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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 September 30, 2022
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________________ to ______________________ |
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Commission File Number | Exact name of registrant as specified in its charter | State of Incorporation | I.R.S. Employer Identification No. |
1-6364 | South Jersey Industries, Inc. | New Jersey | 22-1901645 |
000-22211 | South Jersey Gas Co | New Jersey | 21-0398330 |
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| Address of principal executive offices | City | State | Zip Code | Registrant's telephone number, including area code |
South Jersey Industries, Inc. | 1 South Jersey Plaza | Folsom | New Jersey | 08037 | (609) | 561-9000 |
South Jersey Gas Co | 1 South Jersey Plaza | Folsom | New Jersey | 08037 | (609) | 561-9000 |
Securities registered pursuant to Section 12(b) of the Act:
South Jersey Industries, Inc. | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of exchange on which registered |
Common Stock - $1.25 par value per share | SJI | New York Stock Exchange |
5.625% Junior Subordinated Notes due 2079 | SJIJ | New York Stock Exchange |
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Corporate Units | SJIV | New York Stock Exchange |
South Jersey Gas Co | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of exchange on which registered |
None | N/A | N/A |
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 such registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
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 such registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether each 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. | | | | | | | | | | | | | | | | | |
South Jersey Industries, Inc.: | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
Smaller reporting company | ☐ | Emerging growth company | ☐ | | |
South Jersey Gas Co: | | | |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ |
Smaller reporting company | ☐ | Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if either 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 either registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
South Jersey Industries, Inc. (SJI) common stock ($1.25 par value) outstanding as of November 1, 2022 was 122,464,793 shares. South Jersey Gas Company common stock ($2.50 par value) outstanding as of November 1, 2022 was 2,339,139 shares. All of South Jersey Gas Company's outstanding shares of common stock are held by SJI Utilities, Inc., which is a wholly-owned subsidiary of SJI.
South Jersey Gas Company is an indirect wholly-owned subsidiary of SJI and meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q. As such, South Jersey Gas Company files its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.
TABLE OF CONTENTS | | | | | | | | |
PART I | FINANCIAL INFORMATION | Page No. |
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Item 1. | South Jersey Industries, Inc. | |
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| South Jersey Gas Company | |
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| South Jersey Industries, Inc. and South Jersey Gas Company - Combined | |
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Item 2. | | |
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Item 3. | | |
Item 4. | | |
PART II | OTHER INFORMATION | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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GLOSSARY OF TERMS AND ABBREVIATIONS | | | | | |
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ACB | ACB Energy Partners, LLC |
ACLE | AC Landfill Energy, LLC |
ADIT | Accumulated Deferred Income Taxes |
AEP | Applied Energy Partners, LLC |
AFUDC | Allowance for Funds During Construction |
AIRP | Accelerated Infrastructure Replacement Program |
AMA | Asset Management Agreement |
Annadale | Annadale Community Clean Energy Projects LLC |
AOCL | Accumulated Other Comprehensive Loss |
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ARO | Asset Retirement Obligation |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
ATM | At-The-Market |
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BCLE | BC Landfill Energy, LLC |
BGSS | Basic Gas Supply Service |
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BPU | New Jersey Board of Public Utilities |
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Bronx Midco | Bronx Midco, LLC |
CARES Act | Coronavirus Aid, Relief and Economic Security Act of 2020 |
Catamaran | Catamaran Renewables, LLC |
CBA | Collective Bargaining Agreement |
CEGR | Compounded Earnings Annual Growth Rate |
CEP | Clean Energy Program (ETG) |
CHP | Combined Heat and Power |
CIP | Conservation Incentive Program |
CLEP | Clean Energy Program (SJG) |
CODM | Chief Operating Decision Maker |
