Hawaiian Electric Industries Inc (HE) 2025 Q2 法說會逐字稿

Good afternoon. My name is [Audra], and I will be your conference operator today. At this time, I'd like to welcome everyone to the HEI second quarter 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions)

午安.我的名字是 [Audra]，今天我將擔任您的會議主持人。現在，我歡迎大家參加 HEI 2025 年第二季財報電話會議。今天的會議正在錄製中。（操作員指示）

At this time, I'd like to turn the conference over to Mateo Garcia, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監 Matto Garcia。請繼續。

Thank you. Welcome everyone to HEI second quarter 2025 earnings call. Joining me today are Scott Seu, HEI President and CEO; Scott DeGhetto, HEI Executive Vice President and CFO; Shelee Kimura, Hawaiian Electric President and CEO; and other members of Senior Management.

謝謝。歡迎大家參加 HEI 2025 年第二季財報電話會議。今天與我一起出席的還有 HEI 總裁兼執行長 Scott Seu、HEI 執行副總裁兼財務長 Scott DeGhetto、夏威夷電力公司總裁兼執行長 Shelee Kimura 以及其他高階主管。

Our earnings release and our presentation for this call are available in the Investor Relations section of our website. As a reminder, forward-looking statements will be made on today's call. Factors that could cause actual results to differ materially from expectations can be found in our presentation, our SEC filings and in the Investor Relations section of our website.

我們的收益報告和本次電話會議的簡報可在我們網站的投資者關係部分找到。提醒一下，今天的電話會議將會做出前瞻性的陳述。可能導致實際結果與預期有重大差異的因素可以在我們的簡報、美國證券交易委員會 (SEC) 文件以及我們網站的投資者關係部分中找到。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measures.

今天的演示也提到了非公認會計準則財務指標。您應該參考今天簡報附帶的幻燈片中包含的信息，以獲取定義資訊以及歷史非 GAAP 指標與最接近的 GAAP 財務指標的對帳資訊。

We will take questions from institutional investors at the end of this call. Individual investors and others can reach out to Investor Relations.

我們將在電話會議結束時回答機構投資者的提問。個人投資者和其他人可以聯繫投資者關係部門。

Now Scott Seu will begin with his remarks.

現在，史考特·塞烏將開始發言。

(spoken in foreign language) Welcome everyone. For today's call, I'll start with an update on our continued progress improving our company's financial strength and resilience. I'll also touch on the ongoing implementation of our wildfire safety strategy. Scott DeGhetto will then walk through our financial results, and then we'll open it up for questions.

（外語）歡迎大家。在今天的電話會議上，我將首先介紹我們在提高公司財務實力和彈性方面取得的持續進展。我還將談到我們正在實施的野火安全戰略。然後，斯科特·德蓋托 (Scott DeGhetto) 將介紹我們的財務業績，然後我們將開始回答問題。

In the second quarter, we continue to take actions ensuring the long-term strength and resilience of HEI while best positioning our company to serve the communities in which we operate for the long term. On our last earnings call, we discussed the Hawaii State Legislature's passage of three important pieces of legislation.

在第二季度，我們將繼續採取行動，確保 HEI 的長期實力和韌性，同時使公司處於最佳位置，為我們營運所在的社區提供長期服務。在我們上次的收益電話會議上，我們討論了夏威夷州立法機構通過的三項重要立法。

As a reminder, the legislation appropriate funds for the state's contribution to the Maui Wildfire Tort Litigation Settlement directs the Public Utilities Commission to establish an aggregate liability cap for economic damages from future wildfires, and supports reliable, affordable, clean energy procurement.

提醒一下，該法案為該州對毛伊島野火侵權訴訟和解的貢獻撥款，指示公共事業委員會為未來野火造成的經濟損失設定總責任上限，並支持可靠、負擔得起的清潔能源採購。

In July, Governor Josh Green signed all three pieces of legislation into law. Under the liability cap legislation, which is now known as Act 258, the Public Utilities Commission will initiate a rulemaking proceeding to establish the maximum amount the utility may pay to resolve claims arising from future catastrophic wildfires.

