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NW Natural Holdings Reports First Quarter 2023 Results

Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings) reported financial results and highlights including:

  • Reported net income of $71.7 million ($2.01 per share) for the first three months of 2023, compared to earnings of $56.2 million ($1.80 per share) for the same period in 2022
  • Added nearly 8,100 natural gas meters in the last 12 months for a growth rate of 1.0% as of March 31, 2023
  • Completed construction on Dakota City renewable natural gas (RNG) facility, which is designed to provide environmental attributes on behalf of NW Natural customers
  • Broadening its scope, NW Natural Water launched an operations & maintenance service business
  • Honored as one of the 2023 World's Most Ethical Companies® by Ethisphere for the second year in a row1
  • Reaffirmed 2023 earnings guidance in the range of $2.55 to $2.75 per share and our long-term earnings per share growth rate target of 4% to 6% compounded annually from 2022 through 2027

"We're continuing to work on behalf of our customers to provide safe, reliable utility service and execute on the decarbonization and growth opportunities in front of us," said David H. Anderson, president and CEO of NW Natural Holdings. "I'm pleased with our strong first quarter and the progress we've made securing renewable natural gas. In addition, I'm proud of NW Natural Holdings being named one of the 2023 World's Most Ethical Companies® by Ethisphere for the second year running. This designation reflects our long-standing commitment to leadership in business integrity through best-in-class ethics, compliance and governance practices."

Net income increased $15.5 million to $71.7 million (or $2.01 per share) for the first three months of 2023, compared to $56.2 million (or $1.80 per share) for the same period in 2022. Results reflected new rates in Oregon and Washington for our natural gas utility, customer growth and lower pension expense, offset by higher operations and maintenance expenses.

1 “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC

KEY EVENTS

NW Natural's Second RNG Facility Comes Online

NW Natural continues to pursue RNG supply on behalf of our customers under the landmark Oregon Senate Bill 98, which supports renewable energy procurement and investment by natural gas utilities. Operations commenced on the first RNG facility under Senate Bill 98 with Tyson Foods and BioCarbN in January 2022. In April 2023, operations at the second RNG facility began. To date, NW Natural has invested approximately $20 million in two RNG facilities on behalf of gas utility customers.

NW Natural Water Launches a Water Operations & Maintenance Service Business

NW Natural Water launched its services business by acquiring King Water Company in Washington and is poised to sign agreements with an additional water services company in Oregon. The two businesses support a combined 15,000 connections. This business provides operations and maintenance services to water and wastewater system owners and works to create value by leveraging shared personnel, technology and expertise to support delivery of clean, reliable water at a reasonable cost. With this expansion, NW Natural Water has an opportunity to further broaden its scope, expand its footprint, and help smaller systems improve customer service, compliance, and reliability. We believe our first steps in this sector provide a strong platform that can support a larger scale in the coming years.

Upon closing of these agreements, NW Natural Water will serve over 168,000 people through nearly 68,000 meters and provide operation and maintenance services to an additional 15,000 connections.

FIRST QUARTER RESULTS

We primarily operate through our natural gas distribution segment, which is operated through a regulated utility and principally engaged in the delivery of natural gas to customers in Oregon and southwest Washington. The segment also includes the portion of the Mist underground storage facility used to serve gas utility customers, the North Mist gas storage expansion, and RNG development and procurement.

Other business activities are reported through other results and primarily include Interstate Storage Services and third-party asset management services for the Mist facility in Oregon; NW Natural Water, which holds our water and wastewater utility operations and continues to pursue acquisitions in the water and wastewater sector; and NW Natural Renewables, which is an unregulated RNG business.

The following financial comparisons are for the first three months of 2023 and 2022 with individual year-over-year drivers below presented on an after-tax basis using a statutory tax rate of 26.5% unless otherwise noted.

