Northwest Natural Holding Company, (NYSE: NWN) (NW
Natural Holdings), reported financial results and highlights
including:
- Reported a net loss of $23.7 million ($0.65 per share) for the
third quarter of 2023, compared to a net loss of $19.6 million
($0.56 per share) for the same period in 2022
- Reported net income of $49.2 million ($1.37 per share) for the
first nine months of 2023, compared to earnings of $38.4 million
($1.14 per share) for the same period in 2022
- Added over 33,000 gas and water utility connections in the last
12 months for a growth rate of 4.0% as of September 30, 2023 mainly
driven by strong water acquisitions
- Invested over $240 million in our utility systems in the first
nine months of 2023 for continued safety and reliability
- Received approval in Oregon and Washington for new rates
related to NW Natural's Purchased Gas Adjustment (PGA) mechanism,
which includes estimated gas costs for the upcoming winter heating
season. Residential rates in Oregon and Washington declined 9% and
14%, respectively
- Closed several acquisitions, notably a water utility in a
high-growth suburb of Phoenix, Arizona and our second water
services business headquartered in Oregon
- Increased our dividend for the 68th consecutive year to an
annual indicated dividend rate of $1.95 per share
- Reaffirmed 2023 earnings guidance in the range of $2.55 to
$2.75 per share
"We continue to execute on our strategy and growth
opportunities," said David H. Anderson, CEO of NW Natural Holdings.
"Customers are paying 8% less for their natural gas bill now than
they did 15 years ago. We're excited to continue passing back gas
cost savings to our customers and at the same time continue to
invest in our system to meet customers' needs for today and
tomorrow. Related to our water and wastewater utilities, we
continue to close transactions and grow that business. I'm proud of
our achievements and our long-term growth prospects."
For the third quarter of 2023, the Company reported a net loss
of $23.7 million (or $0.65 per share), compared to a $19.6 million
(or $0.56 per share) net loss for the same period in 2022. The
third quarter reflects the seasonal nature of the gas utility's
earnings where the majority of revenues are generated during the
winter heating season in the first and fourth quarters each year.
Results reflected lower asset management revenues and higher
interest expense.
Net income increased $10.9 million to $49.2 million (or $1.37
per share) for the first nine months of 2023, compared to $38.4
million (or $1.14 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, partially
offset by higher operations and maintenance expenses and interest
expense.
KEY EVENTS AND INITIATIVES
Water and Wastewater Utilities
In October 2023, NW Natural Water closed its acquisition of Rose
Valley Water Company in Peoria, Arizona, a major suburb northwest
of Phoenix. The acquisition adds 2,400 customers and provides NW
Natural Water an opportunity to enter a high-growth region. In
September 2023, we received regulatory approval from the Arizona
Corporate Commission to acquire Truxton and Cerbat Water located in
Kingman, Arizona. NW Natural Water expects to close the Truxton and
Cerbat acquisition in the coming weeks adding nearly 1,400 water
utility connections. Today NW Natural Water serves over 164,000
people through approximately 66,000 connections across five
states.
NW Natural Water Launches a Water Operations &
Maintenance Services Business
The operations and maintenance services business portion of the
Hiland Water transaction closed in October 2023. Hiland supports
approximately 6,400 connections across Oregon. NW Natural Water now
provides services to over 16,000 connections. NW Natural Water
launched its services business in April 2023. 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.
THIRD 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 for the utility.
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 a competitive renewable
fuels business.
The following financial comparisons are for the third quarter 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' third quarter results are summarized by
business segment in the table below:
Three Months Ended September
30,
2023
2022
Change
In thousands, except per share data
Amount
Per Share
Amount
Per Share
Amount
Per Share
Net income (loss):
Natural Gas Distribution segment
$
(24,160
)
$
(0.66
)
$
(23,016
)
$
(0.66
)
$
(1,144
)
$
—
Other
473
0.01
3,429
0.10
(2,956
)
(0.09
)
Consolidated
$
(23,687
)
$
(0.65
)
$
(19,587
)
$
(0.56
)
$
(4,100
)
$
(0.09
)
Diluted Shares
36,214
34,939
1,275
Natural Gas Distribution Segment
Natural Gas Distribution segment net income decreased $1.1
million primarily reflecting higher operating expenses and interest
expense, partially offset by new rates in Oregon and Washington
that went into effect on Nov. 1, 2022 and higher interest
income.
