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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 September 30, 2023 OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

FOR THE TRANSITION PERIOD FROM TO

 

Commission file number 1-3701

 

 

AVISTA CORPORATION

(Exact name of Registrant as specified in its charter)

 

Washington

 

91-0462470

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

1411 East Mission Avenue, Spokane, Washington 99202-2600

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: 509-489-0500

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Common Stock

 

AVA

 

New York Stock Exchange

 

Indicate by check mark whether the 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: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the 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

 

 

 

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 the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No

As of October 27, 2023, 77,367,612 shares of Registrant’s Common Stock, no par value (the only class of common stock), were outstanding.

 


Table of Contents

 

AVISTA CORPORATION

 

AVISTA CORPORATION

INDEX

Item No.

 

 

Page No.

 

 

 

 

 

Acronyms and Terms

 

iii

 

Forward-Looking Statements

 

1

 

Available Information

 

5

Part I. Financial Information

 

 

Item 1.

Condensed Consolidated Financial Statements

 

6

 

Condensed Consolidated Statements of Income (Loss) -
Three and Nine Months Ended September 30, 2023 and 2022

 

6

 

Condensed Consolidated Statements of Comprehensive Income (Loss) -
Three and Nine Months Ended September 30, 2023 and 2022

 

7

 

Condensed Consolidated Balance Sheets -
September 30, 2023 and December 31, 2022

 

8

 

Condensed Consolidated Statements of Cash Flows -
Nine Months Ended September 30, 2023 and 2022

 

9

 

Condensed Consolidated Statements of Equity -
Three and Nine Months Ended September 30, 2023 and 2022

 

11

 

Notes to Condensed Consolidated Financial Statements

 

12

 

Note 1. Summary of Significant Accounting Policies

 

12

 

Note 2. New Accounting Standards

 

13

 

Note 3. Balance Sheet Components

 

14

 

Note 4. Revenue

 

16

 

Note 5. Leases

 

19

 

Note 6. Derivatives and Risk Management

 

20

 

Note 7. Pension Plans and Other Postretirement Benefit Plans

 

24

 

Note 8. Income Taxes

 

25

 

Note 9. Short-Term Borrowings

 

25

 

Note 10. Long Term Debt

 

27

 

Note 11. Long-Term Debt to Affiliated Trusts

 

27

 

Note 12. Fair Value

 

27

 

Note 13. Common Stock

 

32

 

Note 14. Accumulated Other Comprehensive Loss

 

33

 

Note 15. Earnings per Common Share

 

33

 

Note 16. Commitments and Contingencies

 

33

 

Note 17. Information by Business Segments

 

38

 

Report of Independent Registered Public Accounting Firm

 

40

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

41

 

Business Segments

 

41

 

Executive Overview

 

41

 

Regulatory Matters

 

42

 

Results of Operations - Overall

 

44

 

Non-GAAP Financial Measures

 

47

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Results of Operations - Avista Utilities

 

47

 

Results of Operations - Alaska Electric Light and Power Company

 

59

 

Results of Operations - Other Businesses

 

59

 

Critical Accounting Policies and Estimates

 

59

 

Liquidity and Capital Resources

 

59

 

Overall Liquidity

 

59

 

Review of Cash Flow Statement

 

60

 

Capital Resources

 

60

 

Capital Expenditures

 

62

 

Pension Plan

 

62

 

Environmental Issues and Other Contingencies

 

62

 

Enterprise Risk Management

 

63

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

65

 

 

 

 

Item 4.

Controls and Procedures

 

65

 

 

 

 

Part II. Other Information

 

 

Item 1.

Legal Proceedings

 

67

 

 

 

 

Item 1A.

Risk Factors

 

67

 

 

 

 

Item 6.

