10-Q 1 pnm-20240331.htm 10-Q pnm-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No.
PNM Resources, Inc.
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
Telephone Number - (505) 241-2700
Commission File No. - 001-32462
IRS Employer Identification No. - 85-0468296

Public Service Company of New Mexico
(A New Mexico Corporation)
414 Silver Ave. SW
Albuquerque, New Mexico 87102-3289
Telephone Number - (505) 241-2700
Commission File No. - 001-06986
IRS Employer Identification No. - 85-0019030

Texas-New Mexico Power Company
(A Texas Corporation)
577 N. Garden Ridge Blvd.
Lewisville, Texas 75067
Telephone Number - (972) 420-4189
Commission File No. - 002-97230
IRS Employer Identification No. - 75-0204070

Securities registered pursuant to Section 12(b) of the Act:
Registrant
Title of each class
Trading Symbol(s)
Name of exchange on which registered
PNM Resources, Inc.
Common Stock, no par value
PNM
New York Stock Exchange

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
PNM Resources, Inc. (“PNMR”)
Yes
No
Public Service Company of New Mexico (“PNM”)
Yes
No
Texas-New Mexico Power Company (“TNMP”)
Yes
No

(NOTE: As a voluntary filer, not subject to the filing requirements, TNMP filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.)







Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
PNMR
Yes
No
PNM
Yes
No
TNMP
Yes
No

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
PNMR
Large accelerated filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
PNM
Large accelerated filer
Accelerated
filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
TNMP

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

As of April 26, 2024, 90,200,384 shares of common stock, no par value per share, of PNMR were outstanding.

The total number of shares of common stock of PNM, no par value per share, outstanding as of April 26, 2024, was 39,117,799 all held by PNMR (and none held by non-affiliates).

The total number of shares of common stock of TNMP, $10 par value per share, outstanding as of April 26, 2024, was 6,358 all held indirectly by PNMR (and none held by non-affiliates).

PNM AND TNMP MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H) (1) (a) AND (b) OF FORM 10-Q AND ARE THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION (H) (2).

This combined Form 10-Q is separately filed by PNMR, PNM, and TNMP.  Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.  When this Form 10-Q is incorporated by reference into any filing with the SEC made by PNMR, PNM, or TNMP, as a registrant, the portions of this Form 10-Q that relate to each other registrant are not incorporated by reference therein.


2

PNM RESOURCES, INC. AND SUBSIDIARIES
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
TEXAS-NEW MEXICO POWER COMPANY AND SUBSIDIARIES