7 月，州長喬什·格林 (Josh Green) 簽署了所有三項法案。根據責任上限立法（現稱為第 258 號法案），公共事業委員會將啟動一項規則制定程序，以確定公用事業公司為解決未來災難性野火引起的索賠而可以支付的最高金額。

There is no set time period for the commission to establish the cap. As Act 258 stipulates only that the cap shall be determined as soon as practical. The act also authorizes securitization to finance $500 million of wildfire safety improvements and other infrastructure resilience investments.

委員會沒有規定制定上限的時間段。因為第 258 條法案僅規定應盡快確定上限。該法案還授權透過證券化為 5 億美元的野火安全改進和其他基礎設施復原力投資提供資金。

This will ensure that these critical safety improvements can be implemented at a lower cost to customers. In addition, Act 258 directs the commission to conduct a study to examine the establishment of a wildfire recovery fund to provide efficient compensation for damage resulting from future wildfires caused or exacerbated by an electric utility and to help protect the financial integrity of Hawaii's regulated utilities.

這將確保這些關鍵的安全性改進能夠以較低的成本為客戶實現。此外，第 258 號法案指示委員會進行研究，審查設立野火恢復基金，為未來由電力公司造成或加劇的野火造成的損害提供有效補償，並協助保護夏威夷受監管公用事業的財務完整性。

The commission has already started the process of information gathering and collecting stakeholder input regarding the wildfire fund, and will submit a report of its findings and recommendations to the Hawaii State Legislature 20 days prior to the start of the 2026 legislative session which takes place in mid-January.

該委員會已經開始收集有關野火基金的資訊和利害關係人的意見，並將在 2026 年 1 月中旬立法會議開始前 20 天向夏威夷州立法機構提交調查結果和建議報告。

Turning to the settlement We continue to see progress toward implementation of the Maui Wildfire Tort Litigation Settlement Agreement. The process to obtain final court approval of the class and individual plaintiff agreements continues to proceed as expected.

談到和解，我們繼續看到毛伊島野火侵權訴訟和解協議的實施取得進展。獲得法院對集體和個人原告協議的最終批准的程序繼續按預期進行。

The parties are working through the remaining administrative steps necessary for the settlement to take effect, and we still expect these steps to be completed in early 2026, which will then trigger our first payment obligation.

雙方正在努力完成和解生效所需的剩餘行政步驟，我們仍預計這些步驟將於 2026 年初完成，屆時將觸發我們的第一筆付款義務。

Last quarter, we discussed our strategy to move forward with a simpler HEI business model. We've continued to make progress on this front since selling 90.1% of Americans Savings Bank at the end of last year and selling Pacific Current's largest asset, the Hamakua Energy plant, in the first quarter of this year.

上個季度，我們討論了推進更簡單的 HEI 業務模式的策略。自從去年年底出售美國儲蓄銀行 90.1% 的股份以及今年第一季出售太平洋海流公司最大的資產哈馬庫亞能源工廠以來，我們在這方面不斷取得進展。

Just this week, we announced the sale of Pacific Current solar and battery energy storage facilities on Hawaii, Oahu and Maui. The strategic review is ongoing for Pacific Current's remaining asset, a biomass plant on Kauai. We also expect to divest our remaining stake in Americans Savings Bank sometime over the next year.

就在本週，我們宣佈出售位於夏威夷、歐胡島和毛伊島的太平洋電流太陽能和電池儲能設施。目前，Pacific Current 剩餘資產——位於考艾島的生物質工廠——的策略評估仍在進行中。我們也預計將在明年某個時候出售我們在美國儲蓄銀行的剩餘股份。

While we move forward with our strategy to focus solely on our utility business, the utility continues to remove risk from its system through implementation of the enhanced wildfire safety measures outlined in its wildfire safety strategy.

