8-K
ENTERGY LOUISIANA, LLC (ELC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) April 27, 2022
| Commission<br><br>File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission<br><br>File Number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. |
|---|---|---|---|
| 1-11299 | ENTERGY CORPORATION | 1-35747 | ENTERGY NEW ORLEANS, LLC |
| (a Delaware corporation)<br><br>639 Loyola Avenue<br><br>New Orleans, Louisiana 70113<br><br>Telephone (504) 576-4000 | (a Texas limited liability company)<br><br>1600 Perdido Street<br><br>New Orleans, Louisiana 70112<br><br>Telephone (504) 670-3700 | ||
| 72-1229752 | 82-2212934 | ||
| 1-10764 | ENTERGY ARKANSAS, LLC | 1-34360 | ENTERGY TEXAS, INC. |
| (a Texas limited liability company)<br><br>425 West Capitol Avenue<br><br>Little Rock, Arkansas 72201<br><br>Telephone (501) 377-4000 | (a Texas corporation)<br><br>2107 Research Forest Drive<br><br>The Woodlands, Texas 77380<br><br>Telephone (409) 981-2000 | ||
| 83-1918668 | 61-1435798 | ||
| 1-32718 | ENTERGY LOUISIANA, LLC | 1-09067 | SYSTEM ENERGY RESOURCES, INC. |
| (a Texas limited liability company)<br><br>4809 Jefferson Highway<br><br>Jefferson, Louisiana 70121<br><br>Telephone (504) 576-4000 | (an Arkansas corporation)<br><br>1340 Echelon Parkway<br><br>Jackson, Mississippi 39213<br><br>Telephone (601) 368-5000 | ||
| 47-4469646 | 72-0752777 | ||
| 1-31508 | ENTERGY MISSISSIPPI, LLC | ||
| (a Texas limited liability company)<br><br>308 East Pearl Street<br><br>Jackson, Mississippi 39201<br><br>Telephone (601) 368-5000 | |||
| 83-1950019 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Registrant | Title of Class | Trading<br>Symbol | Name of Each Exchange<br>on Which Registered |
|---|---|---|---|
| Entergy Corporation | Common Stock, $0.01 Par Value | ETR | New York Stock Exchange |
| Common Stock, $0.01 Par Value | ETR | NYSE Chicago, Inc. | |
| Entergy Arkansas, LLC | Mortgage Bonds, 4.875% Series due September 2066 | EAI | New York Stock Exchange |
| Entergy Louisiana, LLC | Mortgage Bonds, 4.875% Series due September 2066 | ELC | New York Stock Exchange |
| Entergy Mississippi, LLC | Mortgage Bonds, 4.90% Series due October 2066 | EMP | New York Stock Exchange |
| Entergy New Orleans, LLC | Mortgage Bonds, 5.0% Series due December 2052 | ENJ | New York Stock Exchange |
| Mortgage Bonds, 5.50% Series due April 2066 | ENO | New York Stock Exchange | |
| Entergy Texas, Inc. | 5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share) | ETI/PR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On April 27, 2022, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2022 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.
Item 7.01. Regulation FD Disclosure
On April 27, 2022, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2022. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Release, dated April 27, 2022, issued by Entergy Corporation |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Entergy Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
System Energy Resources, Inc.
By: /s/ Kimberly A. Fontan Kimberly A. Fontan Senior Vice President and Chief Accounting Officer
Dated: April 27, 2022
Document
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 27, 2022
Entergy reports first quarter earnings
Company affirms guidance and financial outlooks
NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2022 earnings per share of $1.36 on an as-reported basis and $1.32 on an adjusted basis (non-GAAP).
“We had a strong start for 2022 and continued to make important operational, strategic, and financial progress across the business,” said Leo Denault, Entergy Chairman and Chief Executive Officer. “With favorable weather and higher-than-planned retail sales, we are ahead of schedule and solidly on track to achieve our 2022 objectives.”
Business highlights included the following:
•E-LA completed an $86M transmission upgrade in Lafourche Parish, improving the resilience and reliability of the local power grid.
•E-LA completed a $100M transmission improvement project in north Louisiana that will increase resilience and reliability and provide economic benefits.
