Avista Corporation · NYSE:AVA
Avista — Q4 2024 Earnings Presentation
16 slides from Avista's earnings presentation, Feb 26, 2025
Slide 1: Q4 2024 Earnings
Q4 2024 Earnings February 26, 2025
Slide 2: Call Participants
Call Participants Heather Rosentrater Kevin Christie President and Chief Executive Officer Senior VP, Chief Financial Officer, Treasurer, and Regulatory Affairs Officer 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors, w
Slide 4: Utility Strength in 2024 Lays Foundation for 2025
Utility Strength in 2024 Lays Foundation for 2025 Earnings (Loss) per Diluted Share by: Q4 2024 Q4 2023 YTD 2024 YTD 2023 Reportable segments Avista Utilities $0.85 $1.07 $2.28 $2.18 AEL&P $0.04 $0.04 $0.10 $0.12 Other non-reportable segment loss $(0.05) $(0.03) $(0.09) $(0.06) Total earnings per di
Slide 5: Consolidated Earnings Bridge
Consolidated Earnings Bridge * Including intracompany. The chart above includes electric and gas utility margin, which are considered non-GAAP financial measures. Refer to the Appendix for a reconciliation of these non-GAAP measures. 5
Slide 6: Competitive Dividend
Competitive Dividend Earnings CAGR 5.7% 65-75% Dividend CAGR 3.8% TARGET PAYOUT $2.62 $2.24 $2.29 $2.10 $2.12 $1.84 $1.90 $1.96 We expect dividend growth $1.76 $1.69 to be less than earnings growth until we reach our target payout range. 2021 2022 2023 2024 2025* Annual Dividend Consolidated Diluted
Slide 7: Driving Effective Regulatory Outcomes
Driving Effective Regulatory Outcomes Washington New rates effective 1/1/2025. Base electric revenue increase of $11.9M (2%) in year 1, and $68.9M ($44.5M net) (11.6%) in year 2. Base gas revenue increase of $14.2M (11.2%) in year 1, and $4.0M (2.8%) in year 2. Overall rate of return 7.32% a
Slide 8: Investing in the Utility of the Future
Investing in the Utility of the Future Other $650 6% $625 Enterprise $600 Technology 14% $575 Transmission Natural and $525 Gas Distribution 15% 48% Generation 18% 2025 2026 2027 2028 2029 Avista Utilities Expected Capital Spend 2025-2029 Allocation of Avista Utilities $ in millions Expected Capital
Slide 9: Prudent Balance Sheet and Liquidity
Prudent Balance Sheet and Liquidity Liquidity December 31, 2024 ($ in millions) 120M EXPECTED LONG-TERM DEBT IN 2025 Consolidated capital structure December 31, 2024 Available liquidity $191 80M EXPECTED EQUITY IN 2025 Letters of credit outstanding Equity $17 Debt 45.3% 54.7% Upcoming debt maturitie
Slide 10: Earnings Guidance
Earnings Guidance Guidance Assumptions 2025 Our guidance does not include the effect of unusual or non-recurring items until the effects are probable. Reportable segments: Various factors could cause actual results to differ materially from our expectations, including our earnings guidance. Please
Slide 11: Questions
Questions 11
Slide 12: Contact Information
Contact Information Analysts and Investors Stacey Wenz Investor Relations Manager (509) 495-2046 stacey.wenz@avistacorp.com Media Lena Funston External Communications Manager (509) 495-8090 lena.funston@avistacorp.com Webcast replay Archived on investor.avistacorp.com 12
Slide 13: Appendix
Appendix 13
Slide 14: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Electric Natural Gas Intracompany Total 2024 2023 2024 2023 2024 2023 2024 2023 For the year ended Dec. 31 $ 1,301 $ 1,172 $ 606 $ 571 $ (20) $ (40) $ 1,887 $ 1,703 Operating revenues 482 424 332 314 (20) (40) 794 698 Resource costs 172 157 58 54 - - 230 211 Incom
Slide 15: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Forward-looking statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financ
Slide 16: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Technology Risk 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