在我們推進專注於公用事業業務的策略的同時，公用事業公司繼續透過實施其野火安全戰略中概述的加強型野火安全措施來消除其係統中的風險。

In the second-quarter, the utility advanced its four pillared approach to wildfire safety as laid out on slide 4, implementing technologies and practices that make our communities safer. Over the next 6 to 12 months, the utility will expand the implementation of these measures from high wildfire risk areas to medium wildfire risk areas as well.

在第二季度，該公用事業公司推進了幻燈片 4 中列出的四大支柱野火安全方法，實施了使我們的社區更加安全的技術和實踐。在接下來的 6 到 12 個月內，該公用事業公司將把這些措施的實施範圍從高火災風險地區擴大到中度火災風險地區。

These medium risk areas are also important to focus on, particularly given the backdrop of increasingly severe weather events seen elsewhere. With a wildfire safety strategy and legislative framework in place to better protect our communities from the risk of future wildfires, with the continued progress of the Maui wildfire tort litigation settlement, and with our simpler, more focused business, our company's path toward financial strength and resilience is clearer now than ever.

這些中度風險地區也值得關注，特別是在其他地區天氣事件日益惡劣的背景下。隨著野火安全戰略和立法框架的實施，我們可以更好地保護社區免受未來野火的威脅，隨著毛伊島野火侵權訴訟和解的不斷進展，以及隨著我們業務的簡化和專注，我們公司走向財務實力和復原力的道路現在比以往任何時候都更加清晰。

We're pleased to see that all three of our credit rating agencies have recognized this in recent months, as we've received upgrades from Moody's, S&P, and Fitch. We know that it'll take time to get back to investment grade. However, we'll continue to manage the metrics and a profile consistent with investment grade ratings.

我們很高興地看到，近幾個月來，我們的三家信用評級機構都認識到了這一點，穆迪、標準普爾和惠譽都對我們的評級進行了上調。我們知道恢復到投資等級需要時間。不過，我們將繼續管理與投資級評級一致的指標和概況。

In summary, our company's investment thesis is stronger today than it has been at any point since the Maui wildfires. We've made significant progress toward resolving the Wildfire Tort Litigation, simplifying our corporate structure, and improving our risk profile, and we believe we're well positioned for a strong and resilient future.

總而言之，我們公司的投資理念比毛伊島野火以來的任何時候都更強大。我們在解決野火侵權訴訟、簡化公司結構和改善風險狀況方面取得了重大進展，我們相信我們已為強勁而有彈性的未來做好了準備。

I'll now hand the call off to Scott DeGhetto, who'll take you through the quarter's financial results.

我現在將電話轉給 Scott DeGhetto，他將向您介紹本季的財務表現。

Thank you, Scott. I'll start with our financial results for the quarter on slide 5. In the second quarter, we generated net income of $26.1 million or $0.15 per share. The quarter's results include $5.4 million of earnings impacts related to the sale of Pacific Current assets that Scott mentioned, primarily from the recapture of solar investment tax credits.

謝謝你，斯科特。我將從第 5 張投影片開始介紹本季的財務表現。第二季度，我們的淨收入為 2,610 萬美元，即每股 0.15 美元。本季的業績包括史考特提到的出售太平洋電流資產帶來的 540 萬美元收益影響，主要來自重新獲得太陽能投資稅收抵免。

The quarter's results also include $5.2 million of pre-tax Maui wildfire-related expenses, net of insurance recoveries and deferrals. Approximately $4.5 million of the $5.2 million in Maui wildfire expenses was recorded at the utility. Excluding these items, consolidated core net income was $35.4 million for the quarter for $0.20 per share.

