Black Hills Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	284.7	273.1	262.2	258.4	236.7	227.61
Depreciation & Amortization	278.8	270.1	256.8	250.9	236	224.46
Other Amortization	9.7	10.7	10.1	9.8	7	7.88
Loss (Gain) on Sale of Investments	-	-	-	-	-	6.86
Stock-Based Compensation	10.4	10.6	7	8.6	9.7	5.37
Change in Accounts Receivable	-58.8	-25.7	204.5	-184.5	-43.2	-10.84
Change in Inventory	-16.7	13.2	51.4	-75.4	-35.7	2.76
Change in Accounts Payable	20.2	28.8	-109.9	89.4	10.6	24.66
Change in Other Net Operating Assets	75.5	90	236.8	203.9	-524.2	-15.75
Other Operating Activities	54.7	48.5	25.5	23.7	38.5	68.87
Operating Cash Flow	658.5	719.3	944.4	584.8	-64.6	541.86
Operating Cash Flow Growth	-12.72%	-23.84%	61.49%	-	-	7.19%
Capital Expenditures	-763.9	-744.2	-555.6	-604.4	-677.5	-767.4
Other Investing Activities	-6.5	-1.8	18.9	0.5	13.3	5.74
Investing Cash Flow	-770.4	-746	-536.7	-603.9	-664.2	-761.66
Short-Term Debt Issued	-	133.8	-	115.4	986.1	-
Long-Term Debt Issued	-	450	800	-	600	400
Total Debt Issued	116.3	583.8	800	115.4	1,586	400
Short-Term Debt Repaid	-	-	-535.6	-	-800	-115.46
Long-Term Debt Repaid	-	-600	-525	-	-8.4	-8.6
Total Debt Repaid	-7.8	-600	-1,061	-	-808.4	-124.06
Net Debt Issued (Repaid)	108.5	-16.2	-260.6	115.4	777.7	275.94
Issuance of Common Stock	221	183.4	120	91.2	119	99.28
Common Dividends Paid	-193.3	-182.3	-168.1	-156.7	-145	-135.44
Other Financing Activities	-14.8	-27.8	-33	-17.6	-19.8	-22.9
Financing Cash Flow	121.4	-42.9	-341.7	32.3	731.9	216.88
Net Cash Flow	9.5	-69.6	66	13.2	3.1	-2.92
Free Cash Flow	-105.4	-24.9	388.8	-19.6	-742.1	-225.54
Free Cash Flow Margin	-4.64%	-1.17%	16.68%	-0.77%	-38.07%	-13.29%
Free Cash Flow Per Share	-1.46	-0.36	5.79	-0.30	-11.72	-3.61
Cash Interest Paid	197.3	174.4	157.3	152.5	142.7	136.55
Cash Income Tax Paid	-	-14.4	1	-0.8	-1.5	-2.17
Levered Free Cash Flow	-227.41	-199.13	191.54	-275.5	-547.04	-378.77
Unlevered Free Cash Flow	-115.93	-93.26	290.19	-187.17	-460.29	-296.07
Change in Working Capital	20.2	106.3	382.8	33.4	-592.5	0.82

Source: S&P Global Market Intelligence. Utility template. Financial Sources.