HAWAIIAN ELECTRIC CO INC
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
HE$9.08+0.1%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows (unaudited) - months ended
Condensed Consolidated Statements of Cash Flows (unaudited)
| (in thousands) | 2024 | 2023 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | $42,595 | $55,194 |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Depreciation of property, plant and equipment | 68,757 | 66,508 |
| Other amortization | 12,093 | 10,362 |
| Provision for credit losses | (2,159) | 1,175 |
| Loans originated, held for sale | (25,318) | (5,450) |
| Proceeds from sale of loans, held for sale | 26,450 | 5,662 |
| Gain on sale of loans, net | (425) | (130) |
| Deferred income tax expense (benefit) | 1,826 | (1,076) |
| Share-based compensation expense | 1,288 | 2,031 |
| Allowance for equity funds used during construction | (3,640) | (3,301) |
| Other | 2,091 | (988) |
| Changes in assets and liabilities | ||
| Decrease in accounts receivable and unbilled revenues, net | 138,369 | 82,423 |
| Decrease (increase) in fuel oil stock | (14,025) | 33,429 |
| Increase in materials and supplies | (1,329) | (4,548) |
| Increase in regulatory assets | (17,178) | (8,898) |
| Increase in regulatory liabilities | 2,909 | 11,551 |
| Increase in accounts, interest and dividends payable | 8,462 | 24,748 |
| Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | (11,628) | (47,305) |
| Decrease in defined benefit pension and other postretirement benefit plans liability | (930) | (1,950) |
| Change in other assets and liabilities | (103,589) | (38,485) |
| Net cash provided by operating activities | 124,619 | 180,952 |
| Cash flows from investing activities | ||
| Principal repayments on available-for-sale investment securities | 25,615 | 32,484 |
| Proceeds from repayments or maturities of held-to-maturity investment securities | 13,752 | 17,938 |
| Purchase of stock from Federal Home Loan Bank | (21,856) | (35,960) |
| Redemption of stock from Federal Home Loan Bank | 4,095 | 52,520 |
| Net decrease (increase) in loans held for investment | 42,853 | (68,871) |
| Proceeds from sale of commercial loans | 31,067 | — |
| Purchase of loans held for investment | — | (13,012) |
| Capital expenditures | (99,550) | (124,297) |
| Contributions to low income housing investments | — | (418) |
| Other | (1,568) | 2,148 |
| Net cash used in investing activities | (5,592) | (137,468) |
(continued)
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)
| (in thousands) | 2024 | 2023 |
|---|---|---|
| Cash flows from financing activities | ||
| Net increase (decrease) in deposit liabilities | (140,714) | 60,905 |
| Net decrease in short-term borrowings with original maturities of three months or less | — | (88,666) |
| Net increase (decrease) in other bank borrowings with original maturities of three months or less | 73,000 | (564,430) |
| Proceeds from issuance of short-term debt | — | 65,000 |
| Proceeds from issuance of other bank borrowings | 320,000 | 550,000 |
| Repayment of other bank borrowings | (550,000) | — |
| Proceeds from issuance of long-term debt | 4,673 | 150,000 |
| Repayment of long-term debt | (8,268) | (53,878) |
| Withheld shares for employee taxes on vested share-based compensation | (1,070) | (2,338) |
| Common stock dividends | — | (39,446) |
| Preferred stock dividends of subsidiaries | (473) | (473) |
| Other | (8,026) | (5,535) |
| Net cash provided by (used in) financing activities | (310,878) | 71,139 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (191,851) | 114,623 |
| Cash, cash equivalents and restricted cash, beginning of period | 694,574 | 204,927 |
| Cash, cash equivalents and restricted cash, end of period | 502,723 | 319,550 |
| Less: Restricted cash | (17,531) | (4,216) |
| Cash and cash equivalents, end of period | $485,192 | $315,334 |
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