NW Natural Holdings' year-to-date results are summarized by business segment in the table below:

 

Three Months Ended March 31,

 

2023

 

2022

 

Change

In thousands, except per share data

Amount

 

Per Share

 

Amount

 

Per Share

 

Amount

 

Per Share

Net income:

 

 

 

 

 

 

Natural Gas Distribution segment

$

71,951

 

$

2.02

 

$

55,390

$

1.77

$

16,561

 

$

0.25

 

Other

 

(280

)

 

(0.01

)

 

849

 

 

0.03

 

 

(1,129

)

 

(0.04

)

Consolidated

$

71,671

 

$

2.01

 

$

56,239

 

$

1.80

 

$

15,432

 

$

0.21

 

 

 

 

 

 

 

 

Diluted Shares

 

 

35,708

 

 

 

31,212

 

 

 

4,496

 

Natural Gas Distribution Segment

Natural Gas Distribution segment net income increased $16.6 million (or $0.25 per share) reflecting new rates in Oregon and Washington that went into effect on Nov. 1, 2022, partially offset by higher operating expenses. Earnings per share was affected by issuing 4.5 million of common shares over the last twelve months.

Margin increased $29.3 million primarily due to new rates, which contributed $19.4 million; the amortization of deferrals approved in the rate case contributed $3.8 million; and customer growth of 1.0% over the last 12 months contributed $2.0 million.

Operations and maintenance expense increased $8.7 million or 21% as a result of higher payroll costs; the amortization of deferrals approved in the rate case, which is offset by revenues; information technology costs; and contractor labor.

Depreciation and general taxes collectively increased by $3.3 million due to additional capital investments in the distribution system including several significant information technology projects that were placed into service in September 2022.

Other income, net reflected a benefit of $2.6 million primarily from lower pension expense, interest income from invested cash, and higher equity Allowance for Funds Used During Construction (AFUDC).

Interest expense increased $2.8 million due to higher long-term debt balances.

Other

Other net income decreased $1.1 million (or $0.04 per share) reflecting lower net income from NW Natural Holdings' other businesses as a result of higher costs including interest expense, partially offset by higher net income from asset management revenues from NW Natural.

BALANCE SHEET AND CASH FLOWS

During the first three months of 2023, the Company generated $176.9 million in operating cash flows, compared to $141.0 million for the same period in 2022. The Company used $73.0 million in investing activities during the first three months of 2023 primarily for natural gas utility capital expenditures, compared to $69.8 million used in investing activities during the same period in 2022. Net cash provided by financing activities was $11.2 million for the first three months of 2023, compared to $62.8 million used in financing activities during the same period in 2022. As of March 31, 2023, NW Natural Holdings held cash of $140.8 million.

2023 GUIDANCE AND LONG-TERM TARGETS

NW Natural Holdings is reaffirming 2023 earnings guidance in the range of $2.55 to $2.75 per share. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant local, state or federal laws, legislation or regulations. NW Natural Holdings' long-term earnings per share growth rate target is 4% to 6% compounded annually from 2022 through 2027.

DIVIDEND DECLARED

The board of directors of NW Natural Holdings declared a quarterly dividend of 48.50 cents per share on the Company’s common stock. The dividend is payable on May 15, 2023 to shareholders of record on April 28, 2023. The Company's current indicated annual dividend rate is $1.94 per share. Future dividends are subject to board of director discretion and approval.

CONFERENCE CALL AND WEBCAST

As previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its first quarter 2023 financial and operating results.

Date and Time:

Thursday, May 4, 2023

8 a.m. PT (11 a.m. ET)

Phone Numbers:

United States 1-833-470-1428

Canada 1-833-950-0062

International 1-929-526-1599

Passcode 182535

The call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com. A replay of the conference call will be available on our website and by dialing 1-866-813-9403 (U.S.), 1-226-828-7578 (Canada), and +44-204-525-0658 (international). The replay access code is 608638.

ABOUT NW NATURAL HOLDINGS

Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings) is headquartered in Portland, Oregon and has been doing business for over 160 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), NW Natural Renewables Holdings (NW Natural Renewables), and other business interests.

We have a longstanding commitment to safety, environmental stewardship and the energy transition, and taking care of our employees and communities. NW Natural Holdings was recognized by Ethisphere® in 2022 and 2023 as one of the World’s Most Ethical Companies®. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. Learn more in our latest ESG Report at nwnatural.com/about-us/the-company/sustainability.

