TXNM ENERGY INC

For the period ended Mar 31, 2025. Filed May 9, 2025.

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, 2025 · Filed May 9, 2025

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,
	2025	2024
(In thousands)
Electric Operating Revenues	$149,412	$128,762
Operating Expenses:
Cost of energy	38,228	34,892
Administrative and general	12,041	13,669
Depreciation and amortization	35,213	30,382
Transmission and distribution costs	9,679	8,414
Taxes other than income taxes	11,504	10,667
Total operating expenses	106,665	98,024
Operating income	42,747	30,738
Other Income and Deductions:
Interest income	154	169
Other income	2,520	1,173
Other (deductions)	(268)	(297)
Net other income and deductions	2,406	1,045
Interest Charges	17,322	13,336
Earnings before Income Taxes	27,831	18,447
Income Taxes	5,548	3,864
Net Earnings	$22,283	$14,583

	Three Months Ended March 31,
	2025	2024
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$22,283	$14,583
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	35,468	30,525
Deferred income tax expense	3,339	3,428
Allowance for equity funds used during construction and other, net	(614)	(276)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	669	6,944
Materials and supplies	(1,474)	(2,845)
Other current assets	7,922	20,581
Other assets	(1,612)	(450)
Accounts payable	1,773	170
Accrued interest and taxes	(21,187)	(19,053)
Other current liabilities	981	(7,085)
Other liabilities	7,306	(5,028)
Net cash flows from operating activities	54,854	41,494
Cash Flows From Investing Activities:
Utility plant additions	(184,161)	(124,646)
Net cash flows used in investing activities	(184,161)	(124,646)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	112,700	127,100
Revolving credit facilities repayments	(124,400)	(163,900)
Long-term borrowings	140,000	117,000
Transmission interconnection and security deposit arrangements	10,450	6,750
Refunds paid under transmission interconnection and security deposit arrangements	(8,500)	(2,900)
Debt issuance costs and other, net	(1,176)	(898)
Net cash flows from financing activities	129,074	83,152
Change in Cash and Cash Equivalents	(233)	—
Cash and Cash Equivalents at Beginning of Period	233	—
Cash and Cash Equivalents at End of Period	$—	$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$19,813	$13,532
Income taxes paid (refunded), net	$—	$(488)
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$43,759	$20,472

	March 31,2025	December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$—	$233
Accounts receivable	35,340	34,419
Unbilled revenues	14,603	16,193
Other receivables	11,664	15,144
Affiliate receivables	57	—
Materials and supplies	25,825	24,351
Regulatory assets	3,437	5,268
Prepaid and other current assets	2,415	4,908
Total current assets	93,341	100,516
Other Property and Investments:
Other investments	75	75
Non-utility property, net	12,734	13,137
Total other property and investments	12,809	13,212
Utility Plant:
Plant in service and plant held for future use	3,660,428	3,635,550
Less accumulated depreciation and amortization	632,504	616,741
	3,027,924	3,018,809
Construction work in progress	272,873	165,527
Net utility plant	3,300,797	3,184,336
Deferred Charges and Other Assets:
Regulatory assets	106,117	104,693
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	581	923
Other deferred charges	20,404	18,780
Total deferred charges and other assets	353,767	351,061
	$3,760,714	$3,649,125

	March 31,2025	December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$139,900	$151,600
Current installments of long-term debt	59,929	—
Accounts payable	25,131	67,116
Affiliate payables	5,191	7,339
Accrued interest and taxes	35,554	56,740
Regulatory liabilities	1,261	602
Operating lease liabilities	527	713
Other current liabilities	8,700	6,964
Total current liabilities	276,193	291,074
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,543,258	1,464,079
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	212,009	208,107
Regulatory liabilities	241,515	230,037
Asset retirement obligations	975	955
Accrued pension liability and postretirement benefit cost	801	998
Operating lease liabilities	34	167
Other deferred credits	98,457	88,519
Total deferred credits and other liabilities	553,791	528,783
Total liabilities	2,373,242	2,283,936
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	870,066	870,066
Retained earnings	517,342	495,059
Total common stockholder’s equity	1,387,472	1,365,189
	$3,760,714	$3,649,125

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.