Avista Corporation Q4 FY2020 Earnings Call

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Avista Corp. Q4 & FY 2020 Earnings Summary

  • Financial Results: Q4 2020 consolidated earnings were $0.85 per diluted share (vs. $0.76 in Q4 2019). FY 2020 earnings were $1.90 per diluted share (vs. $2.97 in FY 2019). Avista Utilities contributed $0.81 per share in Q4 2020 (vs. $0.67 in Q4 2019), driven by higher utility margin, customer growth, COVID-19 deferrals, and lower taxes (partially offset by higher operating expenses).
  • Operational Highlights: Completed smart meter deployment in Washington; Rattlesnake Flat Wind farm (57 turbines, 50 aMW) online in Dec 2020. Implemented 10-year wildfire resiliency plan ($330M investment). Recognized as 2021 World’s Most Ethical Company (second consecutive year). Provided >$4M in charitable giving amid COVID-19.
  • Regulatory & Capital: Filed 2-year general rate cases in Idaho (Jan 2021); Washington cases ongoing with settlement talks starting March 10. Oregon rates effective Jan 16, 2021; new Oregon case expected H2 2021. 2021 CapEx: ~$415M (Avista Utilities), $7M (AEL&P), $15M (other). Expect ~$75M equity issuance and up to $120M long-term debt in 2021. Liquidity: $270M available credit line (Dec 31, 2020).

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Operator: Ladies and gentlemen, thank you for standing by and welcome to The Avista Communications Fourth Quarter 2020 Earnings Conference Call. At this time all participants are in listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions]. As a reminder, today's program is being recorded. I would now like to introduce your host for today's program. Mr. John Wilcox, Investor Relations Manager. Please go ahead, sir. John Wilcox: Good morning, everyone, and welcome to Avista's fourth quarter and fiscal year 2020 earnings conference call. Our earnings and our 2020 Form 10-K were released premarket this morning and are both available on our website. Joining me this morning are Avista Corp. President and CEO, Dennis Vermillion; Executive Vice President, Treasurer and CFO Mark Thies; Senior Vice President, External Affairs and Chief Customer Officer, Kevin Christie; and Vice President, Controller and Principal Accounting Officer, Ryan Krasselt. I would like to remind everyone that some of the statements that will be made today are forward-looking statements that involve assumptions, risks and uncertainties, which are subject to change. For reference to the various factors which could cause actual results to differ materially from those discussed in today's call, please refer to our 10-K for 2020 which is available on our website. To begin this presentation, I would like to recap the financial results presented in today's

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