INDEX
Page No.
Condensed Consolidated Statements of Comprehensive Income

3

GLOSSARY
Definitions:  
2023 Forward Sale AgreementsPNMR’s forward sale agreements under the PNMR 2022 ATM Program
2024 Rate ChangePNM’s request for a general increase in electric rates filed with the NMPRC on December 5, 2022 using a calendar year 2024 FTY
2025 Rate Change
PNM’s request for a general increased in electric rates expected to be filed with the NMPRC on or before June 14, 2024 using a FTY beginning July 1, 2025
2026 Resource Application
PNM’s October 25, 2023 application with the NMPRC seeking approval of resources to be available for the 2026 summer peak
ABCWUAAlbuquerque Bernalillo County Water Utility Authority
ACE RuleAffordable Clean Energy Rule
AEP OnSite PartnersAEP OnSite Partners, LLC, a subsidiary of American Electric Power, Inc.
AFUDCAllowance for Funds Used During Construction
AMIAdvanced Metering Infrastructure
AMSAdvanced Meter System
AOCIAccumulated Other Comprehensive Income
APSArizona Public Service Company, the operator and a co-owner of PVNGS and Four Corners
AROAsset Retirement Obligation
ARPAlternative Revenue Program
ASUAccounting Standards Update
AvangridAvangrid, Inc., a New York corporation
BARTBest Available Retrofit Technology
BoardBoard of Directors of PNMR
BSERBest system of emission reduction technology
CAAClean Air Act
CAISOCalifornia Independent System Operator
CCNCertificate of Convenience and Necessity
CCRCoal Combustion Residuals
CCS
Carbon Capture and Storage/Sequestration
CIACContributions in Aid of Construction
CO2
Carbon Dioxide
CSACoal Supply Agreement
CWIP
Construction Work in Progress
DC CircuitUnited States Court of Appeals for the District of Columbia Circuit
DCRF TNMP’s applications for a distribution cost recovery factor
DOEUnited States Department of Energy
EGUElectric Generating Unit
EIMWestern Energy Imbalance Market developed and operated by CAISO
ELGEffluent Limitation Guidelines
Energy Transition Charge(s)
Rate rider established to collect non-bypassable customer charges for repayment of the Securitized Bonds
EPAUnited States Environmental Protection Agency
ERCOTElectric Reliability Council of Texas
ESGEnvironmental, Social, and Governance principles
ETAThe New Mexico Energy Transition Act
ETBC I
PNM Energy Transition Bond Company I, LLC, formed on August 25, 2023
EUEAThe New Mexico Efficient Use of Energy Act
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FMB
First Mortgage Bond
Four CornersFour Corners Power Plant
Four Corners Abandonment ApplicationPNM’s January 8, 2021 application for approval for the abandonment of Four Corners and issuance of a securitized financing order
Four Corners CSAFour Corners’ coal supply contract with NTEC
Four Corners Purchase and Sale AgreementPNM’s pending sale of its 13% ownership interest in Four Corners to NTEC
FPPACFuel and Purchased Power Adjustment Clause
FTYFuture Test Year
4

GAAPGenerally Accepted Accounting Principles in the United States of America
GHGGreenhouse Gas Emissions
Grid Modernization ApplicationPNM’s October 3, 2022 application for approval of grid modernization investments of approximately $344 million for the first six years of a broader 11-year strategy
GWhGigawatt hours
IberdrolaIberdrola, S.A., a corporation organized under the laws of the Kingdom of Spain, and 81.5% owner of Avangrid
INDCIntended Nationally Determined Contribution
IRAInflation Reduction Act
IRPIntegrated Resource Plan
IRSInternal Revenue Service
kVKilovolt
KWKilowatt
KWhKilowatt Hour
La Joya Wind IILa Joya Wind Facility generating 140 MW of output that became operational in June 2021
La LuzLa Luz Generating Station
Leased InterestLeased capacity in PVNGS Unit 1 and Unit 2
Lightning Dock GeothermalLightning Dock geothermal power facility, also known as the Dale Burgett Geothermal Plant
LunaLuna Energy Facility
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
MergerThe merger of Merger Sub with and into PNMR pursuant to the Merger Agreement, with PNMR surviving the Merger as a direct, wholly-owned subsidiary of Avangrid
Merger Agreement
The Agreement and Plan of Merger, dated October 20, 2020, between PNMR, Avangrid and Merger Sub, as amended by the amendments to the Merger Agreement dated January 3, 2022, April 12, 2023, and June 19, 2023. Subsequently terminated December 31, 2023.
Merger Sub
NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid which will merge with and into PNMR at the effective time of the Merger
MetaMeta Platform, Inc., formerly known as Facebook Inc.
MMBTU
Million British Thermal Units
Moody’sMoody’s Investor Services, Inc.
MWMegawatt
MWhMegawatt Hour
NAAQSNational Ambient Air Quality Standards
NDTNuclear Decommissioning Trusts for PVNGS
NEENew Energy Economy
New Mexico WindNew Mexico Wind Energy Center
NM 2015 Rate CaseRequest for a General Increase in Electric Rates Filed by PNM on August 27, 2015
NM 2016 Rate CaseRequest for a General Increase in Electric Rates Filed by PNM on December 7, 2016
NM Supreme CourtNew Mexico Supreme Court
NMEDNew Mexico Environment Department
NMMMDThe Mining and Minerals Division of the New Mexico Energy, Minerals and Natural Resources Department
NMPRCNew Mexico Public Regulation Commission
NMRDNM Renewable Development, LLC, owned 50% each by PNMR Development and AEP OnSite Partners, LLC
NOxNitrogen Oxides
NPDESNational Pollutant Discharge Elimination System
NTECNavajo Transitional Energy Company, LLC, an entity owned by the Navajo Nation
OCIOther Comprehensive Income
OPEBOther Post-Employment Benefits
OSMUnited States Office of Surface Mining Reclamation and Enforcement
Paris AgreementA legally binding international treaty on climate change adopted on December 12, 2015
Pattern WindPattern New Mexico Wind, LLC, an affiliate of Western Spirit and Pattern Development
PCRBsPollution Control Revenue Bonds
PMParticulate Matter
PNMPublic Service Company of New Mexico and Subsidiaries
PNM New Mexico Credit FacilityPNM’s $40.0 million Unsecured Revolving Credit Facility
PNM 2023 Note Purchase AgreementPNM’s agreement for sale of PNM’s 2023 SUNs
5

