Northwest Natural Holding Company, (NYSE: NWN) (NW
Natural Holdings), reported financial results and highlights
including:
- Reported net income of $1.2 million ($0.03 per share) for the
second quarter of 2023, compared to earnings of $1.7 million ($0.05
per share) for the same period in 2022
- Reported net income of $72.9 million ($2.03 per share) for the
first six months of 2023, compared to earnings of $58.0 million
($1.77 per share) for the same period in 2022
- Added nearly 6,400 natural gas meters in the last 12 months for
a growth rate of 0.8% as of June 30, 2023
- NW Natural Water closed its first water services transaction
and signed a second
- Began operations at the Carbon Limestone RNG facility - the
first of two facilities NW Natural Renewables is investing in with
EDL
- Reaffirmed 2023 earnings guidance in the range of $2.55 to
$2.75 per share
"The Company continues to perform well, and we're executing on
our growth and decarbonization opportunities," said David H.
Anderson, CEO of NW Natural Holdings. "Our mission is to continue
providing utility services and renewable energy to customers
safely, reliably, and affordably in a sustainable way to better the
lives of the communities we serve."
For the second quarter of 2023, net income was $1.2 million (or
$0.03 per share), compared to net income of $1.7 million (or $0.05
per share) for the same period in 2022. Results reflected higher
operating costs, partially offset by new rates in Oregon and
Washington for our natural gas utility.
Net income increased $15.0 million to $72.9 million (or $2.03
per share) for the first six months of 2023, compared to $58.0
million (or $1.77 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.
KEY EVENTS AND INITIATIVES
NW Natural Water Launches a Water Operations &
Maintenance Service Business
NW Natural Water launched its services business in April by
acquiring King Water Company in Washington and signing agreements
with Hiland Water Corporation in May to acquire its services
company and utility connections 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. The Hiland Water transaction is
expected to close by the end of 2023. Upon closing outstanding
transactions, NW Natural Water would serve approximately 170,000
people through more than 68,000 meters and provide operation and
maintenance services to an additional 15,000 connections.
NW Natural Renewables' First Project Begins
Operations
In August 2023, EDL announced that the Carbon Limestone RNG
facility began operations. This is the first of two facilities NW
Natural Renewables is investing in with EDL, a leading global
producer of sustainable distributed energy. NW Natural Renewables
has contracted to provide approximately $50 million toward the
development of the two production facilities that are designed to
convert landfill waste gases to RNG and connect that production to
the existing regional pipeline networks. The second facility is
expected to come online this fall.
NW Natural Renewables and EDL executed agreements designed to
obtain a 20-year supply of RNG produced by the facilities for NW
Natural Renewables. NW Natural Renewables has separately contracted
to sell an equivalent amount of fixed-volume RNG supply to
investment grade counterparties under long-term contracts. The
revenues associated with these agreements are expected to start
when the facilities begin commercial operations.
SECOND 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 second 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' second quarter results are summarized by
business segment in the table below:
Three Months Ended June 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
$
(271
)
$
(0.01
)
$
157
$
—
$
(428
)
$
(0.01
)
Other
1,515
0.04
1,558
0.05
(43
)
(0.01
)
Consolidated
$
1,244
$
0.03
$
1,715
$
0.05
$
(471
)
$
(0.02
)
Diluted Shares
36,062
34,352
1,710
Natural Gas Distribution Segment
Natural Gas Distribution segment net income decreased $0.4
million (or $0.01 per share) primarily reflecting higher operations
expenses, partially offset by new rates in Oregon and Washington
that went into effect on Nov. 1, 2022.
Margin increased $11.4 million primarily due to new rates, which
contributed $7.6 million; a $2.4 million higher gain from the
Oregon gas cost incentive sharing mechanism due to lower than
estimated gas costs; and the amortization of deferrals approved in
the rate case contributed $1.2 million.
