TXNM ENERGY INC

For the period ended Sep 30, 2024. Filed Nov 1, 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.

Sep 30, 2024 · Filed Nov 1, 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
(In thousands)
Electric Operating Revenues	$162,737	$155,517	$445,930	$408,343
Operating Expenses:
Cost of energy	37,414	35,951	112,240	106,627
Administrative and general	14,423	13,440	41,797	40,608
Depreciation and amortization	31,732	28,357	93,147	83,746
Transmission and distribution costs	8,537	9,752	26,652	28,771
Taxes other than income taxes	12,161	11,863	33,571	31,923
Total operating expenses	104,267	99,363	307,407	291,675
Operating income	58,470	56,154	138,523	116,668
Other Income and Deductions:
Interest income	130	178	426	413
Other income	3,137	3,476	7,292	5,754
Other (deductions)	(852)	(1,028)	(1,426)	(1,658)
Net other income and deductions	2,415	2,626	6,292	4,509
Interest Charges	15,924	12,095	43,711	33,932
Earnings before Income Taxes	44,961	46,685	101,104	87,245
Income Taxes	9,266	7,181	20,901	13,076
Net Earnings	$35,695	$39,504	$80,203	$74,169

	Nine Months Ended September 30,
	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$80,203	$74,169
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	93,892	84,300
Deferred income tax expense	17,432	431
Allowance for equity funds used during construction and other, net	(3,543)	(2,811)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(15,791)	(14,676)
Materials and supplies	(8,556)	(4,357)
Other current assets	9,526	4,914
Other assets	(26,686)	1,322
Accounts payable	(1,980)	2,224
Accrued interest and taxes	1,688	8,559
Other current liabilities	(4,503)	(2,932)
Other liabilities	1,860	(650)
Net cash flows from operating activities	143,542	150,493
Cash Flows From Investing Activities:
Utility plant additions	(392,933)	(343,269)
Net cash flows used in investing activities	(392,933)	(343,269)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	499,300	281,800
Revolving credit facilities repayments	(456,900)	(278,700)
Long-term borrowings	285,000	185,000
Repayment of long-term debt	(80,000)	—
Transmission interconnection and security deposit arrangements	11,250	11,000
Refunds paid under transmission interconnection and security deposit arrangements	(4,850)	(3,500)
Debt issuance costs and other, net	(3,468)	(1,671)
Net cash flows from financing activities	250,332	193,929
Change in Cash and Cash Equivalents	941	1,153
Cash and Cash Equivalents at Beginning of Period	—	—
Cash and Cash Equivalents at End of Period	$941	$1,153
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$40,626	$30,868
Income taxes paid (refunded), net	$1,312	$1,400
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$21,105	$6,640

	September 30,2024	December 31,2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$941	$—
Accounts receivable	45,107	31,412
Unbilled revenues	19,242	17,147
Other receivables	11,715	26,983
Materials and supplies	25,019	16,462
Regulatory assets	8,213	50
Prepaid and other current assets	6,815	2,705
Total current assets	117,052	94,759
Other Property and Investments:
Other investments	101	102
Non-utility property, net	13,413	14,746
Total other property and investments	13,514	14,848
Utility Plant:
Plant in service and plant held for future use	3,385,732	3,210,870
Less accumulated depreciation and amortization	617,051	582,140
	2,768,681	2,628,730
Construction work in progress	262,880	91,274
Net utility plant	3,031,561	2,720,004
Deferred Charges and Other Assets:
Regulatory assets	99,603	75,654
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	1,101	1,814
Other deferred charges	16,213	11,287
Total deferred charges and other assets	343,582	315,420
	$3,505,709	$3,145,031

	September 30,2024	December 31,2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$97,500	$55,100
Current installments of long-term debt	—	79,947
Accounts payable	28,535	51,620
Affiliate payables	5,857	6,932
Accrued interest and taxes	59,246	57,558
Regulatory liabilities	1,700	5,159
Operating lease liabilities	772	895
Other current liabilities	9,134	12,084
Total current liabilities	202,744	269,295
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,464,054	1,180,933
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	198,638	178,748
Regulatory liabilities	232,429	206,296
Asset retirement obligations	955	898
Accrued pension liability and postretirement benefit cost	1,073	1,480
Operating lease liabilities	268	809
Other deferred credits	87,684	68,911
Total deferred credits and other liabilities	521,047	457,142
Total liabilities	2,187,845	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	471,734	391,531
Total common stockholder’s equity	1,317,864	1,237,661
	$3,505,709	$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.