Margin increased $5.3 million primarily due to new rates, which
contributed $4.0 million; a $0.8 million higher gain from the
Oregon gas cost incentive sharing mechanism due to lower than
estimated gas costs; and customer growth of $0.6 million.
Operations and maintenance expense increased $5.5 million as a
result of higher payroll costs; information technology costs;
contractor labor; and the amortization of deferrals approved in the
rate case, which is offset by revenues.
Depreciation and general taxes collectively increased by $0.8
million.
Other income, net reflected a benefit of $3.2 million primarily
from interest income from invested cash, higher equity Allowance
for Funds Used During Construction (AFUDC), and lower pension
expense.
Interest expense increased $3.3 million due to higher long-term
debt balances and rates.
Other
Other net income decreased $3.0 million (or $0.09 per share)
reflecting lower net income from NW Natural Holdings' other
businesses primarily as a result of higher interest expense and
lower asset management revenues from NW Natural.
YEAR-TO-DATE RESULTS
The following financial comparisons are for the first nine
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:
Nine Months Ended September
30,
2023
2022
Change
In thousands, except per share data
Amount
Per Share
Amount
Per Share
Amount
Per Share
Net income:
Natural Gas Distribution segment
$
47,520
$
1.32
$
32,531
$
0.97
$
14,989
$
0.35
Other
1,708
0.05
5,836
0.17
(4,128
)
(0.12
)
Consolidated
$
49,228
$
1.37
$
38,367
$
1.14
$
10,861
$
0.23
Diluted Shares
35,980
33,539
2,441
Natural Gas Distribution Segment
Natural Gas Distribution segment net income increased $15.0
million (or $0.35 per share) reflecting new rates in Oregon and
Washington that went into effect on Nov. 1, 2022, partially offset
by higher operating expenses.
Margin increased $46.1 million primarily due to new rates, which
contributed $36.2 million; a $4.8 million higher gain from the
Oregon gas cost incentive sharing mechanism due to lower than
estimated gas costs; and customer growth over the last 12 months
contributed $3.1 million.
Operations and maintenance expense increased $22.6 million as a
result of higher payroll costs, information technology costs,
contractor labor, higher bad debt expense, and the amortization of
deferrals approved in the rate case, which is offset by
revenues.
Depreciation and general taxes collectively increased by $7.3
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 $8.9 million primarily
from lower pension expense, interest income from invested cash, and
higher equity AFUDC.
Interest expense increased $9.4 million due to higher long-term
debt balances and rates.
Other
Other net income decreased $4.1 million (or $0.12 per share)
reflecting lower net income from NW Natural Holdings' other
businesses as a result of higher interest expense.
BALANCE SHEET AND CASH FLOWS
During the first nine months of 2023, the Company generated
$301.5 million in operating cash flows, compared to $166.0 million
for the same period in 2022. The Company used $250.5 million in
investing activities during the first nine months of 2023 primarily
for natural gas utility capital expenditures, compared to $257.0
million used in investing activities during the same period in
2022. Net cash provided by financing activities was $79.5 million
for the first nine months of 2023, compared to $184.2 million
during the same period in 2022. As of September 30, 2023, NW
Natural Holdings held cash of $156.6 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 48.75 cents per share on the Company’s common
stock. The dividend is payable on November 15, 2023 to shareholders
of record on October 31, 2023. The Company's current indicated
annual dividend rate is $1.95 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 third quarter 2023
financial and operating results.
Date and Time:
Friday, November 3, 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 463956
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 243492.
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. Today NW Natural Water serves over 164,000 people through
approximately 66,000 meters and provides operation and maintenance
services to an additional 16,000 connections. Learn more about our
water business at nwnaturalwater.com.
