AVISTA CORP

Operating Activities

Net cash provided by operating activities was $444.2 million for the nine months ended September 30, 2024, compared to $393.3 million for the nine months ended September 30, 2023. Contributing to the increase are power and natural gas deferrals being amortized and recovered from customers in the nine months ended September 30, 2024, compared to large deferrals in the nine months ended September 30, 2023. The net impact of these deferrals on operating cash flows was a $111.5 million increase in 2024 compared to 2023. The change in accounts payable balances during the period also contributed $63.5 million to the increased operating cash flows, as there were large balances paid during the first half of 2023 associated with elevated commodity prices at the end of 2022. These increases were partially offset by a $126.6 million decrease in collateral returned related to our derivative instruments and a $52.2 million decrease related to the change in accounts receivable, both of which were also impacted by elevated commodity prices at the end of 2022.

Investing Activities

Net cash used in investing activities was $410.0 million for the nine months ended September 30, 2024, compared to $368.6 million for the nine months ended September 30, 2023. We paid $405.4 million for utility capital expenditures in 2024, compared to $359.3 million in 2023.

Financing Activities

Net cash used in financing activities was $60.1 million for the nine months ended September 30, 2024, compared to net cash used of $29.5 million for the nine months ended September 30, 2023. In the first three quarters of 2024, we issued $83.7 million of long-term debt, compared to $250.0 million in the first three quarters of 2023. We also decreased our short-term borrowings by $61.8 million in the nine months ended September 30, 2024, compared to $241.5 million in the nine months ended September 30, 2023. In addition, we issued $35.7 million of common stock and paid $112.5 million in dividends in the nine months ended September 30, 2024, compared to issuing common stock of $88.2 million and paying $105.2 million in dividends in 2023.