Exhibits

 

68

 

 

 

 

 

Signature

 

69

 

 

 

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AVISTA CORPORATION

 

ACRONYMS AND TERMS

(The following acronyms and terms are found in multiple locations within the document)

 

Acronym/Term

Meaning

aMW

-

Average Megawatt - a measure of the average rate at which a particular generating source produces energy over a period of time

AEL&P

-

Alaska Electric Light and Power Company, the primary operating subsidiary of AERC, which provides electric services in Juneau, Alaska

AERC

-

Alaska Energy and Resources Company, the Company's wholly-owned subsidiary based in Juneau, Alaska

AFUDC

-

Allowance for Funds Used During Construction; represents the cost of both the debt and equity funds used to finance utility plant additions during the construction period

ASC

-

Accounting Standards Codification

ASU

-

Accounting Standards Update

Avista Capital

-

Parent company to the Company’s non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC.

Avista Corp.

-

Avista Corporation, the Company

Avista Utilities

-

Operating division of Avista Corp. (not a subsidiary) comprising the regulated utility operations in the Pacific Northwest

Capacity

-

The rate at which a particular generating source is capable of producing energy, measured in KW or MW

Cabinet Gorge

-

The Cabinet Gorge Hydroelectric Generating Project, located on the Clark Fork River in Idaho

CCA

-

Climate Commitment Act

CETA

-

Clean Energy Transformation Act

Colstrip

-

The coal-fired Colstrip Generating Plant in southeastern Montana

Cooling degree days

-

The measure of the warmness of weather experienced, based on the extent to which the average of high and low temperatures for a day exceeds 65 degrees Fahrenheit (annual degree days above historic indicate warmer than average temperatures)

COVID-19

-

Coronavirus disease 2019, a respiratory illness declared a pandemic in March 2020

Deadband or ERM
deadband

-

The first $4.0 million in annual power supply costs above or below the amount included in base retail rates in Washington under the ERM in the state of Washington

EIM

-

Energy Imbalance Market

Energy

-

The amount of electricity produced or consumed over a period of time, measured in KWh or MWh. Also, refers to natural gas consumed and is measured in dekatherms

EPA

-

Environmental Protection Agency

ERM

-

The Energy Recovery Mechanism, a mechanism for accounting and rate recovery of certain power supply costs accepted by the utility commission in the state of Washington

FASB

-

Financial Accounting Standards Board

FCA

-

Fixed Cost Adjustment, the electric and natural gas decoupling mechanism in Idaho

FERC

-

Federal Energy Regulatory Commission

GAAP

-

Generally Accepted Accounting Principles

GHG

-

Greenhouse gas

Heating degree days

-

The measure of the coldness of weather experienced, based on the extent to which the average of high and low temperatures for a day falls below 65 degrees Fahrenheit (annual degree days below historic indicate warmer than average temperatures).

IPUC

-

Idaho Public Utilities Commission

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AVISTA CORPORATION

 

KW, KWh

-

Kilowatt (1000 watts): a measure of generating power or capability. Kilowatt-hour (1000 watt hours): a measure of energy produced over a period of time

MPSC

-

Public Service Commission of the State of Montana

MW, MWh

-

Megawatt: 1000 KW. Megawatt-hour: 1000 KWh

Noxon Rapids

-

The Noxon Rapids Hydroelectric Generating Project, located on the Clark Fork River in Montana

OPUC

-

The Public Utility Commission of Oregon

PCA

-

The Power Cost Adjustment mechanism, a procedure for accounting and rate recovery of certain power supply costs accepted by the utility commission in the state of Idaho

PGA

-

Purchased Gas Adjustment

PPA

-

Power Purchase Agreement

RCA

-

The Regulatory Commission of Alaska

REC

-

Renewable energy credit

ROE

-

Return on equity

ROR

-

Rate of return on rate base

ROU

-

Right-of-use lease asset

SEC

-

U.S. Securities and Exchange Commission

SOFR

-

Secured Overnight Financing Rate

Talen

-

Talen Montana, LLC, an indirect subsidiary of Talen Energy Corporation.