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 795,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural owns and operates 21.6 Bcf of underground gas storage capacity in Oregon.

NW Natural Water provides water distribution and wastewater services to communities throughout the Pacific Northwest, Texas and Arizona. Upon closing of these agreements, NW Natural Water will serve over 168,000 people through nearly 68,000 meters and provide operation and maintenance services to an additional 15,000 connections. Learn more about our water business at nwnaturalwater.com.

NW Natural Renewables is an unregulated business committed to leading in the energy transition by providing cost-effective solutions to support decarbonization in the utility, commercial, industrial and transportation sectors. Learn more at nwnaturalrenewables.com.

Additional information is available at nwnaturalholdings.com.

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC

Forward-Looking Statements

This press release, and other presentations made by NW Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "assumes," “continues,” “could,” "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, assumptions, estimates, expectations, timing, goals, strategies, commitments, future events, investments, timing and amount of capital expenditures, targeted capital structure, risks, risk profile, stability, acquisitions and timing, approval, completion and integration thereof, the likelihood and success associated with any transaction, utility system and infrastructure investments, system modernization, reliability and resiliency, global, national and local economies, customer and business growth, continued expansion of service territories, customer satisfaction ratings, weather, performance and service during weather events, customer rates or rate recovery and the timing and magnitude of potential rate changes and the potential outcome of rate cases, environmental remediation cost recoveries, environmental initiatives, decarbonization and the role of natural gas and the gas delivery system, including decarbonization goals and timelines, energy efficiency measures, use of renewable sources, renewable natural gas purchases, projects, investments and other renewable initiatives, including the construction of RNG facilities, and timing, magnitude and completion thereof, unregulated renewable natural gas strategy and initiatives, renewable hydrogen projects or investments and timing, magnitude, approvals and completion thereof, procurement of renewable natural gas or hydrogen for customers, technology and policy innovations, strategic goals and visions, water and wastewater acquisitions, partnerships, and investment strategy and financial effects of water and wastewater acquisitions, expected growth and safety benefits of facility upgrade investments, diversity, equity and inclusion initiatives, operating plans of third parties, financial results, including estimated income, availability and sources of liquidity, expenses, positions, revenues, returns, cost of capital, timing, and earnings, earnings guidance and estimated future growth rates, future dividends, commodity costs and sourcing asset management activities, performance, timing, outcome, or effects of regulatory proceedings or mechanisms or approvals, including OPUC approval of the Oregon general rate case settlements, regulatory prudence reviews, anticipated regulatory actions or filings, accounting treatment of future events, effects of legislation or changes in laws or regulations, effects, extent, severity and duration of COVID-19, and any resulting economic disruption therefrom, geopolitical uncertainty and other statements that are other than statements of historical facts.

Forward-looking statements are based on current expectations and assumptions regarding its business, the economy, geopolitical factors, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. You are therefore cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors", and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in the most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk", and Part II, Item 1A, "Risk Factors", in the quarterly reports filed thereafter, which, among others, outline legal, regulatory and legislative risks, COVID-19 risks, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, and environmental risks.

All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Holdings or NW Natural, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and NW Holdings and NW Natural undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.

NON-GAAP FINANCIAL MEASURES

In addition to presenting the results of operations and earnings amounts in total, certain financial measures are expressed in cents per share, which are non-GAAP financial measures. All references to EPS are on the basis of diluted shares. Such non-GAAP financial measures are used to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations. Our non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measures for comparative purposes. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the tables above.

