Hawaiian Electric's hard work on cost efficiencies enabled us to deliver strong financial results for the utility while providing significant customer savings and advancing our ambitious climate change action plan. However, adjusted O&M, which is a non-GAAP measure and excludes retirement service costs and expenses covered by surcharges and activities billed to third parties, was $412 million below 2020, even in the inflationary environment we experienced during the fourth quarter. Image source: The Motley Fool.