PNM 2023 SUNsPNM’s $200.0 million Senior Unsecured Notes issued on April 28, 2023
PNM Revolving Credit FacilityPNM’s $400.0 million Unsecured Revolving Credit Facility
PNMRPNM Resources, Inc. and Subsidiaries
PNMR 2021 Delayed-Draw Term LoanPNMR’s $1.0 billion Unsecured Delayed-Draw Term Loan that matures on May 18, 2025
PNMR 2022 ATM ProgramPNMR’s distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $200.0 million of its common stock, no par value, through the sales agents
PNMR 2023 Term LoanPNMR’s $500.0 million term loan that matures on June 30, 2026
PNMR DevelopmentPNMR Development and Management Company, an unregulated wholly-owned subsidiary of PNMR
PNMR Revolving Credit FacilityPNMR’s $300.0 million Unsecured Revolving Credit Facility
PPAPower Purchase Agreement
PSPS Plan
PNM’s Public Safety Power Shutoff Plan filed with the NMPRC on May 1, 2024
PUCTPublic Utility Commission of Texas
PVPhotovoltaic
PVNGSPalo Verde Nuclear Generating Station
PVNGS Leased Interest Abandonment ApplicationApplication with the NMPRC requesting approval for the decertification and abandonment of 114MW of leased PVNGS capacity
RD
Recommended Decision
REANew Mexico’s Renewable Energy Act of 2004
RECsRenewable Energy Certificates
Red Mesa WindRed Mesa Wind Energy Center
REPRetail Electricity Provider
Rio BravoRio Bravo Generating Station, formerly known as Delta
ROEReturn on Equity
RPSRenewable Energy Portfolio Standard
S&PStandard and Poor’s Ratings Services
SECUnited States Securities and Exchange Commission
Securitized BondsEnergy transition bonds
SIPState Implementation Plan
SJCCSan Juan Coal Company
SJGSSan Juan Generating Station
SJGS Abandonment ApplicationPNM’s July 1, 2019 consolidated application seeking NMPRC approval to retire PNM’s share of SJGS in 2022, for related replacement generating resources, and for the issuance of Securitized Bonds under the ETA
SJGS CSASan Juan Generating Station Coal Supply Agreement
SO2
Sulfur Dioxide
SOFRSecured Overnight Financing Rate
SRPSalt River Project
SUNsSenior Unsecured Notes
Tax ActFederal tax reform legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act
TCOSTransmission Cost of Service
TECATexas Electric Choice Act
TEPTransportation Electrification Program
TNMPTexas-New Mexico Power Company and Subsidiaries
TNMP 2018 Rate CaseTNMP’s General Rate Case Application filed on May 30, 2018
TNMP 2023 BondsTNMP’s First Mortgage Bonds to be issued under the TNMP 2023 Bond Purchase Agreement
TNMP 2023 Bond Purchase AgreementTNMP’s Agreement for the sale of an aggregate $185.0 million of TNMP’s 2023 Bonds
TNMP 2024 Bonds
TNMP’s First Mortgage Bonds to be issued under the TNMP 2024 Bond Purchase Agreement
TNMP 2024 Bond Purchase Agreement
TNMP’s Agreement for the sale of an aggregate $285.0 million of TNMP’s 2024 Bonds
TNMP Revolving Credit FacilityTNMP’s $75.0 million Secured Revolving Credit Facility ($100.0 million as of May 13, 2022)
TOD
Time of Day
U.S.The Unites States of America
6