Operations and maintenance expense increased $8.4 million or 24%
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 $3.2
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 $3.0 million primarily
from lower pension expense, interest income from invested cash, and
higher equity Allowance for Funds Used During Construction
(AFUDC).
Interest expense increased $3.3 million due to higher debt
balances.
YEAR-TO-DATE RESULTS
The following financial comparisons are for the first six 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:
Six Months Ended June 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
$
71,680
$
2.00
$
55,547
$
1.70
$
16,133
$
0.30
Other
1,235
0.03
2,407
0.07
(1,172
)
(0.04
)
Consolidated
$
72,915
$
2.03
$
57,954
$
1.77
$
14,961
$
0.26
Diluted Shares
35,845
32,805
3,040
Natural Gas Distribution Segment
Natural Gas Distribution segment net income increased $16.1
million (or $0.30 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 $40.7 million primarily due to new rates, which
contributed $27.1 million; the amortization of deferrals approved
in the rate case contributed $5.1 million; a $4.1 million higher
gain from the Oregon gas cost incentive sharing mechanism due to
lower than estimated gas costs; and customer growth of 0.8% over
the last 12 months contributed $2.5 million.
Operations and maintenance expense increased $17.1 million or
23% as a result of higher payroll costs; the amortization of
deferrals approved in the rate case, which is offset by revenues;
information technology costs; contractor labor; and higher bad debt
expense.
Depreciation and general taxes collectively increased by $6.5
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 $5.7 million primarily
from lower pension expense, interest income from invested cash, and
higher equity AFUDC.
Interest expense increased $6.1 million due to higher debt
balances.
Other
Other net income decreased $1.2 million (or $0.04 per share)
reflecting lower net income from NW Natural Holding's other
businesses as a result of higher interest expense, partially offset
by higher net income from asset management revenues from NW
Natural.
BALANCE SHEET AND CASH FLOWS
During the first six months of 2023, the Company generated
$297.9 million in operating cash flows, compared to $196.6 million
for the same period in 2022. The Company used $151.5 million in
investing activities during the first six months of 2023 primarily
for natural gas utility capital expenditures, compared to $169.7
million used in investing activities during the same period in
2022. Net cash used in financing activities was $32.2 million for
the first six months of 2023, compared to $24.0 million used in
financing activities during the same period in 2022. As of June 30,
2023, NW Natural Holdings held cash of $137.8 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 August 15, 2023 to shareholders
of record on July 31, 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 second quarter
2023 financial and operating results.
Date and Time:
Thursday, August 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 812526
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 494549.
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 more than 158,000 people
through nearly 64,000 meters and provides operation and maintenance
services to an additional 10,000 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)
Second Quarter 2023
Three Months Ended
Six Months Ended
Twelve Months Ended
June 30,
June 30,
June 30,
In thousands, except per share amounts, customer, and degree day
data
2023
2022
Change
2023
2022
Change
2023
2022
Change
Operating revenues
$
237,859
$
194,960
22
%
$
700,282
$
545,261
28
%
$
1,192,374
$
940,798
27
%
Operating expenses:
