8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM	8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)	February 24, 2023
	(February 24, 2023)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 40.13e-4(c))

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 the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

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. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 24, 2023, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing preliminary results of operations for the three months and year ended December 31, 2022. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The Company's press release and other communications from time to time may include certain financial measures that are not determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A “non-GAAP financial measure” is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations, on an ongoing basis, of revenues, operating expenses, operating income, other income and deductions, earnings, and earnings per share. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. Certain non-GAAP financial measures utilized by the Company exclude the impact of net unrealized mark-to-market gains, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items. The Company's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of fundamental changes in the earnings capacity of the Company's operations. Management also believes that the presentation of the non-GAAP financial measures is largely consistent with its past practice, as well as industry practice in general, and will enable investors and analysts to compare current non-GAAP measures with non-GAAP measures with respect to prior periods.

The non-GAAP financial measures used by the Company should not be considered in isolation from or as a substitute for measures of performance prepared in accordance with GAAP.

The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP earnings and ongoing earnings guidance, nor their probable impact on GAAP earnings without unreasonable effort; therefore, management is generally not able to provide a corresponding GAAP equivalent for forecasted ongoing earnings guidance. Reconciling items may include revenues and expenses resulting from transactions that do not occur in the normal course of the Company's business operations, as well as net change in unrealized gains and losses on investment securities, and pension expense related to previously disposed of gas distribution business as discussed above.

Limitation on Incorporation by Reference

In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section and not deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number    Description

99.1        Press Release dated February 24, 2023.

104         Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	PNM RESOURCES, INC.
	TEXAS-NEW MEXICO POWER COMPANY
	(Registrants)
Date: February 24, 2023	/s/ Henry E. Monroy
	Henry E. Monroy
	Vice President and Corporate Controller
	(Officer duly authorized to sign this report)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PUBLIC SERVICE COMPANY OF NEW MEXICO
	(Registrant)
Date: February 24, 2023	/s/ Henry E. Monroy
	Henry E. Monroy
	Vice President, Regulatory and Corporate Controller
	(Officer duly authorized to sign this report)

EX-99.1

Exhibit 99.1

ALBUQUERQUE, N.M.

February 24, 2023

PNM Resources Reports 2022 Results

2023 Ongoing Earnings Guidance Narrowed

•2022 GAAP earnings of $1.97 per diluted share

•2022 ongoing earnings of $2.69 per diluted share

•2023 ongoing earnings guidance range narrowed to $2.65 - $2.75

PNM Resources (In millions, except EPS)

	2022	2021
GAAP net earnings attributable to PNM Resources	$169.5	$195.8
GAAP diluted EPS	$1.97	$2.27
Ongoing net earnings	$231.5	$211.1
Ongoing diluted EPS	$2.69	$2.45

PNM Resources (NYSE: PNM) today released its 2022 year-end results. In addition, management narrowed its consolidated ongoing earnings guidance for 2023 to a range of $2.65 to $2.75 per diluted share.

“Our successes in 2022 demonstrate our continued progress on transforming PNM’s generation portfolio and investing in critical infrastructure to support growth and reliability across New Mexico and Texas,” said Pat Vincent-Collawn, PNM Resources chairman and CEO. “We progressed to a 55% carbon-free generation portfolio, filed for a grid modernization plan along with recovery for over $2 billion of investments in New Mexico and undertook projects to support grid resilience and continued high demand growth in Texas resulting in record-level investments. Our focus remains on delivering safe, reliable and environmentally sustainable power to customers at affordable rates.”

SEGMENT REPORTING OF 2022 EARNINGS

•PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

•TNMP – an electric transmission and distribution utility in Texas.

•Corporate and Other – reflects the PNM Resources holding company and other subsidiaries.

EPS Results by Segment

	GAAP Diluted EPS		Ongoing Diluted EPS
	2022	2021	2022	2021
PNM	$1.20	$1.81	$1.90	$1.85
TNMP	$1.07	$0.74	$1.07	$0.75
Corporate and Other	($0.30)	($0.28)	($0.28)	($0.15)
Consolidated PNM Resources	$1.97	$2.27	$2.69	$2.45

1

Net changes to GAAP and ongoing earnings in 2022 compared to 2021 include:

•PNM: Increased transmission margins due to higher system demand and new customers, including the Western Spirit transmission contract, and increased usage due to load growth and weather were partially offset by realized losses in decommissioning and reclamation trusts and higher planned O&M expenses.

•TNMP: Increased usage due to load growth and weather, along with rate recovery through Transmission Cost of Service (TCOS) and Distribution Cost of Service (DCOS) increases, were partially offset by higher depreciation, property tax and interest expense associated with new capital investments and higher planned O&M expenses.