本季的業績還包括 520 萬美元的稅前毛伊島野火相關費用（扣除保險賠償和遞延費用）。在毛伊島山火造成的 520 萬美元費用中，約有 450 萬美元由公用事業公司承擔。除這些項目外，本季綜合核心淨收入為 3,540 萬美元，每股收益 0.20 美元。

This compares to core net income from continuing operations of $28.4 million or $0.26 per share in the second quarter of 2024. Utility core net income for the quarter was $42.5 million compared to $43.9 million in the second quarter of 2024. The decrease in utility coordinate income was driven by higher wildfire mitigation program expenses and higher insurance costs, partially offset by higher annual revenue adjustment mechanism revenues and better heat rate performance.

相比之下，2024 年第二季持續經營核心淨收入為 2,840 萬美元，即每股 0.26 美元。本季公用事業核心淨收入為 4,250 萬美元，而 2024 年第二季為 4,390 萬美元。公用事業協調收入的減少是由於野火緩解計劃費用增加和保險成本增加，但年度收入調整機制收入增加和熱效率表現更好部分抵消了這一影響。

Holding company for net loss was $7.1 million compared to $15.5 million in the second quarter of 2024. The lower core net loss was driven by lower interest expense due to lower holding company debt balance following the $384 million debt retirement in April and higher interest income from holding company cash being held on the balance sheet, primarily to make the first settlement payment.

控股公司淨虧損為 710 萬美元，而 2024 年第二季為 1,550 萬美元。核心淨虧損減少是由於 4 月償還 3.84 億美元債務後控股公司債務餘額減少導致利息支出減少，以及資產負債表上持有的控股公司現金（主要用於支付首筆結算款）的利息收入增加。

Turning to the next slide, I'll provide a few key updates on our capitalization and liquidity. As of the end of the second quarter, the holding company and utility had approximately $44 million and $106 million of unrestricted cash on hand, respectively.

翻到下一張投影片，我將提供一些有關我們的資本化和流動性的重要更新。截至第二季末，控股公司和公用事業公司分別擁有約 4,400 萬美元和 1.06 億美元的非限制現金。

In addition, the holding company has approximately [$374 million] in combined liquidity available under its ATM program and credit facility capacity. The utility also has approximately [$382 million] of liquidity available under its accounts receivable facility and credit facility capacity.

此外，該控股公司在其 ATM 計劃和信貸額度下擁有總計約 3.74 億美元的可用流動資金。該公用事業公司還擁有約 3.82 億美元應收帳款和信貸額度下的可用流動資金。

The first settlement payment of $479 million continues to be held in a subsidiary created for addressing the first installment payment pursuant to the Maui Wildfire Settlement. This is included in restricted cash on the balance sheet until we make the first settlement payment expected in early 2026.

首筆 4.79 億美元的和解金仍由一家子公司保管，該子公司是為了根據毛伊島野火和解協議支付首筆分期付款而設立的。這筆款項將計入資產負債表的受限現金中，直到我們在 2026 年初支付第一筆結算款項。

Looking ahead, HEI remains committed to a simpler, more focused business model as we explore strategic alternatives for the remaining Pacific current asset, a biomass facility on Hawaii, and our remaining 9.9% stake in American Savings Bank.

展望未來，HEI 仍致力於更簡單、更專注的商業模式，同時我們正在探索剩餘的太平洋現有資產、夏威夷的生物質設施以及我們在美國儲蓄銀行剩餘的 9.9% 股份的戰略替代方案。

Lastly, Hawaiian Electric's Board of Directors approved a $10 million quarterly dividend to HEI for the second quarter of 2025.

最後，夏威夷電力公司董事會批准向 HEI 派發 2025 年第二季 1,000 萬美元的季度股利。

At that, let's open up the call to questions.

現在，讓我們開始提問環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

Hey, good morning or good afternoon. Hope everyone's doing well. Thanks for the update.

嘿，早上好或下午好。希望大家都一切順利。感謝您的更新。

Yeah, hi Nick.