Cost of gas
102,433
79,720
28
308,182
225,308
37
512,509
364,219
41
Operations and maintenance
66,819
53,175
26
138,636
110,660
25
252,643
212,649
19
Environmental remediation
2,140
2,267
(6
)
7,515
6,970
8
12,934
11,622
11
General taxes
10,889
8,989
21
25,108
21,093
19
45,046
39,443
14
Revenue taxes
9,185
8,240
11
28,227
21,600
31
48,453
38,005
27
Depreciation
31,293
28,110
11
62,758
56,539
11
122,926
113,832
8
Other operating expenses
1,257
920
37
2,505
1,914
31
4,212
4,064
4
Total operating expenses
224,016
181,421
23
572,931
444,084
29
998,723
783,834
27
Income from operations
13,843
13,539
2
127,351
101,177
26
193,651
156,964
23
Other income (expense), net
6,618
226
2,828
8,224
(728
)
(1230
)
10,155
(7,148
)
(242
)
Interest expense, net
18,974
11,580
64
37,270
23,102
61
67,415
45,434
48
Income before income taxes
1,487
2,185
(32
)
98,305
77,347
27
136,391
104,382
31
Income tax expense
243
470
(48
)
25,390
19,393
31
35,127
26,555
32
Net income
$
1,244
$
1,715
(27
)
$
72,915
$
57,954
26
$
101,264
$
77,827
30
Common shares outstanding:
Average diluted for period
36,062
34,352
35,845
32,805
35,557
31,799
End of period
36,065
34,754
36,065
34,754
36,065
34,754
Per share of common stock
information:
Diluted earnings
$
0.03
$
0.05
$
2.03
$
1.77
$
2.85
$
2.45
Dividends paid per share
0.4850
0.4825
0.9700
0.9650
1.9375
1.9275
Book value, end of period
34.39
32.77
34.39
32.77
34.39
32.77
Market closing price, end of period
43.05
53.10
43.05
53.10
43.05
53.10
Capital structure, end of
period:
Common stock equity
44.0
%
47.3
%
44.0
%
47.3
%
44.0
%
47.3
%
Long-term debt
46.0
%
43.4
%
46.0
%
43.4
%
46.0
%
43.4
%
Short-term debt (including current
maturities of long-term debt)
10.0
%
9.3
%
10.0
%
9.3
%
10.0
%
9.3
%
Total
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Natural Gas Distribution segment
operating statistics:
Meters - end of period
796,792
790,438
0.8
%
796,792
790,438
0.8
%
796,792
790,438
0.8
%
Volumes in therms:
Residential and commercial sales
122,977
147,447
453,642
441,374
778,860
744,137
Industrial sales and transportation
113,389
121,106
245,773
255,565
475,953
492,743
Total volumes sold and delivered
236,366
268,553
699,415
696,939
1,254,813
1,236,880
Operating Revenues
Residential and commercial sales
$
194,382
$
159,792
$
606,689
$
474,399
$
1,013,660
$
806,249
Industrial sales and transportation
23,238
19,526
52,382
40,799
98,393
74,626
Other distribution revenues
1,368
409
2,978
1,016
3,906
1,737
Other regulated services
4,726
4,907
9,435
9,818
19,245
19,355
Total operating revenues
223,714
184,634
671,484
526,032
1,135,204
901,967
Less: Cost of gas
102,490
79,776
308,295
225,420
512,736
364,443
Less: Environmental remediation
expense
2,140
2,272
7,515
6,970
12,934
11,622
Less: Revenue taxes
9,159
8,208
28,134
21,532
48,229
37,827
Margin, net
$
109,925
$
94,378
$
327,540
$
272,110
$
561,305
$
488,075
Degree days:
Average (25-year average)
296
305
1,619
1,631
2,674
2,692
Actual
273
374
(27
)%
1,658
1,591
4
%
2,779
2,526
10
%
Percent colder (warmer) than average
weather
(8
)%
23
%
2
%
(2
)%
4
%
(6
)%
NORTHWEST NATURAL HOLDINGS
Consolidated Balance Sheets
(Unaudited)
June 30,
In thousands
2023
2022
Assets:
Current assets:
Cash and cash equivalents
$
137,759
$
17,209
Accounts receivable
73,930
68,583
Accrued unbilled revenue
21,924
18,060
Allowance for uncollectible accounts
(3,297
)
(1,356
)
Regulatory assets
111,819
92,803
Derivative instruments
12,423
60,652
Inventories
67,502
65,983
Other current assets
35,797
36,060
Total current assets
457,857
357,994
Non-current assets:
Property, plant, and equipment
4,391,993
4,129,236
Less: Accumulated depreciation
1,181,230
1,150,555
Total property, plant, and equipment,
net
3,210,763
2,978,681
Regulatory assets
