IDACORP(IDA)2021-04-29 12:11Financial Performance - Total operating revenues for the three months ended March 31, 2021, were $316.054 million, an increase of 8.6% compared to $291.008 million for the same period in 2020[19]. - Net income attributable to IDACORP, Inc. for the first quarter of 2021 was $44.831 million, representing a 19.6% increase from $37.490 million in the first quarter of 2020[19]. - Earnings per share (EPS) attributable to IDACORP, Inc. for the first quarter of 2021 were $0.89, up from $0.74 in the same quarter of 2020, reflecting a 20.3% increase[19]. - The company reported a comprehensive income of $45.667 million for the first quarter of 2021, compared to $38.237 million for the same period in 2020, indicating a growth of 19.5%[21]. - Operating income for the three months ended March 31, 2021, was $61,277,000, an increase of 18.5% compared to $51,713,000 in the same period of 2020[34]. - Net income for the three months ended March 31, 2021, was $44,800,000, representing a 19.4% increase from $37,458,000 in the same period of 2020[29]. - The company anticipates continued growth in operating revenues and net income driven by increased demand and operational efficiencies in the upcoming quarters[14]. Expenses and Costs - Total electric utility operating expenses for the first quarter of 2021 were $254.291 million, an increase of 6.5% from $238.775 million in the first quarter of 2020[19]. - Purchased power costs for the first quarter of 2021 were $67.988 million, an increase of 11.4% from $61.201 million in the first quarter of 2020[19]. - The company’s depreciation expenses for the first quarter of 2021 were $43.315 million, slightly up from $42.526 million in the same quarter of 2020[19]. - The power cost adjustment expense for Q1 2021 was $5.671 million, compared to a negative $3.391 million in Q1 2020, reflecting fluctuations in power supply costs[180]. - Total purchased power expense increased by $6.8 million, or 11%, in Q1 2021, mainly due to a 36% increase in MWh purchased from sources other than PURPA contracts[174]. Assets and Liabilities - Total current assets decreased to $593,892,000 as of March 31, 2021, down 7.5% from $642,401,000 at the end of 2020[24]. - Total current liabilities decreased to $261,872,000 as of March 31, 2021, down 8.9% from $287,571,000 at the end of 2020[26]. - Total equity increased to $2,575,861,000 as of March 31, 2021, compared to $2,566,456,000 at the end of 2020[26]. - Total liabilities as of March 31, 2021, were $4,519,506,000, slightly down from $4,533,871,000 as of December 31, 2020[42]. - Long-term debt remained stable at approximately $2,000,471,000 as of March 31, 2021, compared to $2,000,414,000 as of December 31, 2020[42]. Customer and Revenue Growth - Customer count for Idaho Power grew by nearly 4,200 customers in Q1 2021, with a total growth rate of 2.9% for the twelve months ended March 31, 2021[141]. - Revenues from contracts with customers rose to $291.327 million in Q1 2021, compared to $270.184 million in Q1 2020, reflecting a growth of 7.8%[68]. - Retail revenues increased to $271.451 million in Q1 2021, up from $256.416 million in Q1 2020, representing a growth of approximately 5.4%[163]. - Transmission wheeling-related revenues increased by $4.1 million in Q1 2021 compared to Q1 2020, attributed to higher wheeling volumes and a 10% increase in open access transmission tariff rates[146]. Capital Expenditures and Investments - Idaho Power anticipates total capital expenditures of approximately $2.0 billion over the five-year period from 2021 through 2025[141]. - The company is pursuing significant infrastructure investments, including the Boardman-to-Hemingway and Gateway West projects, to enhance system reliability and meet customer demand[152]. - Idaho Power's expected capital expenditures for 2021 are projected to be between $320 million and $330 million, with a total of $1.25 billion to $1.35 billion expected from 2023 to 2025[211]. Environmental and Regulatory Considerations - The company is actively monitoring various pending environmental regulations that may significantly impact future operations and compliance costs, although the financial impact remains uncertain[88]. - Idaho Power's Wildfire Mitigation Plan includes actions to reduce wildfire risk and strengthen system resiliency, with an application filed for authorization to defer related expenses[153]. - Idaho Power filed for a $39.1 million net increase in power cost adjustment revenues, effective from June 1, 2021, reflecting anticipated higher costs and reduced hydroelectric generation[65]. Tax and Regulatory Assets - Idaho Power's income tax expense for Q1 2021 was $5.873 million, compared to $4.386 million in Q1 2020, marking a 33.8% increase attributed to higher pre-tax earnings[59]. - The effective tax rate for Idaho Power increased to 11.7% in Q1 2021 from 10.7% in Q1 2020, reflecting changes in tax expense dynamics[58]. - The allowance for uncollectible accounts increased to 6.5% of total customer receivables as of March 31, 2021, up from 3.1% at the same time last year, indicating a rise in expected write-offs due to COVID-19 impacts[73]. Cash Flow and Financing - IDACORP's operating cash inflows for Q1 2021 were $84 million, an increase of $50 million compared to Q1 2020; Idaho Power's inflows were $79 million, up $40 million year-over-year[190]. - IDACORP's and Idaho Power's net investing cash outflows for Q1 2021 were $79 million and $74 million, respectively, primarily for utility infrastructure construction[193]. - IDACORP and Idaho Power's net financing cash outflows for Q1 2021 were $39 million and $36 million, respectively, with approximately $36 million paid in dividends[194].