US Supreme CourtUnited States Supreme Court
ValenciaValencia Energy Facility
VIEVariable Interest Entity
Western Spirit LineAn approximately 150-mile 345-kV transmission line that PNM purchased in December 2021
WestmorelandWestmoreland Coal Company
WFB LOC FacilityLetter of credit arrangements with Wells Fargo Bank, N.A., entered into in August 2020
WMP
PNM’s Wildfire Mitigation Plan filed with the NMPRC on May 1, 2024
WRAWestern Resource Advocates
WSJ LLCWestmoreland San Juan, LLC, a subsidiary of Westmoreland Mining Holdings, LLC, and current owner of SJCC
7

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

Three Months Ended March 31,
20242023
(In thousands, except per share amounts)
Electric Operating Revenues$436,877 $544,077 
Operating Expenses:
Cost of energy132,304 241,686 
Administrative and general55,427 55,110 
Energy production costs22,212 22,358 
Regulatory disallowances
4,459  
Depreciation and amortization93,187 78,074 
Transmission and distribution costs22,764 22,196 
Taxes other than income taxes25,934 25,562 
Total operating expenses356,287 444,986 
Operating income80,590 99,091 
Other Income and Deductions:
Interest income4,580 4,843 
Gains on investment securities
17,998 6,442 
Other income4,911 3,093 
Other (deductions)(16,522)(2,493)
Net other income and deductions10,967 11,885 
Interest Charges53,762 40,923 
Earnings before Income Taxes37,795 70,053 
Income Taxes (Benefits)
(12,571)9,780 
Net Earnings 50,366 60,273 
(Earnings) Attributable to Valencia Non-controlling Interest(3,044)(5,127)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)
Net Earnings Attributable to PNMR$47,190 $55,014 
Net Earnings Attributable to PNMR per Common Share:
Basic$0.52 $0.64 
Diluted$0.52 $0.64 
Dividends Declared per Common Share$0.3875 $0.3675 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.


8

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
20242023
(In thousands)
Net Earnings$50,366 $60,273 
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)
366 3,111 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771 and $178
(8,139)(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)
907 891 
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $(17) and $43
50 (125)
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $(697) and $565
2,048 (1,659)
Total Other Comprehensive Income (Loss)(4,768)1,694 
Comprehensive Income45,598 61,967 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(3,044)(5,127)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)
Comprehensive Income Attributable to PNMR$42,422 $56,708 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

9


PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20242023
(In thousands)
Cash Flows From Operating Activities:
Net earnings$50,366 $60,273 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization103,004 87,128 
Deferred income tax expense6,935 9,576 
(Gain) on sale of NMRD
(4,449) 
(Gains) losses on investment securities(17,998)(6,442)
Stock based compensation expense4,608 3,490 
Regulatory disallowances
4,459  
Allowance for equity funds used during construction(3,292)(1,964)
Other, net1,031 810 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues29,296 64,919 
Materials, supplies, and fuel stock(6,457)2,443 
Other current assets24,662 (1,305)
Other assets(7,341)(2,074)
Accounts payable(31,482)(56,306)
Accrued interest and taxes(9,823)(4,514)
Other current liabilities(39,860)(16,844)
Other liabilities(10,843)(7,689)
Net cash flows from operating activities92,816 131,501 
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(289,100)(264,368)
Proceeds from sale of plant assets (Note 13)
2,840 28,372 
Proceeds from sales of investment securities302,510 91,830 
Purchases of investment securities(304,971)(95,773)
Proceeds from sale of NMRD
116,936  
Investments in NMRD(12,550)(11,500)
Other, net(23)6 
Net cash flows used in investing activities(184,358)(251,433)