•Corporate and Other: Higher interest rates on variable rate debt increased losses.

In addition, GAAP earnings decreased in 2022 resulting from $63.8 million in net unrealized losses on investment securities for decommissioning and reclamation trusts compared to $0.3 million in net unrealized gains in 2021. This was partially offset by a reduction in merger related costs of $1.9 million in 2022 compared to $13.3 million in 2021.

Additional materials with information on quarterly results are available at

http://www.pnmresources.com/investors/results.cfm.

STATUS OF MERGER

On January 3, 2022, PNM Resources and AVANGRID announced an amendment and extension of their merger agreement through April 20, 2023, and an appeal of the NMPRC decision with the New Mexico Supreme Court. The Court’s briefing schedule concluded in August 2022. No response has been provided on the companies’ request for oral argument. There is no statutory deadline for the Court to respond to the request for oral argument nor to act on the appeal.

CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, FEBRUARY 24

PNM Resources will discuss these items during a live conference call and webcast on Friday, February 24th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman and Chief Executive Officer, Don Tarry, PNM Resources President and Chief Operating Officer, and Lisa Eden, PNM Resources Senior Vice President, Chief Financial Officer and Treasurer.

The conference call will be simultaneously broadcast and archived on our website at

http://www.pnmresources.com/investors/events-and-presentations. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.

Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: https://dpregister.com/sreg/10175389/f5cbd09a51. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing “the PNM Resources 2022 earnings call”.

Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

2

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.7 gigawatts of capacity, with a goal to achieve 100% emissions-free generation by 2040. For more information, visit the company's website at www.PNMResources.com.

CONTACTS:

AnalystsMedia

Lisa GoodmanRay Sandoval

(505) 241-2160(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release for PNM Resources, Inc. (“PNMR”), Public Service Company of New Mexico (“PNM”), or Texas-New Mexico Power Company (“TNMP”) (collectively, the “Company”) that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any remaining required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K, Form 10-Q filings and the information included in the Company’s Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

Non-GAAP Financial Measures

GAAP refers to generally accepted accounting principles in the U.S. Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items that are not indicative of fundamental changes in the earnings capacity of the Company's operations. The Company uses ongoing earnings and ongoing earnings per diluted share to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with GAAP. The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company’s calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP net earnings and ongoing earnings guidance, nor their probable impact on GAAP net earnings without unreasonable effort, therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance. Reconciliations between GAAP and ongoing earnings are contained in schedules 1-4.

(END)

3

PNM Resources, Inc. and Subsidiaries

Schedule 1

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM		TNMP		Corporate and Other		Consolidated
	(in thousands)
Quarter Ended December 31, 2022
GAAP Net Earnings (Loss) Attributable to PNMR:	$	7,808	$	19,725	$	(11,788)	$	15,745
Adjusting items before income tax effects
Net change in unrealized gains and losses on investment securities2a	(17,279)		—		—		(17,279)
FERC ordered time-value refunds2b	8,057		—		—		8,057
Pension expense related to previously disposed of gas distribution business2d	614		—		—		614
Merger related costs2e	14		2		194		210
Total adjustments before income tax effects	(8,594)		2		194		(8,398)
Income tax impact of above adjustments1	2,183		(1)		(49)		2,133
SJGS retirement income tax adjustments3	3,525		—		—		3,525
Income tax impact of non-deductible merger related costs3	(239)		(154)		33		(360)
Timing of statutory and effective tax rates on non-recurring items4	(41)		(144)		149		(36)
Total income tax impacts5	5,428		(299)		133		5,262
Adjusting items, net of income taxes	(3,166)		(297)		327		(3,136)
Ongoing Earnings (Loss)	$	4,642	$	19,428	$	(11,461)	$	12,609
Year Ended December 31, 2022
GAAP Net Earnings (Loss) Attributable to PNMR:	$	103,370	$	92,267	$	(26,107)	$	169,530
Adjusting items before income tax effects
Net change in unrealized gains and losses on investment securities2a	63,805		—		—		63,805
FERC ordered time-value refunds2b	8,057		—		—		8,057
Regulatory disallowances and restructuring costs2c	2,025		—		—		2,025
Pension expense related to previously disposed of gas distribution business2d	2,456		—		—		2,456
Merger related costs2e	81		6		1,763		1,850
Total adjustments before income tax effects	76,424		6		1,763		78,193
Income tax impact of above adjustments1	(19,412)		(2)		(447)		(19,861)
SJGS retirement income tax adjustments3	3,525		—		—		3,525
Income tax impact of non-deductible merger related costs3	13		2		75		90
Total income tax impacts5	(15,874)		—		(372)		(16,246)
Adjusting items, net of income taxes	60,550		6		1,391		61,947
Ongoing Earnings (Loss)	$	163,920	$	92,273	$	(24,716)	$	231,477
1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows:
a (Increases) decreases in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements
b Decreases in "Electric operating revenues"
c Increases in "Regulatory disallowances and restructuring costs"
d Increases in "Other (deductions)"
e Increases in "Administrative and general"
3 Increases (decreases) in "Income Taxes"
4 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 23.0% for PNMR, and the GAAP anticipated effective tax rates of 11.0% for PNM, 13.4% for TNMP, and 10.1% for PNMR, which reversed by year end
5 Income tax impacts reflected in "Income Taxes"

