The company said adjusted earnings (non-GAAP) were $815.6 million, or $3.54 per diluted share, for 2023, and were $853.8 million, or $3.71 per share, for 2022. It cited higher depreciation and interest expense and the deferral of $96.5 million in revenues related to COLI rate credits as factors that decreased net income.

1. 01

   The company said adjusted earnings (non-GAAP) were $815.6 million, or $3.54 per diluted share, for 2023, and were $853.8 million, or $3.71 per share, for 2022. It cited higher depreciation and interest expense and the deferral of $96.5 million in revenues related to COLI rate credits as factors that decreased net income.

2. 02

   The company said it issued 4.50% Convertible Notes totaling $1.4 billion in December 2023, including $0.2 billion from the full exercise of the initial purchasers' over-allotment option. It said it used the proceeds to repay the $500.0 million borrowing under the Term Loan Facility, repay a portion of commercial paper, and for general corporate purposes.

3. 03

   The company said cash flows from operating activities rose $178.3 million in 2023 compared with 2022, and net collections under the fuel recovery mechanism increased by $121.9 million. Cash used in investing activities increased by $319.5 million, including the Persimmon Creek Wind Farm acquisition for $217.9 million, net of cash acquired.

4. 04

   The company said Evergy Kansas Central acquired Persimmon Creek, a wind farm of approximately 199 MW located in Oklahoma, for $220.9 million, including incidental costs of the purchase, in May 2023. The settlement approved by the KCC on November 2023 provides for the purchase to be included in rates at a fixed annual amount of $18.6 million for the first 20 years.

Key figures

Fiscal year ended December 31, 2023

Revenue

$5.3B

Operating income

$1.3B

Net income

$731M

EPS

$3.17

Operating cash flow

$2.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.