Therm

-

Unit of measurement for natural gas; a therm is equal to approximately one hundred cubic feet (volume) or 100,000 BTUs (energy)

Watt

-

Unit of measurement of electric power or capability; a watt is equal to the rate of work represented by a current of one ampere under a pressure of one volt

WUTC

-

Washington Utilities and Transportation Commission

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AVISTA CORPORATION

 

Forward-Looking Statements

From time to time, we make forward-looking statements such as statements regarding projected or future:

financial performance;
cash flows;
capital expenditures;
dividends;
capital structure;
other financial items;
strategic goals and objectives;
business environment; and
plans for operations.

These statements are based upon underlying assumptions (many of which are based, in turn, upon further assumptions). Such statements are made both in our reports filed under the Securities Exchange Act of 1934, as amended (including this Quarterly Report on Form 10-Q), and elsewhere. Forward-looking statements are all statements except those of historical fact including, without limitation, those identified by the use of words that include “will,” “may,” “could,” “should,” “intends,” “plans,” “seeks,” “anticipates,” “estimates,” “expects,” “forecasts,” “projects,” “predicts,” and similar expressions.

Forward-looking statements (including those made in this Quarterly Report on Form 10-Q) are subject to a variety of risks, uncertainties and other factors. Most of these factors are beyond our control and may have a significant effect on our operations, results of operations, financial condition or cash flows, which could cause actual results to differ materially from those anticipated in our statements. Such risks, uncertainties and other factors include, among others:

Utility Regulatory Risk

state and federal regulatory decisions or related judicial decisions that affect our ability to recover costs and earn a reasonable return including, but not limited to, disallowance or delay in the recovery of capital investments, operating costs, commodity costs, interest rate swap derivatives, the ordering of refunds to customers and discretion over allowed return on investment;
the loss of regulatory accounting treatment, which could require the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms;

Operational Risk

political unrest and/or conflicts between foreign nation-states, which could disrupt the global, national and local economy, result in increases in operating and capital costs, impact energy commodity prices or our ability to access energy resources, create disruption in supply chains, disrupt, weaken or create volatility in capital markets, and increase cyber security risks. In addition, any of these factors could negatively impact our liquidity and limit our access to capital, among other implications;
wildfires ignited, or allegedly ignited, by our equipment or facilities could cause significant loss of life and property or result in liability for resulting fire suppression costs, thereby causing serious operational and financial harm;
severe weather or natural disasters, including, but not limited to, avalanches, wind storms, wildfires, earthquakes, extreme temperature events, snow and ice storms that could disrupt energy generation, transmission and distribution, as well as the availability and costs of fuel, materials, equipment, supplies and support services;

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AVISTA CORPORATION

 

explosions, fires, accidents, mechanical breakdowns or other incidents that could impair assets and may disrupt operations of any of our generation facilities, transmission, and electric and natural gas distribution systems or other operations and may require us to purchase replacement power or incur costs to repair our facilities;
explosions, fires, accidents or other incidents arising from or allegedly arising from our operations that could cause injuries to the public or property damage;
blackouts or disruptions of interconnected transmission systems (the regional power grid);
terrorist attacks, cyberattacks or other malicious acts that could disrupt or cause damage to our utility assets or to the national or regional economy in general, including any effects of terrorism, cyberattacks, ransomware, or vandalism that damage or disrupt information technology systems;
pandemics, which could disrupt our business, as well as the global, national and local economy, resulting in a decline in customer demand, deterioration in the creditworthiness of our customers, increases in operating and capital costs, workforce shortages, losses or disruptions in our workforce due to vaccine mandates, delays in capital projects, disruption in supply chains, and disruption, weakness and volatility in capital markets. In addition, any of these factors could negatively impact our liquidity and limit our access to capital, among other implications;
work-force issues, including changes in collective bargaining unit agreements, strikes, work stoppages, the loss of key executives, availability of workers in a variety of skill areas, and our ability to recruit and retain employees;
changes in the availability and price of purchased power, fuel and natural gas, as well as transmission capacity;
increasing costs of insurance, more restrictive coverage terms and our ability to obtain insurance;
delays or changes in construction costs, and/or our ability to obtain required permits and materials for present or prospective facilities;
increasing health care costs and cost of health insurance provided to our employees and retirees;
increasing operating costs, including effects of inflationary pressures;
third party construction of buildings, billboard signs, towers or other structures within our rights of way, or placement of fuel containers within close proximity to our transformers or other equipment, including overbuilding atop natural gas distribution lines;
the loss of key suppliers for materials or services or other disruptions to the supply chain;
adverse impacts to our Alaska electric utility (AEL&P) that could result from an extended outage of its hydroelectric generating resources or their inability to deliver energy, due to their lack of interconnectivity to any other electrical grids and the availability or cost of replacement power (diesel);
changing river or reservoir regulation or operations at hydroelectric facilities not owned by us, which could impact our hydroelectric facilities downstream;