307,999
301,855
Derivative instruments
2,118
9,121
Other investments
104,330
96,027
Operating lease right of use asset,
net
72,096
73,754
Assets under sales-type leases
132,045
136,673
Goodwill
152,670
70,714
Other non-current assets
96,827
75,699
Total non-current assets
4,078,848
3,742,524
Total assets
$
4,536,705
$
4,100,518
Liabilities and equity:
Current liabilities:
Short-term debt
$
41,000
$
222,700
Current maturities of long-term debt
240,714
351
Accounts payable
101,369
135,364
Taxes accrued
12,217
11,324
Interest accrued
11,443
7,425
Regulatory liabilities
61,546
97,277
Derivative instruments
42,135
15,918
Operating lease liabilities
1,732
1,315
Other current liabilities
58,777
47,624
Total current liabilities
570,933
539,298
Long-term debt
1,294,578
1,045,530
Deferred credits and other non-current
liabilities:
Deferred tax liabilities
380,058
355,470
Regulatory liabilities
672,215
658,925
Pension and other postretirement benefit
liabilities
147,063
162,511
Derivative instruments
25,212
9,475
Operating lease liabilities
77,951
78,826
Other non-current liabilities
128,417
111,704
Total deferred credits and other
non-current liabilities
1,430,916
1,376,911
Equity:
Common stock
831,135
767,826
Retained earnings
414,398
381,963
Accumulated other comprehensive loss
(5,255
)
(11,010
)
Total equity
1,240,278
1,138,779
Total liabilities and equity
$
4,536,705
$
4,100,518
NORTHWEST NATURAL HOLDINGS
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June
30,
In thousands
2023
2022
Operating activities:
Net income
$
72,915
$
57,954
Adjustments to reconcile net income to
cash provided by operations:
Depreciation
62,758
56,539
Regulatory amortization of gas
reserves
1,678
2,984
Deferred income taxes
8,610
10,659
Qualified defined benefit pension plan
(benefit) expense
(1,129
)
2,882
Deferred environmental expenditures,
net
(9,732
)
(9,608
)
Environmental remediation expense
7,515
6,970
Asset optimization revenue sharing bill
credits
(10,471
)
(41,102
)
Other
14,068
9,961
Changes in assets and liabilities:
Receivables, net
163,965
96,453
Inventories
20,084
(8,721
)
Income and other taxes
14,834
17,241
Accounts payable
(48,935
)
(13,728
)
Deferred gas costs
(16,370
)
2,607
Asset optimization revenue sharing
12,056
3,929
Decoupling mechanism
(9,554
)
9,669
Cloud-based software
(7,229
)
(414
)
Other, net
22,791
(7,711
)
Cash provided by operating activities
297,854
196,564
Investing activities:
Capital expenditures
(144,863
)
(167,696
)
Acquisitions, net of cash acquired
(3,249
)
—
Purchase of equity method investment
(1,000
)
—
Other
(2,428
)
(1,991
)
Cash used in investing activities
(151,540
)
(169,687
)
Financing activities:
Proceeds from common stock issued, net
22,072
174,053
Long-term debt issued
200,000
692
Changes in other short-term debt, net
(217,200
)
(166,800
)
Cash dividend payments on common stock
(33,293
)
(30,311
)
Other
(3,774
)
(1,596
)
Cash used in financing activities
(32,195
)
(23,962
)
Increase in cash, cash equivalents and
restricted cash
114,119
2,915
Cash, cash equivalents and restricted
cash, beginning of period
40,964
27,120
Cash, cash equivalents and restricted
cash, end of period
$
155,083
$
30,035
Supplemental disclosure of cash flow
information:
Interest paid, net of capitalization
$
36,376
$
22,867
Income taxes paid, net of refunds
12,163
1,086
Reconciliation of cash, cash equivalents
and restricted cash:
Cash and cash equivalents
$
137,759
$
17,209
Restricted cash included in other current
and non-current assets
17,324
12,826
Cash, cash equivalents and restricted
cash
$
155,083
$
30,035
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803445505/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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