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
10

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20242023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings
$658,800 $635,200 
Revolving credit facilities repayments
(676,200)(457,800)
Long-term borrowings117,000  
Awards of common stock(5,440)(8,394)
Dividends paid(35,085)(31,677)
Valencia’s transactions with its owner(4,003)(5,510)
Transmission interconnection and security deposit arrangements57,875 3,894 
Refunds paid under transmission interconnection and security deposit arrangements(12,003)(15,167)
Debt issuance costs and other, net(1,435)(560)
Net cash flows from financing activities99,509 119,986 
Change in Cash, Cash Equivalents, and Restricted Cash
7,967 54 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
3,943 4,078 
Cash, Cash Equivalents, and Restricted Cash at End of Period
$11,910 $4,132 
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period$1,728 $ 
At end of period$8,922 $ 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$48,912 $39,794 
Income taxes paid (refunded), net$(488)$ 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$40,223 $37,148 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

11

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2024
December 31,
2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$2,988 $2,215 
Accounts receivable, net of allowance for credit losses of $3,203 and $3,388
105,002 126,291 
Unbilled revenues55,142 64,072 
Other receivables39,808 76,509 
Materials, supplies, and fuel stock104,491 98,034 
Regulatory assets61,453 73,046 
Prepaid assets16,792 19,759 
Income taxes receivable6,168 6,697 
Other current assets15,999 8,920 
Total current assets407,843 475,543 
Other Property and Investments:
Investment securities448,164 444,408 
Equity investment in NMRD 119,570 
Other investments193 171 
Non-utility property, net28,023 29,367 
Total other property and investments476,380 593,516 
Utility Plant:
Plant in service, held for future use, and to be abandoned9,807,524 9,701,180 
Less accumulated depreciation and amortization2,812,846 2,755,823 
6,994,678 6,945,357 
Construction work in progress693,502 589,834 
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840
72,190 74,671 
Net utility plant7,760,370 7,609,862 
Deferred Charges and Other Assets:
Regulatory assets930,752 914,381 
Goodwill278,297 278,297 
Operating lease right-of-use assets, net of accumulated amortization179,480 182,201 
Other deferred charges224,531 198,805 
Total deferred charges and other assets1,613,060 1,573,684 
$10,257,653 $10,252,605 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

12

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2024
December 31,
2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$244,500 $261,900 
Current installments of long-term debt (includes $5,935 and $2,529 related to ETBC I)
283,776 280,169 
Accounts payable133,470 205,175 
Customer deposits6,256 6,237 
Accrued interest and taxes88,302 98,655 
Regulatory liabilities108,429 140,005 
Operating lease liabilities11,811 12,267 
Dividends declared35,085 35,085 
Transmission interconnection arrangement liabilities124,248 96,870 
Other current liabilities71,251 94,397 
Total current liabilities1,107,128 1,230,760 
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $335,137 and $338,521 related to ETBC I)
4,355,049 4,241,642 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes835,835 845,280 
Regulatory liabilities777,752 771,317 
Asset retirement obligations246,908 245,531 
Accrued pension liability and postretirement benefit cost18,700 21,429 
Operating lease liabilities165,842 167,000 
Other deferred credits334,180 319,066 
Total deferred credits and other liabilities2,379,217 2,369,623 
Total liabilities7,841,394 7,842,025 
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)
11,529 11,529 
Equity:
PNMR common stockholders’ equity:
Common stock (no par value; 120,000,000 shares authorized; issued and outstanding 90,200,384 shares)
1,623,991 1,624,823 
Accumulated other comprehensive income (loss), net of income taxes(67,608)(62,840)
Retained earnings799,348 787,110 
Total PNMR common stockholders’ equity2,355,731 2,349,093 
Non-controlling interest in Valencia48,999 49,958 
Total equity2,404,730 2,399,051 
$10,257,653 $10,252,605 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.