COVID-19 | A highly contagious respiratory disease caused by the SARS-CoV-2 virus |
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DRP | Dividend Reinvestment Plan |
dt | Decatherm |
dts/d | Decatherms per day |
EDIT | Excess Deferred Income Taxes |
EEP | Energy Efficiency Program |
EET | Energy Efficiency Tracker |
EGR | Earnings Growth Rate |
ELK | Elkton Gas Company |
EMI | Energy & Minerals, Inc. |
EMP | Energy Master Plan |
EnerConnex | EnerConnex, LLC |
Energenic | Energenic US, LLC |
EnergyMark | EnergyMark, LLC |
EPS | Earnings Per Share |
ERISA | Employee Retirement Income Security Act of 1974 |
ETG | Elizabethtown Gas Company |
ETG Acquisition | The Company's acquisition of the assets of Elizabethtown Gas Company, effective July 1, 2018, from Pivotal Utility Holdings, Inc., a subsidiary of Southern Company Gas |
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FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
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GAAP | Generally Accepted Accounting Principles for financial reporting in the United States |
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IAM | International Association of Machinists and Aerospace Workers |
IBEW | International Brotherhood of Electrical Workers |
IIF | Infrastructure Investment Fund |
IIP | Infrastructure Investment Programs |
IRA | Inflation Reduction Act |
ITC | Investment Tax Credit |
LIBOR | London Interbank Offer Rate |
LL | Lifeline Credit and Tenants Assistance Program |
LMP | Locational Marginal Price |
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Marina | Marina Energy, LLC |
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Merger; Merger Agreement | Agreement and plan of merger signed by SJI with NJ Boardwalk Holdings LLC and Boardwalk Merger Sub, Inc. |
Midstream | SJI Midstream, LLC |
Millennium | Millennium Account Services, LLC |
MPSC | Maryland Public Service Commission |
MMdts | One million decatherms |
MMmWh | One million megawatt hours |
Morie | The Morie Company, Inc. |
MTF | Marina Thermal Facility |
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MTN | Medium Term Notes |
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MW | Megawatt |
MWh | Megawatt-hours |
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NCI | Noncontrolling Interests |
NOL | Net Operating Loss |
Non-GAAP | The financial measures that are not prepared in accordance with U.S. GAAP |
NPA | Note Purchase Agreement |
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NJEDA | New Jersey Economic Development Authority |
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NYMEX | New York Mercantile Exchange |
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OSMC | On-System Margin Sharing Credit |
OSS | Off-System Sales |
PennEast | PennEast Pipeline, LLC |
Potato Creek | Potato Creek, LLC |
RAC | Remediation Adjustment Clause |
Red River | Red River RNG, LLC |
REV | REV LNG, LLC |
RNG | Renewable Natural Gas |
ROE | Return on Equity |
ROU | Right of Use |
SBC | Societal Benefits Clause |
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SCLE | SC Landfill Energy, LLC |
SEC | Securities and Exchange Commission |
SERP | Supplemental Executive Retirement Plan |
SHARP | Storm Hardening and Reliability Program |
SJE | South Jersey Energy Company |
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SJEI | SJI Energy Investments, LLC |
SJES | South Jersey Energy Solutions, LLC |
SJESP | South Jersey Energy Service Plus, LLC |
SJEX | South Jersey Exploration, LLC |
SJF | South Jersey Fuel, Inc. |
SJG | South Jersey Gas Co or South Jersey Gas Company |
SJI | South Jersey Industries, Inc., or the Company |
SJIU | SJI Utilities, Inc. |
SJRG | South Jersey Resources Group, LLC |
SRECs | Solar Renewable Energy Credits |
SXLE | SX Landfill Energy, LLC |
Tax Reform | Tax Cuts and Jobs Act which was enacted into law on December 22, 2017 |
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TIC | Transportation Initiation Clause |
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TSA | Transition Services Agreement |
TSR | Total Shareholder Return |
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Utilities | Represents SJI's two utility businesses: SJG, and ETG |
USF | Statewide Universal Service Fund |
UTUA | Uniform Transitional Utility Assessment |
UWUA | United Workers Union of America |
VSIP | Voluntary Separation Incentive Program |
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WNC | Weather Normalization Clause |
INTRODUCTION
FILING FORMAT
This Quarterly Report on Form 10-Q is a combined report being filed separately by two registrants: South Jersey Industries, Inc. (SJI) and South Jersey Gas Company (SJG). Information relating to SJI or any of its subsidiaries, other than SJG, is filed by SJI on its own behalf. SJG is only responsible for information about itself.