NW Natural Renewables is a competitive business committed to
leading in the energy transition by providing renewable fuels 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, 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
epidemics and pandemics, 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, epidemics and pandemics 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)
Third Quarter 2023
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
In thousands, except per share amounts,
customer, and degree day data
2023
2022
Change
2023
2022
Change
2023
2022
Change
Operating revenues
$
141,479
$
116,839
21
%
$
841,761
$
662,100
27
%
$
1,217,014
$
956,190
27
%
Operating expenses:
Cost of gas
49,180
36,105
36
357,362
261,413
37
525,584
375,058
40
Operations and maintenance
61,524
50,745
21
200,160
161,405
24
263,422
216,065
22
Environmental remediation
1,032
980
5
8,547
7,950
8
12,986
11,796
10
General taxes
10,577
9,572
10
35,685
30,665
16
46,051
39,954
15
Revenue taxes
5,523
4,437
24
33,750
26,037
30
49,539
38,551
29
Depreciation
30,061
29,026
4
92,819
85,565
8
123,961
114,420
8
Other operating expenses
1,159
901
29
3,664
2,815
30
4,470
3,918
14
Total operating expenses
159,056
131,766
21
731,987
575,850
27
1,026,013
799,762
28
Income (loss) from operations
(17,577
)
(14,927
)
18
109,774
86,250
27
191,001
156,428
22
Other income (expense), net
5,004
1,636
206
13,228
908
1357
13,523
(3,296
)
(510
)
Interest expense, net
19,406
13,054
49
56,676
36,156
57
73,767
47,313
56
Income (loss) before income taxes
(31,979
)
(26,345
)
21
66,326
51,002
30
130,757
105,819
24
Income tax expense (benefit)
(8,292
)
(6,758
)
23
17,098
12,635
35
33,593
26,924
25
Net income (loss)
$
(23,687
)
$
(19,587
)
21
$
49,228
$
38,367
28
$
97,164
$
78,895
23
Common shares outstanding:
Average diluted for period
36,214
34,939
35,980
33,539
35,814
32,911
End of period
36,576
35,098
36,576
35,098
36,576
35,098
Per share of common stock
information:
Diluted earnings
$
(0.65
)
$
(0.56
)
$
1.37
$
1.14
$
2.71
$
2.40
Dividends paid per share
0.4850
0.4825
1.4550
1.4475
1.9400
1.9300
Book value, end of period
33.34
31.94
33.34
31.94
33.34
31.94
Market closing price, end of period
38.16
44.91
38.16
44.91
38.16
44.91
Capital structure, end of
period:
Common stock equity
42.0
%
43.1
%
42.0
%
43.1
%
42.0
%
43.1
%
Long-term debt
49.0
%
49.5
%
49.0
%
49.5
%
49.0
%
49.5
%
Short-term debt (including current
maturities of long-term debt)
9.0
%
7.4
%
9.0
%
7.4
%
9.0
%
7.4
%
Total
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Natural Gas Distribution segment
operating statistics:
Meters - end of period
795,754
790,511
0.7
%
795,754
790,511
0.7
%
795,754
790,511
0.7
%
Volumes in therms:
Residential and commercial sales
55,555
53,929
509,197
495,303
780,486
742,469
Industrial sales and transportation
103,139
104,632
348,912
360,197
474,460
491,743
Total volumes sold and delivered
158,694
158,561
858,109
855,500
1,254,946
1,234,212
Operating Revenues
Residential and commercial sales
$
98,327
$
78,459
$
705,016
$
552,858
$
1,033,528
$
812,729
Industrial sales and transportation
20,828
19,581
73,210
60,380
99,640
80,207
Other distribution revenues
737
351
3,715
1,367
4,292
1,796
Other regulated services
4,732
4,904
14,167
14,722
19,073
19,488
Total operating revenues
124,624
103,295
796,108
629,327
1,156,533
914,220
Less: Cost of gas
49,235
36,258
357,530
261,678
525,713
375,379
Less: Environmental remediation
expense
1,032
975
8,547
7,945
12,991
11,791
Less: Revenue taxes
5,425
4,375
33,559
25,907
49,279
38,364
Margin, net
$
68,932
$
61,687
$
396,472
$
333,797
$
568,550
$
488,686
Degree days:
Average (25-year average)
10
9
1,629
1,640
2,675
2,692
Actual
—
—
—
%
1,658
1,591
4
%
2,779
2,522
10
%
Percent colder (warmer) than average
weather
(100
)%
(100
)%
2
%
(3
)%
4
%
(6
)%
NORTHWEST NATURAL HOLDINGS
Consolidated Balance Sheets
(Unaudited)
September 30,
In thousands
2023
2022
Assets:
Current assets:
Cash and cash equivalents
$
156,616
$
108,556
Accounts receivable
51,999
50,850
Accrued unbilled revenue
24,626
16,857
Allowance for uncollectible accounts
(2,312
)
(2,171
)
Regulatory assets
108,525
104,830
Derivative instruments
23,454
62,710
