabilities	108,429	140,005
Operating lease liabilities	11,811	12,267
Dividends declared	35,085	35,085
Transmission interconnection arrangement liabilities	124,248	96,870
Other current liabilities	71,251	94,397
Total current liabilities	1,107,128	1,230,760
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)	4,355,049	4,241,642
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	835,835	845,280
Regulatory liabilities	777,752	771,317
Asset retirement obligations	246,908	245,531
Accrued pension liability and postretirement benefit cost	18,700	21,429
Operating lease liabilities	165,842	167,000
Other deferred credits	334,180	319,066
Total deferred credits and other liabilities	2,379,217	2,369,623
Total liabilities	7,841,394	7,842,025
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)	1,623,991	1,624,823
Accumulated other comprehensive income (loss), net of income taxes	(67,608)	(62,840)
Retained earnings	799,348	787,110
Total PNMR common stockholders’ equity	2,355,731	2,349,093
Non-controlling interest in Valencia	48,999	49,958
Total equity	2,404,730	2,399,051
	$10,257,653	$10,252,605

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