NORTHWEST NATURAL HOLDINGS

Consolidated Income Statement and Financial Highlights (Unaudited)

First Quarter 2023

 

Three Months Ended

 

 

 

Twelve Months Ended

 

 

In thousands, except per share amounts, customer, and degree day data

March 31,

 

 

 

March 31,

 

 

2023

2022

 

Change

 

2023

2022

 

Change

Operating revenues

$

462,423

 

$

350,301

 

32

%

$

1,149,475

 

$

894,755

 

28

%

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Cost of gas

 

205,749

 

 

145,588

 

41

 

 

489,796

 

 

325,692

 

50

 

Operations and maintenance

 

71,817

 

 

57,485

 

25

 

 

238,999

 

 

209,521

 

14

 

Environmental remediation

 

5,375

 

 

4,703

 

14

 

 

13,061

 

 

10,864

 

20

 

General taxes

 

14,219

 

 

12,104

 

17

 

 

43,146

 

 

39,368

 

10

 

Revenue taxes

 

19,042

 

 

13,360

 

43

 

 

47,508

 

 

35,436

 

34

 

Depreciation

 

31,465

 

 

28,429

 

11

 

 

119,743

 

 

113,866

 

5

 

Other operating expenses

 

1,248

 

 

994

 

26

 

 

3,875

 

 

3,959

 

(2

)

Total operating expenses

 

348,915

 

 

262,663

 

33

 

 

956,128

 

 

738,706

 

29

 

Income from operations

 

113,508

 

 

87,638

 

30

 

 

193,347

 

 

156,049

 

24

 

Other income (expense), net

 

1,606

 

 

(954

)

(268

)

 

3,763

 

 

(9,971

)

(138

)

Interest expense, net

 

18,296

 

 

11,522

 

59

 

 

60,021

 

 

44,882

 

34

 

Income before income taxes

 

96,818

 

 

75,162

 

29

 

 

137,089

 

 

101,196

 

35

 

Income tax expense

 

25,147

 

 

18,923

 

33

 

 

35,354

 

 

25,808

 

37

 

Net income

$

71,671

 

$

56,239

 

27

 

$

101,735

 

$

75,388

 

35

 

 

 

 

 

 

 

 

Common shares outstanding:

 

 

 

 

 

 

Average diluted for period

 

35,708

 

 

31,212

 

 

 

35,095

 

 

30,868

 

 

End of period

 

35,929

 

 

31,380

 

 

 

35,929

 

 

31,380

 

 

 

 

 

 

 

 

 

Per share of common stock information:

 

 

 

 

 

 

Diluted earnings

$

2.01

 

$

1.80

 

 

$

2.90

 

$

2.44

 

 

Dividends paid per share

 

0.4850

 

 

0.4825

 

 

 

1.9350

 

 

1.9250

 

 

Book value, end of period

 

34.74

 

 

31.48

 

 

 

34.74

 

 

31.48

 

 

Market closing price, end of period

 

47.56

 

 

51.72

 

 

 

47.56

 

 

51.72

 

 

 

 

 

 

 

 

 

Capital structure, end of period:

 

 

 

 

 

 

Common stock equity

 

43.7

%

 

41.8

%

 

 

43.7

%

 

41.8

%

 

Long-term debt

 

45.3

%

 

44.1

%

 

 

45.3

%

 

44.1

%

 

Short-term debt (including current maturities of long-term debt)

 

11.0

%

 

14.1

%

 

 

11.0

%

 

14.1

%

 

Total

 

100.0

%

 

100.0

%

 

 

100.0

%

 

100.0

%

 

 

 

 

 

 

 

 

Natural Gas Distribution segment operating statistics:

 

 

 

 

 

 

Meters - end of period

 

796,848

 

 

788,772

 

1.0

%

 

796,848

 

 

788,772

 

1.0

%

Volumes in therms:

 

 

 

 

 

 

Residential and commercial sales

 

330,665

 

 

293,927

 

 

 

803,330

 

 

699,159

 

 

Industrial sales and transportation

 

132,384

 

 

134,459

 

 

 

483,670

 

 

482,882

 

 

Total volumes sold and delivered

 

463,049

 

 

428,386

 

 

 

1,287,000

 

 

1,182,041

 

 

Operating revenues:

 

 

 

 

 

 

Residential and commercial sales

$

412,307

 

$

314,607

 

 

$

979,070

 

$

766,817

 

 

Industrial sales and transportation

 

29,144

 

 

