BLACK HILLS CORP SD
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Cash Flow Activities
The following tables summarize our cash flows for the years ended December 31 (in millions):
Operating Activities:
| 2023 | 2022 | 2023 vs 2022 | 2021 | 2022 vs 2021 | |
|---|---|---|---|---|---|
| Net income | $276.0 | $270.8 | $5.2 | $251.2 | $19.6 |
| Non-cash adjustments to Net income | 313.5 | 295.7 | 17.8 | 276.6 | 19.1 |
| Total earnings | 589.5 | 566.5 | 23.0 | 527.8 | 38.7 |
| Changes in certain operating assets and liabilities: | |||||
| Accounts receivable and other current assets | 255.9 | (259.9) | 515.8 | (78.9) | (181.0) |
| Accounts payable and accrued liabilities | (109.9) | 89.4 | (199.3) | 10.6 | 78.8 |
| Regulatory assets and liabilities | 236.8 | 203.9 | 32.9 | (524.2) | 728.1 |
| Net inflow (outflow) from changes in certain operating assets and liabilities | 382.8 | 33.4 | 349.4 | (592.5) | 625.9 |
| Other operating activities | (27.9) | (15.1) | (12.8) | 0.1 | (15.2) |
| Net cash provided by (used in) operating activities | $944.4 | $584.8 | $359.6 | $(64.6) | $649.4 |
Net cash provided by operating activities was $359.6 million higher which was attributable to:
Total earnings (net income plus non-cash adjustments) were $23.0 million higher than prior year primarily as a result of increased Electric and Gas Utility margins due to new rates and increased rider revenues partially offset by higher operating expenses and higher interest expense.
Net inflows from changes in certain operating assets and liabilities were $349.4 million higher than prior year, primarily attributable to:
o
Cash inflows increased by approximately $515.8 million as a result of changes in accounts receivable and other current assets primarily due to higher collections on pass-through revenues and lower natural gas in storage inventories driven by fluctuations in commodity prices and timing of injections and withdrawals;
o
Cash outflows increased by approximately $199.3 million as a result of decreases in accounts payable and other current liabilities primarily driven by fluctuations in commodity prices, payment timing of natural gas and power purchases and changes in other working capital requirements; and
o
Cash inflows increased by approximately $32.9 million as a result of changes in our regulatory assets and liabilities primarily due to higher recoveries of deferred gas and fuel cost adjustments driven by fluctuations in commodity prices.
Cash outflows increased $12.8 million from other operating activities primarily due to higher costs from cloud computing arrangements.
Investing Activities:
| 2023 | 2022 | 2023 vs 2022 | 2021 | 2022 vs 2021 | |
|---|---|---|---|---|---|
| Capital expenditures | $(555.6) | $(604.4) | $48.8 | $(677.5) | $73.1 |
| Other investing activities | 18.9 | 0.5 | 18.4 | 13.3 | (12.8) |
| Net cash (used in) investing activities | $(536.7) | $(603.9) | $67.2 | $(664.2) | $60.3 |
Net cash used in investing activities was $67.2 million lower which was attributable to:
Cash outflows from capital expenditures (which are net of $33.8 million contributions in aid of construction) decreased $48.8 million as a result of lower programmatic safety, reliability and integrity spending at our Gas and Electric Utilities and higher receipts related to contributions in aid of construction driven by strategic projects in Wyoming;
Cash inflows increased $18.4 million for other investing activities primarily due to proceeds from the sale of Northern Iowa Windpower assets and the strategic sale of land in Wyoming.
Financing Activities:
| 2023 | 2022 | 2023 vs 2022 | 2021 | 2022 vs 2021 | |
|---|---|---|---|---|---|
| Dividends paid on common stock | $(168.1) | $(156.7) | $(11.4) | $(145.0) | $(11.7) |
| Common stock issued | 118.3 | 90.1 | 28.2 | 119.0 | (28.9) |
| Short-term and long-term debt (repayments), net | (260.6) | 115.4 | (376.0) | 777.7 | (662.3) |
| Distributions to non-controlling interests | (18.3) | (17.4) | (0.9) | (15.7) | (1.7) |
| Other financing activities | (13.0) | 0.9 | (13.9) | (4.1) | 5.0 |
| Net cash provided by (used in) financing activities | $(341.7) | $32.3 | $(374.0) | $731.9 | $(699.6) |
Net cash used in financing activities was $374.0 million higher which was primarily attributable to:
Cash outflows increased $11.4 million due to increased dividends paid on common stock;
Cash inflows increased $28.2 million due to higher issuances of common stock;
Net outflows from changes in short-term and long-term debt (repayments) borrowings increased $376.0 million due to:
o
Cash outflows increased $651.0 million as a result of net repayment activity under our Revolving Credit Facility and CP Program;
o
Cash outflow of $525.0 million due to repayment of our senior unsecured notes on their November 30, 2023 maturity date; and
o
Cash inflow of $800.0 million from the March 7, 2023 and September 15, 2023 debt offerings.
Cash outflows increased by $13.9 million for other financing activities primarily due to financing costs from the March 7, 2023 and September 15, 2023 debt offerings.
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