SOUTH JERSEY INDUSTRIES INC

CIK:0000091928|SEC Filings

Condensed Consolidated Statements of (Loss)/Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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:
Operations and Maintenance	63,968	61,198	205,737	194,182
Depreciation	36,927	33,081	105,065	97,924
Impairment Charges	7,217	0	9,114	0
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 (Loss) Income	4,183	(8,973)	190,637	199,464
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 (in dollars per share)	$ (0.31)	$ (0.23)	$ 0.60	$ 0.06
Discontinued Operations (in dollars per share)	0	0	0	0
Net (Loss) Income (in dollars per share)	(0.31)	(0.23)	0.60	0.06
Less: Income Attributable to Noncontrolling Interests (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Average Shares of Common Stock Outstanding - Basic (in shares)	122,465	112,448	121,040	108,108
Diluted Earnings Per Common Share:
Continuing Operations (in dollars per share)	$ (0.31)	$ (0.23)	$ 0.59	$ 0.06
Discontinued Operations (in dollars per share)	0	0	0	0
Net (Loss) Income (in dollars per share)	(0.31)	(0.23)	0.59	0.06
Less: Income Attributable to Noncontrolling Interests (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Average Shares of Common Stock Outstanding - Diluted (in shares)	122,465	112,448	123,888	109,589
Utility
Operating Expenses:
Cost of Sales - (Excluding depreciation and amortization)	$ 62,598	$ 24,128	$ 330,235	$ 183,927
Nonutility
Operating Expenses:
Cost of Sales - (Excluding depreciation and amortization)	$ 430,214	$ 264,237	$ 1,092,215	$ 677,507

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Net Cash Provided by Operating Activities	$ 374,907	$ 273,927
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	0
Advances to Affiliates	(30,449)	(26,615)
Divestiture Working Capital Settlement	0	(267)
Investment in Subsidiary, Net of Cash Acquired	(21,034)	(14,683)
Net Cash Used in Investing Activities	(586,522)	(434,171)
Cash Flows from Financing Activities:
Net (Repayments of) Borrowings from 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	0	(2,318)
Capital Distributions to Noncontrolling Interests in Subsidiaries	(392)	0
Capital Contributions of Noncontrolling Interests in Subsidiaries	1,368	1,072
Net Cash Provided by Financing Activities	235,713	143,862
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	24,098	(16,382)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	29,440	41,831
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 53,538	$ 25,449

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment:
Utility Plant, at original cost	$ 5,995,962	$ 5,682,805
Accumulated Depreciation	(1,024,072)	(975,619)
Nonutility Property and Equipment, at cost	367,361	240,503
Accumulated Depreciation	(40,955)	(35,367)
Property, Plant and Equipment - Net	5,298,296	4,912,322
Investments:
Available-for-Sale Securities	37	37
Restricted	775	686
Investment in Affiliates	105,525	38,509
Total Investments	106,337	39,232
Current Assets:
Cash and Cash Equivalents	52,763	28,754
Accounts Receivable	352,437	343,835
Unbilled Revenues	22,021	87,357
Provision for Uncollectibles	(44,407)	(41,763)
Notes Receivable - Affiliates	5,586	5,695
Natural Gas in Storage, average cost	119,331	59,744
Materials and Supplies, average cost	1,571	1,053
Prepaid Taxes	37,479	33,977
Derivatives - Energy Related Assets	187,126	95,041
Other Prepayments and Current Assets	30,498	25,269
Total Current Assets	764,405	638,962
Regulatory and Other Noncurrent Assets:
Regulatory Assets	646,349	672,416
Derivatives - Energy Related Assets	52,461	22,488
Notes Receivable - Affiliates	93,818	64,254
Contract Receivables	52,391	45,339
Goodwill	706,960	706,960
Other	196,931	206,699
Total Regulatory and Other Noncurrent Assets	1,748,910	1,718,156
Total Assets	7,917,948	7,308,672
Equity:
Common Stock	153,081	146,675
Premium on Common Stock	1,655,694	1,559,060
Treasury Stock (at par)	(319)	(287)
Accumulated Other Comprehensive Loss	(26,704)	(26,729)
Retained Earnings	270,403	310,433
Total South Jersey Industries, Inc. Equity	2,052,155	1,989,152
Noncontrolling Interests	11,619	10,289
Total Equity	2,063,774	1,999,441
Long-Term Debt	3,566,763	3,189,009
Total Capitalization	5,630,537	5,188,450
Current Liabilities:
Notes Payable	203,200	334,000
Current Portion of Long-Term Debt	31,075	66,076
Accounts Payable	483,060	330,164
Customer Deposits and Credit Balances	50,932	40,355
Environmental Remediation Costs	41,583	40,905
Taxes Accrued	2,276	4,937
Derivatives - Energy Related Liabilities	159,805	60,002
Deferred Contract Revenues	526	753
Derivatives - Other Current	215	568
Dividends Payable	37,964	0
Interest Accrued	37,160	23,611
Other Current Liabilities	38,762	54,311
Total Current Liabilities	1,086,558	955,682
Deferred Credits and Other Noncurrent Liabilities:
Deferred Income Taxes - Net	215,620	198,901
Environmental Remediation Costs	122,329	125,176
Asset Retirement Obligations	231,595	229,030
Derivatives - Energy Related Liabilities	39,359	16,079
Derivatives - Other Noncurrent	2,646	7,432
Regulatory Liabilities	408,599	398,951
Other	180,705	188,971
Total Deferred Credits and Other Noncurrent Liabilities	1,200,853	1,164,540
Commitments and Contingencies (Note 11)
Total Capitalization and Liabilities	$ 7,917,948	$ 7,308,672