4

PNM Resources, Inc. and Subsidiaries

Schedule 2

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM		TNMP		Corporate and Other		Consolidated
	(in thousands)
Quarter Ended December 31, 2021
GAAP Net Earnings (Loss) Attributable to PNMR:	$	8,738	$	11,552	$	(9,070)	$	11,220
Adjusting items before income tax effects
Net change in unrealized gains and losses on investment securities2a	3,338		—		—		3,338
Regulatory disallowances and restructuring costs2b	758		—		—		758
Pension expense related to previously disposed of gas distribution business2c	849		—		—		849
Merger related costs2d	18		33		2,525		2,576
Total adjustments before income tax effects	4,963		33		2,525		7,521
Income tax impact of above adjustments1	(1,261)		(7)		(641)		(1,909)
Income tax impact of non-deductible merger related costs3	4		(41)		170		133
Timing of statutory and effective tax rates on non-recurring items4	—		(128)		(135)		(263)
Other income tax impairments and valuation allowances3	—		—		1,028		1,028
Total income tax impacts4	(1,257)		(176)		422		(1,011)
Adjusting items, net of income taxes	3,706		(143)		2,947		6,510
Ongoing Earnings (Loss)	$	12,444	$	11,409	$	(6,123)	$	17,730
Year Ended December 31, 2021
GAAP Net Earnings (Loss) Attributable to PNMR:	$	155,541	$	63,879	$	(23,591)	$	195,829
Adjusting items before income tax effects
Net change in unrealized gains and losses on investment securities2a	(256)		—		—		(256)
Regulatory disallowances and restructuring costs2b	1,194		—		—		1,194
Pension expense related to previously disposed of gas distribution business2c	3,397		—		—		3,397
Merger related costs2d	580		466		12,268		13,314
Total adjustments before income tax effects	4,915		466		12,268		17,649
Income tax impacts of above adjustments1	(1,248)		(98)		(3,116)		(4,462)
Income tax impact of non-deductible merger related costs3	27		(5)		1,004		1,026
Other income tax impairments and valuation allowances3	—		—		1,028		1,028
Total income tax impacts4	(1,221)		(103)		(1,084)		(2,408)
Adjusting items, net of income taxes	3,694		363		11,184		15,241
Ongoing Earnings (Loss)	$	159,235	$	64,242	$	(12,407)	$	211,070
1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows:
a (Increases) decreases in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements
b Increase in "Regulatory disallowances and restructuring costs"
c Increases in "Other (deductions)"
d Increases in "Administrative and general"
3 Increases (decreases) in "Income Taxes"
4 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 24.0% for PNMR, and the GAAP anticipated effective tax rates of 14.7% for PNM, 11.0% for TNMP, and 14.2% for PNMR, which reversed by year end.
5 Income tax impacts reflected in "Income Taxes"

5

PNM Resources, Inc. and Subsidiaries

Schedule 3

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM		TNMP		Corporate and Other		Consolidated
	(per diluted share)
Quarter Ended December 31, 2022
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.09	$	0.23	$	(0.14)	$	0.18
Adjusting items, net of income tax effects
Net change in unrealized gains and losses on investment securities	(0.15)		—		—		(0.15)
FERC ordered time-value refunds	0.07		—		—		0.07
Merger related costs	—		—		0.01		0.01
SJGS retirement income tax adjustments	0.04		—		—		0.04
Total Adjustments	(0.04)		—		0.01		(0.03)
Ongoing Earnings (Loss)	$	0.05	$	0.23	$	(0.13)	$	0.15
Average Diluted Shares Outstanding: 86,142,434
Year Ended December 31, 2022
GAAP Net Earnings (Loss) Attributable to PNMR:	$	1.20	$	1.07	$	(0.30)	$	1.97
Adjusting items, net of income tax effects
Net change in unrealized gains and losses on investment securities	0.55		—		—		0.55
FERC ordered time-value refunds	0.07		—		—		0.07
Regulatory disallowances and restructuring costs	0.02		—		—		0.02
Pension expense related to previously disposed of gas distribution business	0.02		—		—		0.02
Merger related costs	—		—		0.02		0.02
SJGS retirement income tax adjustments	0.04		—		—		0.04
Total Adjustments	0.70		—		0.02		0.72
Ongoing Earnings (Loss)	$	1.90	$	1.07	$	(0.28)	$	2.69
Average Diluted Shares Outstanding: 86,168,751

