Hawaiian Electric Industries : HEI 2024 Statistical Supplement

Published: 2025-03-26 18:21:05 ET HE

Hawaiian Electric Industries, Inc. 2024 Statistical Supplement

TABLE OF CONTENTS

Page

Selected Financial Information

Consolidated Statements of Income and Retained Earnings Information

Consolidated Balance Sheets Information

Consolidated Statements of Cash Flows Information

Cumulative Preferred Stock Not Subject to Mandatory Redemption

Long-term Debt

Customer, Sales and Revenue Information

Power Supply Information

HEI Consolidated

Selected Financial Information

Consolidated Statements of Income Information

Consolidated Statements of Comprehensive Income Information Consolidated Balance Sheets Information

Consolidated Statements of Changes in Shareholders' Equity Information Consolidated Statements of Cash Flows Information

Consolidated Capital Structure

Hawaiian Electric Company

SELECTED FINANCIAL INFORMATION Hawaiian Electric Industries, Inc. and Subsidiaries Unaudited

Years ended December 31

(dollars in thousands, except per share amounts)

Results of operations

Revenues

Net income (loss) for common stock1 Basic earnings (loss) per common share Diluted earnings (loss) per common share Dividends per common share

Net income (loss) for common stock by company Utilities consolidated

HEI and other Discontinued operations

2024

$ 3,219,850

2023

$ 3,287,503

(1,426,009) 199,238

(11.23) 1.82

(11.23) 1.81

- 1.08

$ (1,226,362)

(96,161) (103,486)

$ 193,952 (48,076) 53,362

(1,426,009)

199,238

Assets2

Electric utility Other

Discontinued operations

7,613,604 $ 1,317,812 -

7,283,554 393,818 9,566,449

Capital structure2 Short-term borrowings Long-term debt, net

Preferred stock of subsidiaries Common stock equity

8 $

8,931,416

17,243,821

48,623 2,799,558 34,293 1,479,089

- 2,842,429 34,293 2,344,841

4,361,563

5,221,563

Capital structure ratios2 Short-term borrowings Long-term debt, net

Preferred stock of subsidiaries Common stock equity

1.1%

64.2 54.4

0.8 0.7

33.9 44.9

100.0%

Key financial ratios

Market price to book value per common share2 Price earnings ratio3

Return on average common equity

113% 67%

NM 7.8x

NM 8.8% Indicated annual dividend yield2 - 7.6%

Dividend payout ratio - 59%

Full-time employees2

HEI (includes Pacific Current) Hawaiian Electric and its subsidiaries ASB4

69 75

2,518 2,564

- 958

2,587

3,597

Note: This report should be read in conjunction with HEI's Form 10-K for each year.

Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $1.4 billion and $5.8 million in 2024 and 2023, respectively.

At December 31.

Calculated using December 31 market price per common share divided by diluted earnings per common share.

Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI.

NM: Not meaningful CONSOLIDATED STATEMENTS OF INCOME INFORMATION Hawaiian Electric Industries, Inc. and Subsidiaries

Years ended December 31

2024

2023

2022

(in thousands, except per share amounts)

Revenues

Electric utility1 Other1

Total revenues Expenses

Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in 2024)

Other (includes $35 million of impairment recorded in 2024)

Total expenses

3,206,700 13,150 3,219,850 4,818,558 108,052 4,926,610

3,269,521 17,982 3,287,503 2,967,363 45,148 3,012,511

$ 3,408,587 12,330 3,420,917 3,109,396 31,966 3,141,362

Operating income (loss)

Electric utility

Other

Total operating income (loss)

Merger termination fee

Retirement defined benefits credit-other than service costs Interest expense, net

Allowance for borrowed funds used during construction Allowance for equity funds used during construction Interest income1

Gain (loss) on sales of equity-method investments

Income (loss) from continuing operations before income taxes Income tax expense (benefit)

(1,611,858)

(1,706,760)

(94,902)

302,158 (27,166) 274,992

299,191 (19,636) 279,555

(127,207)

3,754

4,014 (125,532)

3,688 (103,402)

5,470

5,201 3,416

13,786

15,164 10,574

19,362 -

9,105 (644)

- 8,123

(1,791,595) 182,300 201,954

(470,962)

34,534 38,915

Net income (loss) from continuing operations Preferred stock dividends of subsidiaries

