BLACK HILLS CORP SD

The following tables summarize our cash flows for the years ended December 31:

Operating Activities:

Net cash provided by operating activities was $225.1 million lower which was attributable to:

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Total earnings (net income plus non-cash adjustments) were $44.7 million higher primarily as a result of increased Electric and Gas Utility margins due to new rates, rider recovery and customer growth, partially offset by unfavorable weather, higher operating expenses and higher financing costs.

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Net inflows from changes in certain operating assets and liabilities were $276.5 million lower, primarily attributable to:

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Cash inflows decreased by approximately $268.4 million as a result of changes in accounts receivable and other current assets primarily due to lower collections on pass-through revenues and lower natural gas in storage inventories driven by fluctuations in commodity prices and timing of injections and withdrawals;

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Cash outflows decreased by approximately $138.7 million as a result of increases 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

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Cash inflows decreased by approximately $146.8 million as a result of changes in our regulatory assets and liabilities primarily due to lower recoveries of deferred gas and fuel cost adjustments driven by fluctuations in commodity prices.

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Cash outflows decreased $6.7 million from other operating activities primarily due to lower costs from cloud computing arrangements.

Investing Activities:

Net cash used in investing activities was $209.3 million higher which was attributable to:

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Cash outflows from capital expenditures (which are net of contributions in aid of construction) increased $188.6 million primarily as a result of Wyoming Electric's Ready Wyoming electric transmission expansion project and Black Hills Energy Renewable Resources' acquisition of a RNG production facility at a landfill in Dubuque, Iowa.

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Cash outflows increased $20.7 million for other investing activities primarily due to 2023 proceeds from the sale of Northern Iowa Windpower assets and a sale of land to support data center growth.

Financing Activities:

Net cash used in financing activities was $298.8 million lower which was primarily attributable to:

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Cash outflows increased $14.2 million due to increased dividends paid on increased shares of common stock outstanding;

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Cash inflows increased $63.1 million due to higher issuances of common stock;

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Net outflows from changes in short-term and long-term debt (repayments) borrowings decreased $244.4 million due to:

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Net cash inflows increased $669.4 million as a result of net borrowing activity under our Revolving Credit Facility and CP Program; and

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Cash inflows decreased $350 million due to issuances of $450 million of senior unsecured notes in May 2024 compared to issuances of $350 million of senior unsecured notes in March 2023 and $450 million of senior unsecured notes in September 2023; and

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Cash outflows increased $75 million due to repayment of our $600 million senior unsecured notes in August 2024 compared to repayment of our $525 million senior unsecured notes in November 2023.

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Cash outflows decreased by $4.6 million for other financing activities primarily due to lower financing costs from the May 2024 debt offering compared to the March 2023 and September 2023 debt offerings.