是的，你好，尼克。

Hey, so thanks for running through the financing and the liquidity slides. I think you set aside $479 million for the first installment just -- updated thoughts on how you're thinking about de-risking that second payment, understand you have a good amount of time before getting there. But, are you waiting to get through these as a sale reviews or could you do anything in the near term to maybe address that? Thanks.

嘿，感謝您介紹融資和流動性下滑的情況。我認為您為第一筆付款預留了 4.79 億美元——關於如何降低第二筆付款的風險，您知道在到達那里之前您還有相當長的時間。但是，您是否正在等待將這些作為銷售評論來完成，或者您是否可以在短期內採取任何措施來解決這個問題？謝謝。

Yeah, no, thanks for the question that's got the Deghetto. So in terms of the second payment, I think based upon the timeline that we believe the settlement is on, we wouldn't look to raise that next payment probably until first quarter of next year. That said, we have made a decision, so at this point, our intention is to raise that money up at HEI and raise it in the form of either straight debt and or convertible debt. So it'll be, we basically we'll be re levering, HEI for that second payment.

是的，不，感謝 Deghetto 提出的問題。因此，就第二筆付款而言，我認為根據我們認為的和解時間表，我們可能要到明年第一季才會考慮增加下一筆付款。話雖如此，我們已經做出了決定，因此目前，我們的目的是在 HEI 籌集這筆資金，並以直接債務或可轉換債務的形式籌集。因此，我們基本上將重新利用 HEI 進行第二筆付款。

Okay, that's great. And then, you are kind of, getting into the later innings of having clarity (technical difficulty) So just be able to give new CapEx outlook, new rate-based forecast looks, could it be in or any other thoughts there, as it comes together.

好的，太好了。然後，你就會進入後期階段，獲得清晰的認知（技術難度），因此，只要能夠提供新的資本支出前景、新的基於利率的預測，或任何其他想法，它就會結合在一起。

Yeah, I think Nick, if you could repeat that, you were going in and out. I don't know if you're on a cell phone?

是的，我想尼克，如果你能重複一遍，你就會進進出出。不知道你是不是用手機？

I'm sorry. I hope that I'm coming through okay. I was just asking, when you think you could give more of a view on the consolidated rate-based growth in CapEx, with all the kind of moving pieces behind you.

對不起。我希望我能順利度過。我只是問一下，您認為在考慮了所有變動因素之後，您能否對資本支出的綜合成長率給出更多的看法。

Yeah, based upon the way we're looking at it right now, we should be able to do that, later this year, probably in the November time frame.

是的，根據我們現在的看法，我們應該能夠在今年晚些時候做到這一點，大概是在 11 月左右。

Thank you.

謝謝。

And that that concludes our Q&A session. I will now turn the conference back over to Scott Seu for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Scott Seu 作結束語。

All right, thank you again, everybody for joining us today. In closing, we're well positioned to continue serving our communities with safe, reliable, and resilient utility operations for the long term. We really do believe that we are in a stronger position than at any point over the past two years, and this is a direct result of the actions we've taken to regain HEI's financial strength and emerge a stronger company following the Maui wildfires.

好的，再次感謝大家今天的參加。最後，我們已做好準備，繼續為我們的社區提供長期安全、可靠、有彈性的公用事業服務。我們確實相信，我們現在的地位比過去兩年中的任何時候都要強大，這是我們為恢復 HEI 的財務實力並在毛伊島野火之後成為一家更強大的公司而採取的行動的直接結果。

With the expected resolution of the Wildfire Tort Litigation, our simpler business model focused solely on regulated utility operations and our strong and improving safety profile, we are optimistic about our future.

隨著野火侵權訴訟的預期解決，我們的更簡單的商業模式僅專注於受監管的公用事業運營以及我們強大且不斷改善的安全狀況，我們對未來充滿樂觀。

Thank you again.

再次感謝您。

And this concludes today's conference call. Thank you for your participation. You may not disconnect.

今天的電話會議到此結束。感謝您的參與。您不能斷開連線。