(1,320,633) 147,766 163,039

1,890

1,890 1,890

Income (loss) from continuing operations for common stock Income (loss) from discontinued operations

(1,322,523) 145,876 161,149

(103,486)

53,362 79,989

Net income (loss) for common stock2

$ $

(1,426,009) $

199,238

241,138

Continuing operations - Basic earnings (loss) per common share Discontinued operations - Basic earnings (loss) per common share Basic earnings (loss) per common share

(10.42) $ (0.81)

1.33 $ 1.47

0.49 0.73

$ $

(11.23) $ (10.42) $ (0.81)

1.82

2.20

Continuing operations - Diluted earnings (loss) per common share Discontinued operations - Diluted earnings (loss) per common share Diluted earnings (loss) per common share

1.33 $ 1.47

0.48 0.73

(11.23) $ 126,927 126,927

1.81

2.20

Weighted-average number of common shares outstanding Weighted-average shares assuming dilution

109,739 109,434

110,038 109,778

Note:

1 2

See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $1.4 billion and $5.8 million in 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION Hawaiian Electric Industries, Inc. and Subsidiaries

Years ended December 31 (in thousands)

2024

2023

2022

Net income (loss) for common stock

Other comprehensive income (loss), net of taxes:

Net unrealized gains (losses) on available-for-sale investment securities:

Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net

of taxes

Reclassification adjustment for net realized losses included in net income, net of taxes

Amortization of unrealized holding losses on held-to-maturity securities, net of taxes Derivatives qualified as cash flow hedges:

Effective portion of foreign currency hedge net unrealized losses, net of tax benefits

Unrealized interest rate hedging gains (losses), net of taxes

Reclassification adjustment to net income, net of taxes Retirement benefit plans:

Net gains arising during the period, net of taxes

Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes

Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes

Other comprehensive income (loss), net of taxes

(1,426,009) $

199,238 $

241,138

(11,227)

20,589 (300,860)

- 13,012

10,954 14,398

- 3,993

- 683 (201)

- (167) (186)

- 5,457 172

66,355

10,854 188,020

(1,730) (63,708)

(1,560) 19,659

(8,204) (199,936)

3,184

46,678

(283,495)

Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.

(1,422,825) $

245,916

(42,357)

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED BALANCE SHEETS INFORMATION Hawaiian Electric Industries, Inc. and Subsidiaries Unaudited

December 31 (in thousands)

2024

2023

ASSETS Current assets:

Cash and cash equivalents Restricted cash

Accounts receivable and unbilled revenues, net Regulatory assets

750,535 $ 244,091

492,317 15,028

457,171 546,704

53,895 68,453

Other

380,408 331,617

Total current assets Noncurrent assets:

Property, plant and equipment, net Operating lease right-of-use assets Regulatory assets

Other

2,134,326 6,134,318 66,553

1,205,893 5,963,084 79,686

227,424 226,351

368,795 202,358

Total noncurrent assets Assets of discontinued operations

6,797,090 -

6,471,479 9,566,449

Total assets

8,931,416

17,243,821

LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:

Accounts, interest and dividends payable Short-term borrowings

Current portion of long-term debt, net Regulatory liabilities

Wildfire tort-related claims Other

230,655 $ 48,623

227,239 -

109,171 16,496

26,568 36,559

478,750 75,000

430,824 403,414

Total current liabilities Noncurrent liabilities: Long-term debt, net Deferred income taxes Operating lease liabilities Financing lease liabilities Regulatory liabilities Defined benefit plans liability Wildfire tort-related claims Other

Total noncurrent liabilities Liabilities of discontinued operations

Total liabilities

1,324,591 758,708

2,690,387

2,825,933

- 402,246

56,523 69,972

426,598 331,262

1,217,515

1,114,131

1,436,250

23,213

78,200 -

242,957

247,637

6,093,443 -

5,069,381

9,036,598

7,418,034

14,864,687

Preferred stock of subsidiaries - not subject to mandatory redemption Shareholders' equity

Common stock

Retained earnings (deficit)

Accumulated other comprehensive income (loss), net of taxes

34,293

Total shareholders' equity

2,264,544 (788,916)

3,461 1,479,089

1,707,471 926,720 (289,350) 2,344,841

Total liabilities and shareholders' equity

8,931,416

17,243,821

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

(in thousands, except per share amounts) Common stock Shares 109,312 - - 159 - - 109,471 - - 537 144 - - 110,152 - - 62,162 152 - - - 172,466

Amount $ 1,685,496 - -

Retained earnings

Accumulated other comprehensive income (loss)

Total

Balance, December 31, 2021

Net income for common stock

Other comprehensive loss, net of tax benefits Issuance of common stock:

Share-based plans

Share-based expense and other, net

Common stock dividends ($1.40 per share)

757,921 $ 241,138 -

(52,533) $ - (283,495)

2,390,884 241,138 (283,495)

5,831 - - 5,831

1,370 - - 1,370

Balance, December 31, 2022

Net income for common stock

Other comprehensive income, net of taxes Issuance of common stock:

Dividend reinvestment and stock purchase plan

Share-based plans

Share-based expense and other, net

Common stock dividends ($1.08 per share)

- 1,692,697 - -

(153,229) 845,830 199,238 -

- (336,028)

(153,229) 2,202,499

- 199,238

46,678 46,678

6,612 - - 6,612

6,371 - - 6,371

1,791 - - 1,791

Balance, December 31, 2023

Net loss for common stock

Other comprehensive income, net of taxes Issuance of common stock:

Common stock offering

Share-based plans

Common stock offering expenses

Share-based expenses and other, net

Discontinued operations

Balance, December 31, 2024

$ 2,264,544 $ (788,916) $

- 1,707,471

(118,348) 926,720

- (1,426,009)

575,000 - - 575,000

8,018 - - 8,018

(18,621) - - (18,621)

(7,324) - - (7,324)

(289,627) Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

- (289,350)

(118,348) 2,344,841 (1,426,009)

3,184 3,184

289,627

3,461

- 1,479,089

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION Hawaiian Electric Industries, Inc. and Subsidiaries

Years ended December 31

2024

2023

2022

(in thousands)

Cash flows from operating activities

Net income (loss)

(1,424,119) $

201,128 $

243,028

Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing

operations

Loss (income) from discontinued operations

103,486

(53,362)

(79,989)

Depreciation of property, plant and equipment

261,701

254,990

244,477

Other amortization

31,832

27,316

25,928

Loss (gains) on sale of equity-method investment

644

(8,123)

Deferred income tax expense (benefit)

(486,188)

9,352

(33,157)

Share-based compensation expense

3,591

6,776

7,450

Allowance for equity funds used during construction

(13,786)

(15,164)

(10,574)

Asset impairment

39,642

Other

(13,790)

(2,989)

(5,323)

Changes in assets and liabilities

Decrease (increase) in accounts receivable and unbilled revenues, net

96,700

(71,643)

(147,327)

Decrease (increase) in fuel oil stock

49,361

43,388

(87,569)

Increase in materials and supplies

(4,177)

(34,887)

(7,960)

Decrease (increase) in regulatory assets

(22,743)

(10,613)

34,600

Increase in regulatory liabilities

48,433

54,470

44,888

Increase in accounts, interest and dividends payable

6,862

34,290

23,083

Change in prepaid and accrued income taxes, tax credits and utility revenue taxes

(25,525)

(9,858)

120,738

Change in defined benefit pension and other postretirement benefit plans liability

(9,358)

(8,215)

(4,564)

Increase in wild-fire tort-related claims

1,840,000

75,000

Change in other assets and liabilities, net

(53,812)

(57,255)

(25,924)

Net cash provided by operating activities-continuing operations

428,110

443,368

333,682

Net cash provided by operating activities-discontinued operations

59,371

108,103

120,794

Net cash provided by operating activities

487,481

551,471

454,476

Cash flows from investing activities

Capital expenditures

(344,251)

(442,727)

(339,333)

Acquisition of business

(25,706)

Other, net

10,330

6,558

14,184

Net cash used in investing activities-continuing operations

(333,921)

(436,169)

(350,855)

Net cash provided by (used in) investing activities-discontinued operations

592,239

178,770

(777,827)

Net cash provided by (used in) investing activities

258,318 $

(257,399) $ (1,128,682)

(Continued on next page)

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)

Hawaiian Electric Industries, Inc. and Subsidiaries

Years ended December 31

2024

2023

2022

(in thousands)

Cash flows from financing activities

Net increase (decrease) in short-term borrowings with original maturities of three months or less Proceeds from issuance of short-term debt

Repayment of short-term debt

Proceeds from issuance of long-term debt

Repayment of long-term debt and funds transferred for repayment of long-term debt Withheld shares for employee taxes on vested share-based compensation

Net proceeds from issuance of common stock

Common stock dividends

Preferred stock dividends of subsidiaries Other

- $

(137,650) $ 83,652

50,000 -

65,000 35,000

5,475

(100,000) 625,000

- 227,312

(97,698)

(167,080) (221,910)

(1,074)

(2,371) (3,165)

556,612

1,223

- (73,957) (111,229)

(1,890)

(1,890) (1,890)

(13,867)

(5,133) (2,041)

Net cash provided by financing activities-continuing operations

497,558

203,142 5,729

Net cash provided by (used in) financing activities-discontinued operations Net cash provided by financing activities

(342,853)

(7,567) 561,942

154,705 900,504 694,574

195,575 567,671

Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations

Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1

489,647 (106,535)

204,927 311,462

Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31

Less: Restricted cash

Less: Cash from discontinued operations

Cash and cash equivalents from continuing operations, December 31

1,595,078 (492,317) (352,226)

694,574

(15,028) (5,050)

(435,455) (156,149)

204,927

750,535 $

244,091 $

43,728

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED CAPITAL STRUCTURE Hawaiian Electric Industries, Inc. and Subsidiaries Unaudited

December 31

2024

2023

(in thousands)

Short-term borrowings1

48,623

Long-term debt1

Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs 2

1,901,214

1,934,277

HEI 4.58% senior notes, due 2025

50,000

HEI 4.72% senior notes, due 2028

100,000

HEI 2.82% senior notes, due 2028

24,000

HEI 2.48% senior notes, due 2028

30,000

HEI 6.04% senior notes, due 2028

39,000

HEI 2.98% senior notes, due 2030

50,000

HEI 3.15% senior notes, due 2031

51,000

HEI 2.78% senior notes, due 2031

25,000

HEI 2.98% senior notes, due 2032

30,000

HEI 5.43% senior notes, due 2032

75,000

HEI 6.10% senior notes, due 2033

61,000

HEI 5.43% senior notes, due 2034

35,000

HEI 3.74% senior notes, due 2051

20,000

HEI 3.94% senior notes, due 2052

20,000

Hamakua Energy 4.02% non-recourse notes, due 2030

39,026

44,855

Mauo SOFR + 1.475% loan, paid in 2024

5,384

Mauo 5.07% non-recourse term loan, due 2034 to 2035

20,795

16,962

Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031

8,517

9,727

Mahipapa 2.14% non-recourse loan, due 2034 to 2036

53,263

53,743

Mahipapa 5.625% non-recourse unsecured loan, due 2027

424

578

HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027

173,000

175,000

Less unamortized debt issuance cost and debt discount

(6,681)

(8,097)

Total long term debt, net

2,799,558

2,842,429

Preferred stock of subsidiaries - not subject to mandatory redemption

34,293

Shareholders' equity

Common stock

2,264,544

1,707,471

Retained earnings (deficit)

(788,916)

926,720

Accumulated other comprehensive income (loss), net of taxes

3,461

(289,350)

Total shareholders' equity

1,479,089

2,344,841

Total short-term borrowings, long term debt, net, preferred stock and

shareholders' equity

LONG-TERM DEBT MATURITIES as of December 31, 2024

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

(in thousands)

Long-term debt1

Electric utilities2 HEI

Hamakua Energy Mauo

Ka`ie`ie Waho Company Mahipapa

Less unamortized debt issuance cost

2025 2026

47,000 $ 125,000

$ 4,361,563

$ 5,221,563

2027

2028

2029

Thereafter Total

$ 266,000

$ 67,500

35,000

$ 1,367,500

$ 1,908,000

50,000

15,733

157,267

193,000

- 367,000 783,000

4,733

3,800

5,112

5,111

4,820 1,573 1,209 7,916

15,450 39,026

914

1,014

1,124

1,233

14,938 20,796

1,209

2,471 8,516

6,094

6,295

4,763

6,282

22,337 53,687

(13,467)

$ 109,950

$ 153,051

$ 435,475

$ 274,335

50,518

$ 1,789,696

$ 2,799,558

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

1 2

Excludes intercompany borrowings.

See pages 14 to 16 for additional information.

Disclaimer

HEI - Hawaiian Electric Industries Inc. published this content on March 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 26, 2025 at 22:20:07.031.