Climate Change Risk

increasing frequency and intensity of severe weather or natural disasters resulting from climate change, that could disrupt energy generation, transmission and distribution, as well as the availability and costs of fuel, materials, equipment, supplies and support services;
change in the use, availability or abundancy of water resources and/or rights needed for operation of our hydroelectric facilities, including impacts resulting from climate change;

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AVISTA CORPORATION

 

Cyber and Technology Risk

cyberattacks on the operating systems used in the operation of our electric generation, transmission and distribution facilities and our natural gas distribution facilities, and cyberattacks on such systems of other energy companies with which we are interconnected, which could damage or destroy facilities or systems or disrupt operations for extended periods of time and result in the incurrence of liabilities and costs;
cyberattacks on the administrative systems used in the administration of our business, including customer billing and customer service, accounting, communications, compliance and other administrative functions, and cyberattacks on such systems of our vendors and other companies with which we do business, resulting in the disruption of business operations, the release of private information and the incurrence of liabilities and costs;
changes in costs that impede our ability to implement new information technology systems or to operate and maintain current production technology;
changes in technologies, possibly making some of the current technology we utilize obsolete or introducing new cyber security risks and other new risks inherent in the use, by either us or our counterparties, of new technologies in the developmental stage including, without limitation, generative artificial intelligence;
changes in the use, perception, or regulation of generative artificial intelligence technologies, which could limit our ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to our business, reputation or financial results;
insufficient technology skills, which could lead to the inability to develop, modify or maintain our information systems;

Strategic Risk

growth or decline of our customer base due to new uses for our services or decline in existing services, including, but not limited to, the effect of the trend toward distributed generation at customer sites;
the potential effects of negative publicity regarding our business practices, whether true or not, which could hurt our reputation and result in litigation or a decline in our common stock price;
changes in our strategic business plans, which could be affected by any or all of the foregoing, including the entry into new businesses and/or the exit from existing businesses and the extent of our business development efforts where potential future business is uncertain;
wholesale and retail competition including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or may be sold back to the utility, and alternative energy suppliers and delivery arrangements;
non-regulated activities may increase earnings volatility and result in investment losses;
the risk of municipalization or other forms of service territory reduction;

External Mandates Risk

changes in environmental laws, regulations, decisions and policies, including, but not limited to, regulatory responses to concerns regarding climate change, efforts to restore anadromous fish in areas currently blocked by dams, more stringent requirements related to air quality, water quality and waste management, present and potential environmental remediation costs and our compliance with these matters;

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AVISTA CORPORATION

 

the potential effects of initiatives, legislation or administrative rulemaking at the federal, state or local levels, including possible effects on our generating resources, prohibitions or restrictions on new or existing services, or restrictions on greenhouse gas emissions to mitigate concerns over global climate changes, including future limitations on the usage and distribution of natural gas;
political pressures or regulatory practices that could constrain or place additional cost burdens on our distribution systems through accelerated adoption of distributed generation or electric-powered transportation or on our energy supply sources, such as campaigns to halt fossil fuel-fired power generation and opposition to other thermal generation, wind turbines or hydroelectric facilities;
failure to identify changes in legislation, taxation and regulatory issues that could be detrimental or beneficial to our overall business;
policy and/or legislative changes in various regulated areas, including, but not limited to, environmental regulation, healthcare regulations and import/export regulations;