6

PNM Resources, Inc. and Subsidiaries

Schedule 4

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM		TNMP		Corporate and Other		Consolidated
	(per diluted share)
Quarter Ended December 31, 2021
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.10	$	0.13	$	(0.10)	$	0.13
Adjusting items, net of income tax effects
Net change in unrealized gains and losses on investment securities	0.03		—		—		0.03
Regulatory disallowances and restructuring costs	0.01		—		—		0.01
Pension expense related to previously disposed of gas distribution business	0.01		—		—		0.01
Merger related costs	—		—		0.02		0.02
Other income tax impairments and valuation allowances	—		—		0.01		0.01
Total Adjustments	0.05		—		0.03		0.08
Ongoing Earnings (Loss)	$	0.15	$	0.13	$	(0.07)	$	0.21
Average Diluted Shares Outstanding: 86,125,665
Year Ended December 31, 2021
GAAP Net Earnings (Loss) Attributable to PNMR:	$	1.81	$	0.74	$	(0.28)	$	2.27
Adjusting items, net of income tax effects
Net change in unrealized gains and losses on investment securities	—		—		—		—
Regulatory disallowances and restructuring costs	0.01		—		—		0.01
Pension expense related to previously disposed of gas distribution business	0.03		—		—		0.03
Merger related costs	—		0.01		0.12		0.13
Other income tax impairments and valuation allowances	—		—		0.01		0.01
Total Adjustments	0.04		0.01		0.13		0.18
Ongoing Earnings (Loss)	$	1.85	$	0.75	$	(0.15)	$	2.45
Average Diluted Shares Outstanding: 86,110,820

7

PNM Resources, Inc. and Subsidiaries

Schedule 5

Consolidated Statements of Earnings

(Preliminary and Unaudited)

	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share amounts)
Electric Operating Revenues	$	2,249,555	$	1,779,873	$	1,523,012
Operating Expenses:
Cost of energy	987,941		644,853		447,241
Administrative and general	227,149		230,292		216,334
Energy production costs	147,347		143,931		137,977
Regulatory disallowances and restructuring costs	832		1,194		1,098
Depreciation and amortization	304,853		284,107		275,612
Transmission and distribution costs	94,684		81,335		77,943
Taxes other than income taxes	92,989		86,008		81,526
Total operating expenses	1,855,795		1,471,720		1,237,731
Operating income	393,760		308,153		285,281
Other Income and Deductions:
Interest income	16,095		14,662		14,223
Gains (losses) on investment securities	(78,357)		16,850		21,599
Other income	21,601		20,200		19,973
Other (deductions)	(13,881)		(18,559)		(18,732)
Net other income and (deductions)	(54,542)		33,153		37,063
Interest Charges	127,908		96,877		114,392
Earnings before Income Taxes	211,310		244,429		207,952
Income Taxes	26,130		32,582		20,636
Net Earnings	185,180		211,847		187,316
(Earnings) Attributable to Valencia Non-controlling Interest	(15,122)		(15,490)		(14,013)
Preferred Stock Dividend Requirements of Subsidiary	(528)		(528)		(528)
Net Earnings Attributable to PNMR	$	169,530	$	195,829	$	172,775
Net Earnings Attributable to PNMR per Common Share:
Basic	$	1.97	$	2.28	$	2.16
Diluted	$	1.97	$	2.27	$	2.15

8

XML

Cover Page	Feb. 24, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 24, 2023
Entity File Number	001-32462
Entity Registrant Name	PNM Resources, Inc.
Entity Tax Identification Number	85-0468296
Entity Incorporation, State or Country Code	NM
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102-3289
City Area Code	505
Local Phone Number	241-2700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PNM
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001108426
Amendment Flag	false
Public Service Company of New Mexico [Member]
Entity Information [Line Items]
Entity File Number	001-06986
Entity Registrant Name	PUBLIC SERVICE CO OF NEW MEXICO
Entity Tax Identification Number	85-0019030
Entity Address, Address Line One	414 Silver Ave. SW
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87102-3289
City Area Code	505
Local Phone Number	241-2700
Texas-New Mexico Power Company [Member]
Entity Information [Line Items]
Entity File Number	002-97230
Entity Registrant Name	Texas-New Mexico Power Company
Entity Tax Identification Number	75-0204070
Entity Address, Address Line One	577 N. Garden Ridge Blvd.
Entity Address, City or Town	Lewisville
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75067
City Area Code	972
Local Phone Number	420-4189