Except where the content clearly indicates otherwise, any reference in the report to "SJI," "the Company," "we," "us" or "our" is to the holding company or SJI and all of its subsidiaries, including SJG, which is a wholly-owned subsidiary of SJI Utilities, Inc. (which is wholly-owned by SJI).
Part 1 - Financial information in this Quarterly Report on Form 10-Q includes separate financial statements (i.e., balance sheets, statements of income, statements of comprehensive income, statements of equity and statements of cash flows) for each of SJI and SJG. The Notes to Unaudited Condensed Consolidated Financial Statements are presented on a combined basis for both SJI and SJG. Management's Discussion and Analysis of Financial Condition and Results of Operations (Management's Discussion) included under Item 2 is divided into two major sections: SJI and SJG.
Item 1. Condensed Consolidated Financial Statements
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS)/INCOME (UNAUDITED)
(In Thousands, Except for Per Share Data) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | |
| 2022 | | 2021 | | 2022 | | 2021 | |
Operating Revenues: | | | | | | | | |
Utility | $ | 147,261 | | | $ | 106,123 | | | $ | 818,591 | | | $ | 653,009 | | |
Nonutility | 461,257 | | | 259,508 | | | 1,125,936 | | | 698,750 | | |
Total Operating Revenues | 608,518 | | | 365,631 | | | 1,944,527 | | | 1,351,759 | | |
Operating Expenses: | | | | | | | | |
Cost of Sales - (Excluding depreciation and amortization) | | | | | | | | |
- Utility | 62,598 | | | 24,128 | | | 330,235 | | | 183,927 | | |
- Nonutility | 430,214 | | | 264,237 | | | 1,092,215 | | | 677,507 | | |
Operations and Maintenance | 63,968 | | | 61,198 | | | 205,737 | | | 194,182 | | |
Depreciation | 36,927 | | | 33,081 | | | 105,065 | | | 97,924 | | |
Impairment Charges | 7,217 | | | — | | | 9,114 | | | — | | |
Energy and Other Taxes | 3,411 | | | (8,040) | | | 11,524 | | | (1,245) | | |
Total Operating Expenses | 604,335 | | | 374,604 | | | 1,753,890 | | | 1,152,295 | | |
Operating Income (Loss) | 4,183 | | | (8,973) | | | 190,637 | | | 199,464 | | |
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Other Income and Expense | 7,801 | | | 2,225 | | | 13,295 | | | 7,885 | | |
Interest Charges | (38,478) | | | (31,468) | | | (101,618) | | | (94,112) | | |
(Loss) Income Before Income Taxes | (26,494) | | | (38,216) | | | 102,314 | | | 113,237 | | |
Income Taxes | (9,989) | | | 11,727 | | | (28,588) | | | (25,340) | | |
Equity in (Loss) Earnings of Affiliated Companies | (1,288) | | | 659 | | | (761) | | | (81,589) | | |
(Loss) Income from Continuing Operations | (37,771) | | | (25,830) | | | 72,965 | | | 6,308 | | |
Loss from Discontinued Operations - (Net of tax benefit) | (93) | | | (127) | | | (315) | | | (278) | | |
Net (Loss) Income | (37,864) | | | (25,957) | | | 72,650 | | | 6,030 | | |
Less: Income Attributable to Noncontrolling Interests | 143 | | | 173 | | | 354 | | | 390 | | |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (38,007) | | | $ | (26,130) | | | $ | 72,296 | | | $ | 5,640 | | |
Basic Earnings Per Common Share: | | | | | | | | |
Continuing Operations | $ | (0.31) | | | $ | (0.23) | | | $ | 0.60 | | | $ | 0.06 | | |
Discontinued Operations | — | | | — | | | — | | | — | | |
Net (Loss) Income | (0.31) | | | (0.23) | | | 0.60 | | | 0.06 | | |
Less: Income Attributable to Noncontrolling Interests | — | | | — | | | — | | | — | | |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (0.31) | | | $ | (0.23) | | | $ | 0.60 | | | $ | 0.06 | | |
Average Shares of Common Stock Outstanding - Basic | 122,465 | | | 112,448 | | | 121,040 | | | 108,108 | | |
Diluted Earnings Per Common Share: | | | | | | | | |
