Financial Data and Key Metrics Changes - For Q2 2024, the company recorded a consolidated net loss of 11.74 per share, primarily due to significant one-time losses related to wildfire liabilities and goodwill impairment [15][16] - The utility reported a net loss of 1.71 billion loss due to the accrual of estimated wildfire liabilities [15][16] - Excluding one-time losses, consolidated core net income was 54.6 million in Q2 2023 [16][17] Business Line Data and Key Metrics Changes - Utility core net income decreased to 45.3 million year-over-year, driven by higher operational and wildfire mitigation expenses [17] - American Savings Bank (ASB) core net income increased slightly to 20.2 million, attributed to prudent expense management and higher non-interest income [17] Market Data and Key Metrics Changes - The utility's capital budget for wildfire mitigation efforts is nearly 4 billion to settle wildfire-related claims, with HEI's contribution being $1.99 billion pretax [6][15] - A hearing is scheduled for August 13 to address the claims of insurance companies related to the settlement [7][27] Q&A Session Summary Question: Confidence in finalizing the settlement - Management highlighted the importance of the settlement terms and the 90-day period for discussions between plaintiffs and insurers to resolve claims [20][21] Question: Capital spending and financing options - The company is working on long-term capital plans and aims for investment-grade credit metrics to lower customer bills [22][23] Question: Court's role in insurer claims - Management explained the ongoing court proceedings and the potential outcomes regarding insurer claims against individual plaintiffs [26][27] Question: Settlement size and insurer involvement - Management expressed cautious optimism about the settlement terms and the potential for resolution between plaintiffs and insurers [30][31]
HEI(HE) - 2024 Q2 - Earnings Call Transcript