Financial Risk

weather conditions, which affect both energy demand and electric generating capability, including the impact of precipitation and temperature on hydroelectric resources, the impact of wind patterns on wind-generated power, weather-sensitive customer demand, and similar impacts on supply and demand in the wholesale energy markets;
our ability to obtain financing through the issuance of debt and/or equity securities and access to our funds held with financial institutions, which could be affected by various factors including our credit ratings, interest rates, other capital market conditions and global economic conditions;
changes in interest rates that affect borrowing costs, our ability to effectively hedge interest rates for anticipated debt issuances, variable interest rate borrowing and the extent to which we recover interest costs through retail rates collected from customers;
volatility in energy commodity markets that affect our ability to effectively hedge energy commodity risks, including cash flow impacts and requirements for collateral;
changes in actuarial assumptions, interest rates and the actual return on plan assets for our pension and other postretirement benefit plans, which could affect future funding obligations, pension and other postretirement benefit expense and the related liabilities;
the outcome of legal proceedings and other contingencies;
economic conditions in our service areas, including the economy's effects on customer demand for utility services;
economic conditions nationally may affect the valuation of our unregulated portfolio companies;
declining energy demand related to customer energy efficiency, conservation measures and/or increased distributed generation;
changes in the long-term climate and weather could materially affect, among other things, customer demand, the volume and timing of streamflows required for hydroelectric generation, costs of generation, transmission and distribution. Increased or new risks may arise from severe weather or natural disasters, including wildfires as well as their increased occurrence and intensity related to changes in climate;
industry and geographic concentrations which could increase our exposure to credit risks due to counterparties, suppliers and customers being similarly affected by changing conditions;
deterioration in the creditworthiness of our customers;

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AVISTA CORPORATION

 

Energy Commodity Risk

volatility and illiquidity in wholesale energy markets, including exchanges, the availability of willing buyers and sellers, changes in wholesale energy prices that could affect operating income, cash requirements to purchase electricity and natural gas, value received for wholesale sales, collateral required of us by individual counterparties and/or exchanges in wholesale energy transactions and credit risk to us from such transactions, and the market value of derivative assets and liabilities;
default or nonperformance on the part of any parties from whom we purchase and/or sell capacity or energy;
potential environmental regulations or lawsuits affecting our ability to utilize or resulting in the obsolescence of our power supply resources;
explosions, fires, accidents, pipeline ruptures or other incidents that could limit energy supply to our facilities or our surrounding territory, which could result in a shortage of commodities in the market that could increase the cost of replacement commodities from other sources;

Compliance Risk

changes in laws, regulations, decisions and policies at the federal, state or local levels, which could materially impact both our electric and gas operations and costs of operations; and
the ability to comply with the terms of the licenses and permits for our hydroelectric or thermal generating facilities at cost-effective levels.

Our expectations, beliefs and projections are expressed in good faith. We believe they are reasonable based on, without limitation, an examination of historical operating trends, our records and other information available from third parties. There can be no assurance our expectations, beliefs or projections will be achieved or accomplished. Furthermore, any forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which such statement is made or to reflect the occurrence of unanticipated events. New risks, uncertainties and other factors emerge from time to time, and it is not possible for us to predict all such factors, nor can we assess the effect of each such factor on our business or the extent any such factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.

Available Information

We file annual, quarterly and current reports and proxy statements with the SEC. The SEC maintains a website that contains these documents at www.sec.gov. We make annual, quarterly and current reports and proxy statements available on our website, https://investor.avistacorp.com, as soon as practicable after electronically filing these documents with the SEC. Except for SEC filings or portions thereof specifically referred to in this report, information contained on these websites is not part of this report.