Continuing Operations | $ | (0.31) | | | $ | (0.23) | | | $ | 0.59 | | | $ | 0.06 | | |
Discontinued Operations | — | | | — | | | — | | | — | | |
Net (Loss) Income | (0.31) | | | (0.23) | | | 0.59 | | | 0.06 | | |
Less: Income Attributable to Noncontrolling Interests | — | | | — | | | — | | | — | | |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (0.31) | | | $ | (0.23) | | | $ | 0.59 | | | $ | 0.06 | | |
Average Shares of Common Stock Outstanding - Diluted | 122,465 | | | 112,448 | | | 123,888 | | | 109,589 | | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (UNAUDITED)
(In Thousands)
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| Three Months Ended September 30, | | Nine Months Ended September 30, | |
| 2022 | | 2021 | | 2022 | | 2021 | |
Net (Loss) Income | $ | (37,864) | | | $ | (25,957) | | | $ | 72,650 | | | $ | 6,030 | | |
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Other Comprehensive Income, Net of Tax: | | | | | | | | |
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Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax of $(3), $(3), $(10) and $(10) respectively | 8 | | | 9 | | | 25 | | | 25 | | |
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Other Comprehensive Income - Net of Tax | 8 | | | 9 | | | 25 | | | 25 | | |
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Comprehensive (Loss) Income | (37,856) | | | (25,948) | | | 72,675 | | | 6,055 | | |
Less: Comprehensive Income Attributable to Noncontrolling Interests | 143 | | | 173 | | | 354 | | | 390 | | |
Comprehensive (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (37,999) | | | $ | (26,121) | | | $ | 72,321 | | | $ | 5,665 | | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
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| Nine Months Ended September 30, |
| 2022 | | 2021 |
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Net Cash Provided by Operating Activities | $ | 374,907 | | | $ | 273,927 | |
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Cash Flows from Investing Activities: | | | |
Capital Expenditures | (462,969) | | | (373,516) | |
Investment in Contract Receivables | (17,828) | | | (16,429) | |
Proceeds from Contract Receivables | 10,115 | | | 10,494 | |
Investment in Affiliates | (76,495) | | | (13,155) | |
Return of Investment in Affiliates | 12,138 | | | — | |
Advances to Affiliates | (30,449) | | | (26,615) | |
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Divestiture Working Capital Settlement | — | | | (267) | |
Investment in Subsidiary, Net of Cash Acquired | (21,034) | | | (14,683) | |
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Net Cash Used in Investing Activities | (586,522) | | | (434,171) | |
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Cash Flows from Financing Activities: | | | |
Net Repayments of Short-Term Credit Facilities | (130,800) | | | (453,900) | |
Proceeds from Issuance of Long-Term Debt | 400,000 | | | 460,000 | |
Principal Repayments of Long-Term Debt | (58,175) | | | (110,000) | |
Payments for Issuance of Long-Term Debt | (2,306) | | | (16,304) | |
Dividends on Common Stock | (74,362) | | | (64,460) | |
Proceeds from Sale of Common Stock | 100,380 | | | 329,772 | |
Payments for the Issuance of Common Stock | — | | | (2,318) | |
Capital Distributions to Noncontrolling Interests in Subsidiaries | (392) | | | — | |
Capital Contributions of Noncontrolling Interests in Subsidiaries | 1,368 | | | 1,072 | |
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Net Cash Provided by Financing Activities | 235,713 | | | 143,862 | |
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Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | |