AVISTA CORP

Operating Activities

Net cash provided by operating activities was $184 million for the three months ended March 31, 2025, compared to $190 million for the three months ended March 31, 2024. A decrease of $41 million is associated with net power and natural gas cost deferrals and amortizations. In 2024, amortizations of previously deferred costs were higher compared to 2025. The change in other current assets also decreased operating cash flows by $42 million compared to the prior year, which is associated with increased balances for insurance proceeds receivable, prepayments, and notes receivable. These decreases were partially offset by an increase of $31 million related to the change in other regulatory asset and liability balances, including the impacts of amortization and deferral activity associated with the CCA.

Investing Activities

Net cash used in investing activities was $103 million for the three months ended March 31, 2025, compared to $118 million for the three months ended March 31, 2024. We paid $103 million for utility capital expenditures in 2025, compared to $119 million in 2024.

Financing Activities

Net cash used in financing activities was $94 million for the three months ended March 31, 2025, compared to $95 million for the three months ended March 31, 2024. We decreased our short-term borrowings by $67 million in the three months ended March 31, 2025, compared to $54 million in the three months ended March 31, 2024. In addition, we issued $16 million of common stock and paid $40 million in dividends in the three months ended March 31, 2025, compared to no issued common stock and paying $38 million in dividends in 2024.