Avista Corp. Files Q3 2024 10-Q

TL;DR

Avista Corp. 10-Q filed for Q3 2024, ending Sept 30. Formerly Washington Water Power Co.

AI Summary

Avista Corp. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Washington, operates in the electric and other services sector. Avista Corp. previously operated under the name Washington Water Power Co. before a name change on July 3, 1992. The filing covers the third quarter of their fiscal year, which ends on December 31.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Avista Corp., crucial for understanding the company's current standing and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• AVISTA CORP (company) — Filer
• 0000104918 (company) — Central Index Key
• WASHINGTON WATER POWER CO (company) — Former Company Name
• 19920703 (date) — Date of Name Change
• 20240930 (date) — Conformed Period of Report
• 20241106 (date) — Filed as of Date

FAQ

Key Financial Figures

• $4.0 million — eadband or ERM deadband - The first $4.0 million in annual power supply costs above or b

Filing Documents

• ava-20240930.htm (10-Q) — 3770KB
• ava-ex15.htm (EX-15) — 4KB
• ava-ex31_1.htm (EX-31.1) — 15KB
• ava-ex31_2.htm (EX-31.2) — 16KB
• ava-ex32.htm (EX-32) — 10KB
• img151064839_0.jpg (GRAPHIC) — 178KB
• img151064839_1.jpg (GRAPHIC) — 178KB
• img151064839_2.jpg (GRAPHIC) — 115KB
• img151064839_3.jpg (GRAPHIC) — 102KB
• img151064839_4.jpg (GRAPHIC) — 107KB
• img151064839_5.jpg (GRAPHIC) — 96KB
• img151064839_6.jpg (GRAPHIC) — 101KB
• img151064839_7.jpg (GRAPHIC) — 89KB
• img151064839_8.jpg (GRAPHIC) — 117KB
• img151064839_9.jpg (GRAPHIC) — 104KB
• img151064839_10.jpg (GRAPHIC) — 105KB
• img151064839_11.jpg (GRAPHIC) — 103KB
• img151064839_12.jpg (GRAPHIC) — 101KB
• img151064839_13.jpg (GRAPHIC) — 88KB
• 0000950170-24-121737.txt ( ) — 20390KB
• ava-20240930.xsd (EX-101.SCH) — 1744KB
• ava-20240930_htm.xml (XML) — 4587KB

Forward-Looking Statements

Forward-Looking Statements 1 Available Information 5

Financial Information

Part I. Financial Information Item 1. Condensed Consolidated Financial Statements (unaudited) 6 Condensed Consolidated Statements of Income - Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 9 Condensed Consolidated Statements of Equity - Three and Nine Months Ended September 30, 2024 and 2023 11 Notes to Condensed Consolidated Financial Statements (unaudited) 12 Note 1. Summary of Significant Accounting Policies 12 Note 2. New Accounting Standards 13 Note 3. Balance Sheet Components 14 Note 4. Revenue 17 Note 5. Derivatives and Risk Management 20 Note 6. Pension Plans and Other Postretirement Benefit Plans 24 Note 7. Income Taxes 25 Note 8. Short-Term Borrowings 25 Note 9. Long-Term Debt 26 Note 10. Long-Term Debt to Affiliated Trusts 26 Note 11. Fair Value 27 Note 12. Common Stock 32 Note 13. Accumulated Other Comprehensive Loss 32 Note 14. Earnings per Common Share 33 Note 15. Commitments and Contingencies 33 Note 16. 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

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Business Segments 41 Executive Overview 41 Regulatory Matters 43 Results of Operations - Overall 45 Non-GAAP Financial Measures 47 Results of Operations - Avista Utilities 48 i Table of Contents Results of Operations - Alaska Electric Light and Power Company 61 Results of Operations - Other Businesses 61 Critical Accounting Policies and Estimates 61 Liquidity and Capital Resources 61 Overall Liquidity 61 Review of Condensed Consolidated Cash Flow Statement 61 Capital Resources 62 Capital Expenditures 63 Pension Plan 64 Environmental Issues and Contingencies 64 Enterprise Risk Management 66 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 67 Item 4.

Controls and Procedures

Controls and Procedures 67

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 69 Item 1A.

Risk Factors

Risk Factors 69 Item 5. Other Information 69 Item 6. Exhibits 70 Signature 71 ii Table of Contents 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 - Coronaviru

Financ ial Information

PART I. Financ ial Information

Condensed Consolid ated Financial Statements

Item 1. Condensed Consolid ated Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF INCOME 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, 2024 2023 2024 2023 Operating Revenues: Utility revenues: Utility revenues, exclusive of alternative revenue programs $ 389,587 $ 375,946 $ 1,381,959 $ 1,243,774 Alternative revenue programs 3,978 3,578 23,032 ( 9,947 ) Total utility revenues 393,565 379,524 1,404,991 1,233,827 Non-utility revenues 177 102 239 367 Total operating revenues 393,742 379,626 1,405,230 1,234,194 Operating Expenses: Utility operating expenses: Resource costs 142,033 148,282 579,476 482,454 Other operating expenses 107,298 102,469 328,138 310,518 Depreciation and amortization 67,886 66,860 203,642 198,196 Taxes other than income taxes 27,438 23,280 88,836 82,091 Non-utility operating expenses 319 648 998 2,439 Total operating expenses 344,974 341,539 1,201,090 1,075,698 Income from operations 48,768 38,087 204,140 158,496 Interest expense 36,675 34,827 109,503 104,929 Interest expense to affiliated trusts 651 657 1,964 1,836 Capitalized interest ( 1,306 ) ( 926 ) ( 3,412 ) ( 2,634 ) Other income-net ( 5,261 ) ( 7,401 ) ( 19,078 ) ( 16,456 ) Income before income taxes 18,009 10,930 115,163 70,821 Income tax expense (benefit) ( 478 ) ( 3,786 ) 2,323 ( 16,224 ) Net income $ 18,487 $ 14,716 $ 112,840 $ 87,045 Weighted-average common shares outstanding (thousands), basic 78,836 76,734 78,463 75,962 Weighted-average common shares outstanding (thousands), diluted 78,968 76,761 78,545 76,056 Earnings per common share: Basic $ 0.23

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View this 10-Q filing on SEC EDGAR