5


Table of Contents

 

PART I. Financial Information

Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Avista Corporation

 

For the Three and Nine Months Ended September 30

Dollars in thousands, except per share amounts

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Utility revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Utility revenues, exclusive of alternative revenue programs

 

$

375,946

 

 

$

365,142

 

 

$

1,243,774

 

 

$

1,228,059

 

Alternative revenue programs

 

 

3,578

 

 

 

(5,850

)

 

 

(9,947

)

 

 

(28,420

)

Total utility revenues

 

 

379,524

 

 

 

359,292

 

 

 

1,233,827

 

 

 

1,199,639

 

Non-utility revenues

 

 

102

 

 

 

154

 

 

 

367

 

 

 

419

 

Total operating revenues

 

 

379,626

 

 

 

359,446

 

 

 

1,234,194

 

 

 

1,200,058

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Utility operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Resource costs

 

 

148,282

 

 

 

147,784

 

 

 

482,454

 

 

 

492,049

 

Other operating expenses

 

 

102,469

 

 

 

101,701

 

 

 

310,518

 

 

 

300,710

 

Depreciation and amortization

 

 

66,860

 

 

 

63,484

 

 

 

198,196

 

 

 

188,867

 

Taxes other than income taxes

 

 

23,280

 

 

 

26,002

 

 

 

82,091

 

 

 

86,777

 

Non-utility operating expenses

 

 

648

 

 

 

1,073

 

 

 

2,439

 

 

 

5,001

 

Total operating expenses

 

 

341,539

 

 

 

340,044

 

 

 

1,075,698

 

 

 

1,073,404

 

Income from operations

 

 

38,087

 

 

 

19,402

 

 

 

158,496

 

 

 

126,654

 

Interest expense

 

 

34,827

 

 

 

29,533

 

 

 

104,929

 

 

 

86,118

 

Interest expense to affiliated trusts

 

 

657

 

 

 

302

 

 

 

1,836

 

 

 

596

 

Capitalized interest

 

 

(926

)

 

 

(828

)

 

 

(2,634

)

 

 

(2,853

)

Other income-net

 

 

(7,401

)

 

 

(3,964

)

 

 

(16,456

)

 

 

(22,749

)

Income (loss) before income taxes

 

 

10,930

 

 

 

(5,641

)

 

 

70,821

 

 

 

65,542

 

Income tax expense (benefit)

 

 

(3,786

)

 

 

157

 

 

 

(16,224

)

 

 

(11,678

)

Net income (loss)

 

$

14,716

 

 

$

(5,798

)

 

$

87,045

 

 

$

77,220

 

Weighted-average common shares outstanding (thousands), basic

 

 

76,734

 

 

 

73,229

 

 

 

75,962

 

 

 

72,547

 

Weighted-average common shares outstanding (thousands), diluted

 

 

76,761

 

 

 

73,298

 

 

 

76,056

 

 

 

72,629

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

(0.08

)

 

$

1.15

 

 

$

1.06

 

Diluted

 

$

0.19

 

 

$

(0.08

)

 

$

1.14

 

 

$

1.06

 

 

The Accompanying Notes are an Integral Part of These Statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Avista Corporation

For the Three and Nine Months Ended September 30

Dollars in thousands

(Unaudited)

 

 

 

Three months ended September 30:

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income (loss)

 

$

14,716

 

 

$

(5,798

)

 

$

87,045

 

 

$

77,220

 

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

Change in unfunded benefit obligation for pension and other postretirement benefit plans - net of taxes of ($5), $72, ($15) and $218, respectively

 

 

(19

)

 

 

272

 

 

 

(56

)

 

 

821

 

Total other comprehensive income (loss)

 

 

(19

)

 

 

272

 

 

 

(56

)

 

 

821

 

Comprehensive income (loss)

 

$

14,697

 

 

$

(5,526

)

 

$

86,989

 