13

PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Attributable to PNMRNon-
controlling
Interest
in Valencia
Common
Stock
AOCIRetained
Earnings
Total PNMR Common Stockholders’ EquityTotal
Equity
(In thousands)
Balance at December 31, 2023$1,624,823 $(62,840)$787,110 $2,349,093 $49,958 $2,399,051 
Net earnings before subsidiary preferred stock dividends
— — 47,322 47,322 3,044 50,366 
Total other comprehensive income (loss)
— (4,768)— (4,768)— (4,768)
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Dividends declared on common stock
— — (34,952)(34,952)— (34,952)
Awards of common stock
(5,440)— — (5,440)— (5,440)
Stock based compensation expense
4,608 — — 4,608 — 4,608 
Valencia’s transactions with its owner
— — — — (4,003)(4,003)
Balance at March 31, 2024$1,623,991 $(67,608)$799,348 $2,355,731 $48,999 $2,404,730 

Balance at December 31, 2022
$1,429,102 $(66,048)$828,878 $2,191,932 $52,994 $2,244,926 
Net earnings before subsidiary preferred stock dividends
— — 55,146 55,146 5,127 60,273 
Total other comprehensive income
— 1,694 — 1,694 — 1,694 
Subsidiary preferred stock dividends
— — (132)(132)— (132)
Dividends declared on common stock
— — (31,545)(31,545)— (31,545)
Awards of common stock
(8,394)— — (8,394)— (8,394)
Stock based compensation expense
3,490 — — 3,490 — 3,490 
Valencia’s transactions with its owner
— — — — (5,510)(5,510)
Balance at March 31, 2023$1,424,198 $(64,354)$852,347 $2,212,191 $52,611 $2,264,802 

The accompanying notes, as they relate to PNMR, are an integral part of these condensed consolidated financial statements.
14


PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended March 31,
20242023
(In thousands)
Electric Operating Revenues$308,115 $430,165 
Operating Expenses:
Cost of energy97,412 209,853 
Administrative and general51,736 48,973 
Energy production costs22,212 22,358 
Regulatory disallowances
4,459  
Depreciation and amortization53,287 43,686 
Transmission and distribution costs14,350 13,887 
Taxes other than income taxes13,709 13,504 
Total operating expenses257,165 352,261 
Operating income50,950 77,904 
Other Income and Deductions:
Interest income4,527 4,849 
Gains on investment securities
17,998 6,442 
Other income3,418 2,451 
Other (deductions)(870)(1,860)
Net other income and deductions25,073 11,882 
Interest Charges25,116 18,122 
Earnings before Income Taxes50,907 71,664 
Income Taxes
5,811 11,829 
Net Earnings45,096 59,835 
(Earnings) Attributable to Valencia Non-controlling Interest(3,044)(5,127)
Net Earnings Attributable to PNM42,052 54,708 
Preferred Stock Dividend Requirements(132)(132)
Net Earnings Available for PNM Common Stock$41,920 $54,576 

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

15

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended March 31,
20242023
(In thousands)
Net Earnings$45,096 $59,835 
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(125) and $(1,059)
366 3,111 
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $2,771, and $178
(8,139)(524)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(309) and $(303)
907 891 
Total Other Comprehensive Income (Loss)(6,866)3,478 
Comprehensive Income38,230 63,313 
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(3,044)(5,127)
Comprehensive Income Attributable to PNM$35,186 $58,186 

