Slide 1: Q4 2023 Earnings
Q4 2023 Earnings February 21, 2024
Slide 2: Call Participants
Call Participants Dennis Vermillion Heather Rosentrater Kevin Christie Ryan Krasselt Chief Executive President and Chief Senior VP, Chief Financial VP, Controller, and Officer Operating Officer Officer, Treasurer, and Principal Accounting Regulatory Affairs Officer 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: Strategic Execution
Strategic Execution 35% Earnings growth at Members of the team Fleet electrification partnerships Avista Utilities, responsible for restoring 2022-2023 natural gas service in November 2023 4
Slide 5: Corporate Responsibility Report
RESPONSIBILITY REPORT | CORPORATE WISTA
Slide 6: Competitive, Growing Dividend
Competitive, Growing Dividend $1.90 Dividend CAGR 4.2% $1.84 $1.76 $1.69 $1.62 2020 2021 2022 2023 2024 6
Slide 7: Driving Effective Regulatory Outcomes
Driving Effective Regulatory Outcomes Washington General rate cases (multiyear rate plans) for electric and gas filed January 2024 for new rates to be effective December 2024. Proposed electric revenue increase of $77.1M (13%) in year 1, and $53.7M (11.7%) in year 2. Proposed base gas revenue
Slide 8: Consolidated Earnings Bridge
Consolidated Earnings Bridge * Including intracompany. The chart above includes electric and gas utility margin, which are considered non-GAAP financial measures. Refer to the Appendix for a reconciliation of these non-GAAP measures. 8
Slide 9: Investing in the Utility of the Future
Investing in the Utility of the Future Avista Utilities Expected Capital Spend 2024-2026 ($ in millions) $575 Approximately one-third of capital plan allocated to transmission and distribution $525 $500 Upgrading generation and evaluating opportunities for expansion Addressing resiliency, enab
Slide 10: Prudent Balance Sheet and Liquidity
Prudent Balance Sheet and Liquidity Liquidity December 31, 2023 Expected Financing in 2024 ($ in millions) Consolidated capital structure December 31, 2023 80 70 Available liquidity million million $176 LONG-TERM DEBT COMMON STOCK Letters of credit outstanding Equity $25 Debt 45.0% 55.0% Upcoming de
Slide 11: Earnings Guidance
Earnings Guidance 2024 Avista Utilities $2.23 - $2.39 AEL&P $0.09 - $0.11 Other $0.04 - $0.06 Consolidated $2.36 - $2.56 Guidance Assumptions Our guidance does not include the effect of unusual or non-recurring items until the effects are known and certain. Various factors could cause actual resul
Slide 12: Questions
Questions 12
Slide 13: 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 13
Slide 14: Appendix
Appendix 14
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Operating Resource Utility Margin Income Utility Margin Revenues Costs (Pre-Tax) Taxes (a) (Net of Tax) For the three months ended Dec. 31, 2023: Electric $ 322,716 $ 122,514 $ 200,202 $ 42,042 $ 158,160 Natural Gas 192,348 107,711 84,637 17,774 66,863 Less: Intra
Slide 16: 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 17: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Technology Risk 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 tech