21,273

 

 

 

94,681

 

 

69,193

 

 

Other distribution revenues

 

1,610

 

 

607

 

 

 

2,947

 

 

1,724

 

 

Other regulated services

 

4,709

 

 

4,911

 

 

 

19,426

 

 

19,213

 

 

Total operating revenues

 

447,770

 

 

341,398

 

 

 

1,096,124

 

 

856,947

 

 

Less: Cost of gas

 

205,805

 

 

145,644

 

 

 

490,022

 

 

325,916

 

 

Less: Environmental remediation expense

 

5,375

 

 

4,698

 

 

 

13,066

 

 

10,859

 

 

Less: Revenue taxes

 

18,975

 

 

13,324

 

 

 

47,278

 

 

35,269

 

 

Margin, net

$

217,615

 

$

177,732

 

 

$

545,758

 

$

484,903

 

 

Degree days:

 

 

 

 

 

 

Average (25-year average)

 

1,323

 

 

1,326

 

 

 

2,683

 

 

2,692

 

 

Actual

 

1,385

 

 

1,217

 

14

%

 

2,880

 

 

2,334

 

23

%

Percent colder (warmer) than average weather

 

5

%

 

(8

)%

 

 

7

%

 

(13

)%

 

 

NORTHWEST NATURAL HOLDINGS

Consolidated Balance Sheets (Unaudited)

 

March 31,

In thousands

 

2023

 

2022

Assets:

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

140,821

 

 

$

24,325

 

Accounts receivable

 

 

164,157

 

 

 

103,131

 

Accrued unbilled revenue

 

 

59,542

 

 

 

41,772

 

Allowance for uncollectible accounts

 

 

(6,760

)

 

 

(2,488

)

Regulatory assets

 

 

126,546

 

 

 

64,481

 

Derivative instruments

 

 

8,507

 

 

 

84,438

 

Inventories

 

 

41,392

 

 

 

33,377

 

Other current assets

 

 

41,968

 

 

 

42,329

 

Total current assets

 

 

576,173

 

 

 

391,365

 

Non-current assets:

 

 

 

 

Property, plant, and equipment

 

 

4,320,476

 

 

 

4,041,894

 

Less: Accumulated depreciation

 

 

1,164,498

 

 

 

1,137,138

 

Total property, plant, and equipment, net

 

 

3,155,978

 

 

 

2,904,756

 

Regulatory assets

 

 

311,419

 

 

 

297,546

 

Derivative instruments

 

 

1,432

 

 

 

6,955

 

Other investments

 

 

93,611

 

 

 

96,266

 

Operating lease right of use asset, net

 

 

72,699

 

 

 

74,416

 

Assets under sales-type leases

 

 

133,159

 

 

 

137,837

 

Goodwill

 

 

149,836

 

 

 

70,570

 

Other non-current assets

 

 

97,789

 

 

 

74,923

 

Total non-current assets

 

 

4,015,923

 

 

 

3,663,269

 

Total assets

 

$

4,592,096

 

 

$

4,054,634

 

Liabilities and equity:

 

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

 

$

72,500

 

 

$

332,500

 

Current maturities of long-term debt

 

 

240,712

 

 

 

339

 

Accounts payable

 

 

111,152

 

 

 

130,557

 

Taxes accrued

 

 

31,372

 

 

 

14,258

 

Interest accrued

 

 

13,089

 

 

 

10,886

 

Regulatory liabilities

 

 

57,523

 

 

 

111,791

 

Derivative instruments

 

 

44,370

 

 

 

3,855

 

Operating lease liabilities

 

 

1,700

 

 

 

1,303

 

Other current liabilities

 

 

71,662

 

 

 

52,778

 

Total current liabilities

 

 

644,080

 

 

 

658,267

 

Long-term debt

 

 

1,294,590

 

 

 

1,044,667

 

Deferred credits and other non-current liabilities:

 

 

 

 

Deferred tax liabilities

 

 

376,237

 

 

 

353,746

 

Regulatory liabilities

 

 

669,328

 

 

 

652,977

 