 

$

78,041

 

 

The Accompanying Notes are an Integral Part of These Statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

Avista Corporation

Dollars in thousands

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,630

 

 

$

13,428

 

Accounts and notes receivable-less allowances of $3,900 and $6,473, respectively

 

 

131,900

 

 

 

255,746

 

Inventory

 

 

145,174

 

 

 

107,674

 

Regulatory assets

 

 

167,927

 

 

 

193,787

 

Other current assets

 

 

93,589

 

 

 

151,167

 

Total current assets

 

 

547,220

 

 

 

721,802

 

Net utility property

 

 

5,625,068

 

 

 

5,444,709

 

Goodwill

 

 

52,426

 

 

 

52,426

 

Non-current regulatory assets

 

 

855,099

 

 

 

833,328

 

Other property and investments-net and other non-current assets

 

 

390,217

 

 

 

365,085

 

Total assets

 

$

7,470,030

 

 

$

7,417,350

 

Liabilities and Equity:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

105,320

 

 

$

202,954

 

Current portion of long-term debt

 

 

 

 

 

13,500

 

Short-term borrowings

 

 

221,500

 

 

 

463,000

 

Regulatory liabilities

 

 

73,843

 

 

 

95,665

 

Other current liabilities

 

 

182,801

 

 

 

189,415

 

Total current liabilities

 

 

583,464

 

 

 

964,534

 

Long-term debt

 

 

2,530,216

 

 

 

2,281,013

 

Long-term debt to affiliated trusts

 

 

51,547

 

 

 

51,547

 

Pensions and other postretirement benefits

 

 

92,228

 

 

 

93,901

 

Deferred income taxes

 

 

726,265

 

 

 

674,995

 

Non-current regulatory liabilities

 

 

863,717

 

 

 

840,837

 

Other non-current liabilities and deferred credits

 

 

212,706

 

 

 

175,855

 

Total liabilities

 

 

5,060,143

 

 

 

5,082,682

 

Commitments and Contingencies (See Notes to Condensed Consolidated
   Financial Statements)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Common stock, no par value; 200,000,000 shares authorized; 77,364,125 and 74,945,948 shares issued and outstanding, respectively

 

 

1,618,780

 

 

 

1,525,185

 

Accumulated other comprehensive loss

 

 

(2,114

)

 

 

(2,058

)

Retained earnings

 

 

793,221

 

 

 

811,541

 

Total shareholders’ equity

 

 

2,409,887

 

 

 

2,334,668

 

Total liabilities and equity

 

$

7,470,030

 

 

$

7,417,350

 

 

The Accompanying Notes are an Integral Part of These Statements.

8


Table of Contents

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Avista Corporation

For the Nine Months Ended September 30

Dollars in thousands

(Unaudited)

 

 

 

2023

 

 

2022

 

Operating Activities:

 

 

 

 

 

 

Net income

 

$

87,045

 

 

$

77,220

 

Non-cash items included in net income:

 

 

 

 

 

 

Depreciation and amortization

 

 

198,272

 

 

 

188,961

 

Deferred income tax provision

 

 

(15,958

)

 

 

(19,494

)

Power and natural gas cost deferrals, net

 

 

(25,046

)

 

 

(20,675

)

Amortization of debt expense

 

 

2,431

 

 

 

1,506

 

Stock-based compensation expense

 

 

7,098

 

 

 

6,787

 

Equity-related AFUDC

 

 

(4,921

)

 

 

(5,117

)

Pension and other postretirement benefit expense

 

 

9,923

 

 

 

15,460

 

Other regulatory assets and liabilities

 

 

(12,582

)

 

 

7,934

 

Other deferred debits and credits

 

 

31,058

 

 

 

(4,349

)

Change in decoupling regulatory deferral

 

 

11,231

 

 

 

28,455

 

Realized and unrealized loss (gain) on assets and investments

 

 

966

 

 

 

(13,783

)

Other

 

 

(2,525

)