PNM RESOURCES INC

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

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.

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 Earnings

	Three Months Ended March 31,
	2024	2023
(In thousands)
Electric Operating Revenues	$128,762	$113,912
Operating Expenses:
Cost of energy	34,892	31,833
Administrative and general	13,669	14,014
Depreciation and amortization	30,382	27,440
Transmission and distribution costs	8,414	8,309
Taxes other than income taxes	10,667	10,529
Total operating expenses	98,024	92,125
Operating income	30,738	21,787
Other Income and Deductions:
Interest income	169	114
Other income	1,173	511
Other (deductions)	(297)	(375)
Net other income and deductions	1,045	250
Interest Charges	13,336	10,425
Earnings before Income Taxes	18,447	11,612
Income Taxes	3,864	1,579
Net Earnings	$14,583	$10,033

	Three Months Ended March 31,
	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$14,583	$10,033
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	30,525	27,642
Deferred income tax expense (benefit)	3,428	(15)
Allowance for equity funds used during construction and other, net	(276)	(102)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	6,944	10,876
Materials and supplies	(2,845)	(473)
Other current assets	20,581	6,765
Other assets	(450)	(804)
Accounts payable	170	(3,235)
Accrued interest and taxes	(19,053)	(15,562)
Other current liabilities	(7,085)	1,267
Other liabilities	(5,028)	(1,238)
Net cash flows from operating activities	41,494	35,154
Cash Flows From Investing Activities:
Utility plant additions	(124,646)	(108,993)
Net cash flows used in investing activities	(124,646)	(108,993)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	127,100	125,100
Revolving credit facilities repayments	(163,900)	(61,800)
Short-term borrowings (repayments) – affiliate, net	—	14,200
Long-term borrowings	117,000	—
Transmission interconnection and security deposit arrangements	6,750	—
Refunds paid under transmission interconnection and security deposit arrangements	(2,900)	(3,500)
Debt issuance costs and other, net	(898)	(161)
Net cash flows from financing activities	83,152	73,839
Change in Cash and Cash Equivalents	—	—
Cash and Cash Equivalents at Beginning of Period	—	—
Cash and Cash Equivalents at End of Period	$—	$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$13,532	$14,736
Income taxes paid (refunded), net	$(488)	$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$20,472	$10,986

	March 31,2024	December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$—	$—
Accounts receivable	29,565	31,412
Unbilled revenues	12,050	17,147
Other receivables	7,749	26,983
Materials and supplies	19,307	16,462
Regulatory assets	—	50
Prepaid and other current assets	1,517	2,705
Total current assets	70,188	94,759
Other Property and Investments:
Other investments	102	102
Non-utility property, net	14,470	14,746
Total other property and investments	14,572	14,848
Utility Plant:
Plant in service and plant held for future use	3,252,448	3,210,870
Less accumulated depreciation and amortization	596,669	582,140
	2,655,779	2,628,730
Construction work in progress	149,793	91,274
Net utility plant	2,805,572	2,720,004
Deferred Charges and Other Assets:
Regulatory assets	75,632	75,654
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	1,615	1,814
Other deferred charges	10,692	11,287
Total deferred charges and other assets	314,604	315,420
	$3,204,936	$3,145,031

	March 31,2024	December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$18,300	$55,100
Current installments of long-term debt	79,974	79,947
Accounts payable	31,318	51,620
Affiliate payables	4,166	6,932
Accrued interest and taxes	38,505	57,558
Regulatory liabilities	2,739	5,159
Operating lease liabilities	887	895
Other current liabilities	9,158	12,084
Total current liabilities	185,047	269,295
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,297,281	1,180,933
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	182,628	178,748
Regulatory liabilities	214,910	206,296
Asset retirement obligations	917	898
Accrued pension liability and postretirement benefit cost	1,333	1,480
Operating lease liabilities	643	809
Other deferred credits	69,933	68,911
Total deferred credits and other liabilities	470,364	457,142
Total liabilities	1,952,692	1,907,370
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	846,066	846,066
Retained earnings	406,114	391,531
Total common stockholder’s equity	1,252,244	1,237,661
	$3,204,936	$3,145,031

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.