Pension and other postretirement benefit liabilities

 

 

147,890

 

 

 

164,530

 

Derivative instruments

 

 

15,382

 

 

 

592

 

Operating lease liabilities

 

 

78,302

 

 

 

79,162

 

Other non-current liabilities

 

 

117,980

 

 

 

112,749

 

Total deferred credits and other non-current liabilities

 

 

1,405,119

 

 

 

1,363,756

 

Equity:

 

 

 

 

Common stock

 

 

824,304

 

 

 

602,382

 

Retained earnings

 

 

430,597

 

 

 

396,769

 

Accumulated other comprehensive loss

 

 

(6,594

)

 

 

(11,207

)

Total equity

 

 

1,248,307

 

 

 

987,944

 

Total liabilities and equity

 

$

4,592,096

 

 

$

4,054,634

 

 

NORTHWEST NATURAL HOLDINGS

Consolidated Statements of Cash Flows (Unaudited)

 

Three Months Ended March 31,

In thousands

 

2023

 

2022

Operating activities:

 

 

 

 

Net income

 

$

71,671

 

 

$

56,239

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

Depreciation

 

 

31,465

 

 

 

28,429

 

Regulatory amortization of gas reserves

 

 

833

 

 

 

1,481

 

Deferred income taxes

 

 

5,228

 

 

 

8,780

 

Qualified defined benefit pension plan (benefit) expense

 

 

(791

)

 

 

1,441

 

Deferred environmental expenditures, net

 

 

(4,113

)

 

 

(4,345

)

Environmental remediation expense

 

 

5,375

 

 

 

4,703

 

Asset optimization revenue sharing bill credits

 

 

(10,471

)

 

 

(41,102

)

Other

 

 

8,509

 

 

 

6,325

 

Changes in assets and liabilities:

 

 

 

 

Receivables, net

 

 

38,727

 

 

 

38,664

 

Inventories

 

 

46,129

 

 

 

23,885

 

Income and other taxes

 

 

25,567

 

 

 

14,436

 

Accounts payable

 

 

(47,773

)

 

 

(16,487

)

Deferred gas costs

 

 

(11,300

)

 

 

11,728

 

Asset optimization revenue sharing

 

 

7,769

 

 

 

(646

)

Decoupling mechanism

 

 

(1,303

)

 

 

4,434

 

Cloud-based software

 

 

(3,673

)

 

 

(416

)

Other, net

 

 

15,012

 

 

 

3,488

 

Cash provided by operating activities

 

 

176,861

 

 

 

141,037

 

Investing activities:

 

 

 

 

Capital expenditures

 

 

(71,265

)

 

 

(68,514

)

Acquisitions, net of cash acquired

 

 

(468

)

 

 

 

Other

 

 

(1,285

)

 

 

(1,236

)

Cash used in investing activities

 

 

(73,018

)

 

 

(69,750

)

Financing activities:

 

 

 

 

Proceeds from common stock issued, net

 

 

16,669

 

 

 

9,938

 

Long-term debt issued

 

 

200,000

 

 

 

 

Changes in other short-term debt, net

 

 

(185,700

)

 

 

(57,000

)

Cash dividend payments on common stock

 

 

(16,532

)

 

 

(14,452

)

Other

 

 

(3,250

)

 

 

(1,250

)

Cash provided by (used in) financing activities

 

 

11,187

 

 

 

(62,764

)

Increase in cash, cash equivalents and restricted cash

 

 

115,030

 

 

 

8,523

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

40,964

 

 

 

27,120

 

Cash, cash equivalents and restricted cash, end of period

 

$

155,994

 

 

$

35,643

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Interest paid, net of capitalization

 

$

14,904

 

 

$

7,977

 

Income taxes paid, net of refunds

 

 

1,300

 

 

 

773

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

Cash and cash equivalents

 

$

140,821

 

 

$

24,325

 

Restricted cash included in other current assets

 

 

15,173

 

 

 

11,318

 

Cash, cash equivalents and restricted cash

 

$

155,994

 

 

$

35,643

 

 

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