Inventories
94,585
98,725
Other current assets
49,947
41,414
Total current assets
507,440
481,771
Non-current assets:
Property, plant, and equipment
4,468,602
4,207,328
Less: Accumulated depreciation
1,189,968
1,166,150
Total property, plant, and equipment,
net
3,278,634
3,041,178
Regulatory assets
312,665
301,660
Derivative instruments
6,188
8,008
Other investments
104,562
96,569
Operating lease right of use asset,
net
71,477
73,145
Assets under sales-type leases
130,952
135,480
Goodwill
152,399
74,732
Other non-current assets
100,801
88,169
Total non-current assets
4,157,678
3,818,941
Total assets
$
4,665,118
$
4,300,712
Liabilities and equity:
Current liabilities:
Short-term debt
$
71,000
$
141,000
Current maturities of long-term debt
190,728
50,614
Accounts payable
99,326
118,274
Taxes accrued
17,120
18,080
Interest accrued
13,940
11,086
Regulatory liabilities
88,376
111,551
Derivative instruments
46,603
19,594
Operating lease liabilities
1,815
1,361
Other current liabilities
61,149
39,796
Total current liabilities
590,057
511,356
Long-term debt
1,424,572
1,287,006
Deferred credits and other non-current
liabilities:
Deferred tax liabilities
375,917
349,633
Regulatory liabilities
683,262
663,547
Pension and other postretirement benefit
liabilities
145,991
160,196
Derivative instruments
21,085
18,824
Operating lease liabilities
77,475
78,469
Other non-current liabilities
127,219
110,825
Total deferred credits and other
non-current liabilities
1,430,949
1,381,494
Equity:
Common stock
851,288
786,094
Retained earnings
373,231
345,570
Accumulated other comprehensive loss
(4,979
)
(10,808
)
Total equity
1,219,540
1,120,856
Total liabilities and equity
$
4,665,118
$
4,300,712
NORTHWEST NATURAL HOLDINGS
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September
30,
In thousands
2023
2022
Operating activities:
Net income
$
49,228
$
38,367
Adjustments to reconcile net income to
cash provided by operations:
Depreciation
92,819
85,565
Regulatory amortization of gas
reserves
2,532
4,527
Deferred income taxes
6,678
7,759
Qualified defined benefit pension plan
(benefit) expense
(1,823
)
4,013
Deferred environmental expenditures,
net
(14,887
)
(14,437
)
Environmental remediation expense
8,547
7,950
Asset optimization revenue sharing bill
credits
(10,471
)
(41,102
)
Other
18,079
16,640
Changes in assets and liabilities:
Receivables, net
182,297
114,755
Inventories
(6,484
)
(41,463
)
Income and other taxes
8,770
19,447
Accounts payable
(39,695
)
(30,010
)
Deferred gas costs
(8,678
)
(1,785
)
Asset optimization revenue sharing
18,667
17,629
Decoupling mechanism
(12,328
)
7,124
Cloud-based software
(12,316
)
(17,332
)
Other, net
20,568
(11,686
)
Cash provided by operating activities
301,503
165,961
Investing activities:
Capital expenditures
(242,747
)
(251,842
)
Acquisitions, net of cash acquired
(3,248
)
(2,352
)
Other
(4,525
)
(2,810
)
Cash used in investing activities
(250,520
)
(257,004
)
Financing activities:
Proceeds from common stock issued, net
40,955
190,929
Long-term debt issued
330,000
290,000
Long-term debt retired
(50,000
)
—
Changes in other short-term debt, net
(187,200
)
(248,500
)
Cash dividend payments on common stock
(50,114
)
(46,434
)
Other
(4,108
)
(1,802
)
Cash provided by financing activities
79,533
184,193
Increase in cash, cash equivalents and
restricted cash
130,516
93,150
Cash, cash equivalents and restricted
cash, beginning of period
40,964
27,120
Cash, cash equivalents and restricted
cash, end of period
$
171,480
$
120,270
Supplemental disclosure of cash flow
information:
Interest paid, net of capitalization
$
51,970
$
31,774
Income taxes paid, net of refunds
18,963
2,106
Reconciliation of cash, cash equivalents
and restricted cash:
Cash and cash equivalents
$
156,616
$
108,556
Restricted cash included in other current
and non-current assets
14,864
11,714
Cash, cash equivalents and restricted
cash
$
171,480
$
120,270
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231103540688/en/
Investor Contact: Nikki Sparley Phone: 503-721-2530
Email: nikki.sparley@nwnatural.com
Media Contact: David Roy Phone: 503-610-7157 Email:
david.roy@nwnatural.com
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