Southwest Gas Holdings Inc

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 26, 2025

SWX$92.05-0.4%Stored close · as of Nov 10, 2026

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Contents

Southwest Gas Holdings, Inc. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2024	2023	2022
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$204,836	$155,517	$(197,684)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	438,440	440,908	470,455
Impairment of assets and other charges	—	71,230	455,425
Deferred income taxes	52,874	56,771	(72,048)
Gains on sale of property and equipment	(3,634)	(4,683)	(7,865)
Changes in undistributed stock compensation	14,899	8,079	9,446
Equity AFUDC	(6,597)	(1,951)	(465)
Changes in current assets and liabilities:
Accounts receivable, net of allowances	126,521	(22,583)	(193,775)
Accrued utility revenue	(3,600)	(4,900)	(3,200)
Deferred purchased gas costs	781,206	(117,770)	(147,215)
Accounts payable	(10,574)	(286,161)	293,909
Accrued taxes	1,532	(2,302)	17,929
Other current assets and liabilities	(192,871)	304,110	(207,853)
Changes in deferred charges and other assets	(21,088)	(10,444)	16,886
Changes in other liabilities and deferred credits	(26,164)	(76,610)	(26,485)
Net cash provided by operating activities	1,355,780	509,211	407,460
CASH FLOW FROM INVESTING ACTIVITIES:
Construction expenditures and property additions	(945,923)	(872,521)	(859,421)
Acquisition of businesses, net of cash acquired	—	—	(18,809)
Proceeds from the sale of business, net of cash sold	—	1,022,483	—
Proceeds from the sale of property	21,377	—	—
Changes in customer advances	(5,995)	(8,905)	21,506
Other	8,973	9,909	17,822
Net cash provided by (used in) investing activities	(921,568)	150,966	(838,902)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	8,884	251,759	461,828
Redemption of redeemable noncontrolling interest	(92,916)	(39,894)	(39,649)
Dividends paid	(177,768)	(174,574)	(160,563)
Issuance of long-term debt, net	353,769	1,044,861	1,067,805
Retirement of long-term debt	(629,407)	(248,328)	(499,914)
Change in short-term portion of credit facility	51,500	(94,000)	113,500
Change in long-term credit facility and commercial paper	—	(50,000)	(80,000)
Issuance of short-term debt	—	450,000	—
Repayment of short-term debt	—	(1,822,748)	(479,693)
Withholding remittance – share-based compensation	(3,116)	(1,990)	(2,662)
Proceeds from Centuri initial public offering, net	327,667	—	—
Other, including principal payments on finance leases	(14,948)	(15,881)	(24,172)
Net cash provided by (used in) financing activities	(176,335)	(700,795)	356,480
Effects of currency translation on cash and cash equivalents	(624)	273	(854)
Change in cash and cash equivalents	257,253	(40,345)	(75,816)
Change in cash and cash equivalents included in current assets held for sale	—	23,803	(23,803)
Cash and cash equivalents at beginning of period	106,536	123,078	222,697
Cash and cash equivalents at end of period	$363,789	$106,536	$123,078
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	$278,888	$282,626	$219,825
Income taxes paid, net	$9,905	$9,365	$12,001

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except per share amounts)

	Common stock shares
	Number of Shares	Stated Value	Additional Paid-in Capital	AOCI	Retained Earnings	Southwest Gas Holdings, Inc. Equity	Noncontrolling Interest	Total Equity
Balance, December 31, 2021	60,422	$62,052	$1,824,216	$(46,761)	$1,114,313	$2,953,820	$—	$2,953,820
Net loss	—	—	—	—	(203,290)	(203,290)	—	(203,290)
Common stock issuances	6,697	6,697	462,967	—	—	469,664	—	469,664
Dividends declared ($2.48 per share)	—	—	—	—	(167,279)	(167,279)	—	(167,279)
Foreign currency exchange translation adjustment	—	—	—	(6,133)	—	(6,133)	—	(6,133)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	8,236	—	8,236	—	8,236
FSIRS amounts reclassified to net income, net of tax	—	—	—	416	—	416	—	416
Redemption value adjustments	—	—	—	—	3,325	3,325	—	3,325
Balance, December 31, 2022	67,119	68,749	2,287,183	(44,242)	747,069	3,058,759	—	3,058,759
Net income	—	—	—	—	150,889	150,889	—	150,889
Common stock issuances	4,445	4,445	254,557	—	—	259,002	—	259,002
Dividends declared ($2.48 per share)	—	—	—	—	(178,485)	(178,485)	—	(178,485)
Promissory notes in association with redeemable noncontrolling interest	—	—	50	—	—	50	—	50
Foreign currency exchange translation adjustment	—	—	—	2,742	—	2,742	—	2,742
Net actuarial loss arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	(2,287)	—	(2,287)	—	(2,287)
Redemption value adjustments	—	—	—	—	19,366	19,366	—	19,366
Balance, December 31, 2023	71,564	73,194	2,541,790	(43,787)	738,839	3,310,036	—	3,310,036
Net income	—	—	—	—	198,815	198,815	—	198,815
Common stock issuances	219	219	21,360	—	—	21,579	—	21,579
Dividends declared ($2.48 per share)	—	—	—	—	(178,811)	(178,811)	—	(178,811)
Promissory notes in association with redeemable noncontrolling interest	—	—	4,187	—	—	4,187	—	4,187
Centuri IPO	—	—	154,006	1,204	—	155,210	172,457	327,667
Net income attributable to noncontrolling interest holders	—	—	—	—	—	—	6,119	6,119
Foreign currency exchange translation adjustment	—	—	—	(8,782)	—	(8,782)	(1,341)	(10,123)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	2,147	—	2,147	—	2,147
Redemption value adjustments	—	—	—	—	(194)	(194)	—	(194)
Balance, December 31, 2024	71,783	$73,413	$2,721,343	$(49,218)	$758,649	$3,504,187	$177,235	$3,681,422

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