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

16

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20242023
(In thousands)
Cash Flows From Operating Activities:
Net earnings$45,096 $59,835 
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization60,356 51,438 
Deferred income tax expense6,030 11,829 
(Gains) losses on investment securities(17,998)(6,442)
Regulatory disallowances
4,459  
Allowance for equity funds used during construction(3,015)(1,862)
Other, net927 866 
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues22,352 54,042 
Materials, supplies, and fuel stock(3,612)2,916 
Other current assets3,864 (7,306)
Other assets293 (897)
Accounts payable(29,330)(50,299)
Accrued interest and taxes19,787 11,770 
Other current liabilities(27,435)(12,083)
Other liabilities(7,407)(6,006)
Net cash flows from operating activities74,367 107,801 
Cash Flows From Investing Activities:
Utility plant additions(154,975)(143,348)
Proceeds from sale of plant assets (Note 13)
2,840 28,372 
Proceeds from sales of investment securities302,510 91,830 
Purchases of investment securities(304,971)(95,773)
Other, net(23)6 
Net cash flows used in investing activities(154,619)(118,913)

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

17

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
20242023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings
$292,500 $275,700 
Revolving credit facilities repayments
(243,800)(250,700)
Short-term borrowings (repayments) – affiliate, net2,300  
Dividends paid(132)(132)
Valencia’s transactions with its owner(4,003)(5,510)
Transmission interconnection and security deposit arrangements51,125 3,894 
Refunds paid under transmission interconnection and security deposit arrangements(9,103)(11,667)
Debt issuance costs and other, net(474)(377)
Net cash flows from financing activities88,413 11,208 
Change in Cash, Cash Equivalents, and Restricted Cash
8,161 96 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
2,586 2,985 
Cash, Cash Equivalents, and Restricted Cash at End of Period
$10,747 $3,081 
Restricted Cash Included in Other Current Assets and Other Deferred Assets on Consolidated Balance Sheets:
At beginning of period$1,728 $ 
At end of period$8,922 $ 
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$9,121 $12,778 
Income taxes paid (refunded), net$ $ 
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$14,770 $17,849 

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

18

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2024
December 31,
2023
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$1,825 $858 
Accounts receivable, net of allowance for credit losses of $3,203 and $3,388
75,437 94,879 
Unbilled revenues43,092 46,925 
Other receivables33,849 51,975 
Affiliate receivables9,237 9,253 
Materials, supplies, and fuel stock85,184 81,572 
Regulatory assets61,453 72,996 
Prepaid assets8,957 9,941 
Income taxes receivable7,900 7,682 
Other current assets8,492 1,756 
Total current assets335,426 377,837 
Other Property and Investments:
Investment securities448,164 444,408 
Other investments91 69 
Non-utility property, net12,382 13,538 
Total other property and investments460,637 458,015 
Utility Plant:
Plant in service, held for future use, and to be abandoned6,210,692 6,151,510 
Less accumulated depreciation and amortization2,009,722 1,976,657 
4,200,970 4,174,853 
Construction work in progress537,488 490,178 
Nuclear fuel, net of accumulated amortization of $39,681 and $35,840
72,190 74,671 
Net utility plant4,810,648 4,739,702 
Deferred Charges and Other Assets:
Regulatory assets855,120 838,727 
Goodwill51,632 51,632 
Operating lease right-of-use assets, net of accumulated amortization177,865 180,370 
Other deferred charges187,247 166,782 
Total deferred charges and other assets1,271,864 1,237,511 
$6,878,575 $6,813,065 

The accompanying notes, as they relate to PNM, are an integral part of these condensed consolidated financial statements.

19

PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
A WHOLLY-OWNED SUBSIDIARY OF PNM RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2024
December 31,
2023
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$186,200 $137,500 
Short-term debt - affiliate2,300  
Current installments of long-term debt (includes $