AVISTA CORP

Operating Activities

Net cash provided by operating activities was $190.1 million for the three months ended March 31, 2024, compared to $94.2 million for the three months ended March 31, 2023. Contributing to the increase are power and natural gas deferrals being amortized in the first quarter of 2024, compared to large deferrals in 2023. The net impact of these deferrals on operating cash flows was a $96.1 million increase in 2024 compared to 2023. The change in accounts payable balances during the period also contributed $60.2 million to the increased operating cash flows, as there were large balances paid during the first quarter of 2023 associated with elevated commodity prices at the end of 2022. These increases were partially offset by a $44.5 million decrease in collateral returned related to our derivative instruments and a $41.6 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 $118.1 million for the three months ended March 31, 2024, compared to $106.3 million for the three months ended March 31, 2023. We paid $118.7 million for utility capital expenditures in 2024, compared to $100.5 million in 2023.

Financing Activities

Net cash used in financing activities was $94.8 million for the three months ended March 31, 2024, compared to net cash provided by financing activities of $9.2 million for the three months ended March 31, 2023. In the first quarter of 2023, we issued $250.0 million of long-term debt, whereas there was no debt issued in the first quarter of 2024. We also decreased our short-term borrowings by $54.0 million in the three months ended March 31, 2024, compared to $232.0 million in the three months ended March 31, 2023. In addition, we issued $0.1 million of common stock and paid $37.8 million in dividends in 2024, compared to issuing common stock of $29.9 million and paying $35.0 million in dividends in 2023.