•E-TX selected several resources from its 2021 solar RFP totaling at least 400 megawatts of capacity.
•E-AR filed for approval of a new 250-megawatt solar facility, Driver Solar.
•E-AR and E-LA announced their intent to issue RFPs totaling 2,000 megawatts of renewable resources.
•E-TX issued securitization bonds, completing recovery of its 2020 storm costs.
•The LPSC approved cost recovery and financing for E-LA’s 2020 storms, including a $290 million storm reserve as well as $1 billion escrow designated for Hurricane Ida costs.
•E-NO submitted a filing seeking approval to issue $150M in securitized bonds to replenish its storm escrow.
•E-MS filed its annual FRP.
| Table of Contents Page |
|---|
| News Release 1<br><br>Appendices 7<br><br>A: Consolidated results and adjustments 8<br><br>B: Earnings variance analysis 11<br><br>C: Utility operating and financial measures 13<br><br>D: EWC operating and financial measures 14<br><br>E: Consolidated financial measures 15<br><br>F: Definitions and abbreviations and acronyms 16<br><br>G: Other GAAP to non-GAAP reconciliations 19<br><br>Financial statements 21 |
Entergy reports first quarter earnings
April 27, 2022
Page 2
| Consolidated earnings (GAAP and non-GAAP Measures) | ||
|---|---|---|
| First quarter 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | ||
| 2021 | Change | |
| (After-tax, in millions) | ||
| As-reported earnings | 335 | (58) |
| Less adjustments | 38 | (30) |
| Adjusted earnings (non-GAAP) | 297 | (28) |
| Estimated weather impact | 23 | (7) |
| (After-tax, per share in ) | ||
| As-reported earnings | 1.66 | (0.30) |
| Less adjustments | 0.19 | (0.15) |
| Adjusted earnings (non-GAAP) | 1.47 | (0.15) |
| Estimated weather impact | 0.11 | (0.03) |
All values are in US Dollars.
Calculations may differ due to rounding
Consolidated results
For first quarter 2022, the company reported earnings of $276 million, or $1.36 per share, on an as-reported basis, and earnings of $269 million, or $1.32 per share, on an adjusted basis. This compared to first quarter 2021 earnings of $335 million, or $1.66 per share, on an as-reported basis, and earnings of $297 million, or $1.47 per share, on an adjusted basis.
Summary discussions by business are below. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly variances by business is provided in Appendix B.
Business segment results
Utility
For first quarter 2022, the Utility business reported earnings attributable to Entergy Corporation of $340 million, or $1.67 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2021 earnings of $357 million, or $1.77 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:
•the first quarter 2021 reversal of a regulatory provision at E-AR for its 2019 netting adjustment;
•higher operating expenses including other O&M, taxes other than income taxes, and depreciation expense; and
•higher interest expense.
These drivers were partially offset by the net effect of regulatory actions across the operating companies.
On a per share basis, first quarter 2022 results reflected higher common shares outstanding.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
(more)
Entergy reports first quarter earnings
April 27, 2022
Page 3
For first quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(71 million), or (35) cents per share, on both an as-reported and an adjusted basis. This compared to a first quarter 2021 loss of $(60 million), or (30) cents per share, on both an as-reported and an adjusted basis. No individual drivers were significant contributors to the change.
Entergy Wholesale Commodities
For first quarter 2022, EWC reported earnings attributable to Entergy Corporation of $7 million, or 4 cents per share, on an as-reported basis. This compared to a first quarter 2021 earnings attributable to Entergy Corporation of $38 million, or 19 cents per share, on an as-reported basis. Drivers for the quarter included:
•lower revenue primarily due to the shutdown of Indian Point 3, and
•the absence of earnings from NDTs as a result of the sale of Indian Point.
These drivers were partially offset by:
•lower other O&M due primarily to the shutdown of Indian Point 3, and
•lower decommissioning expenses primarily due to the sale of Indian Point.
Appendix D contains additional details on EWC operating and financial measures, including reconciliation for non-GAAP EWC adjusted EBITDA.
Earnings per share guidance
Entergy affirmed its 2022 adjusted EPS guidance range of $6.15 to $6.45. See webcast presentation for additional details.
The company has provided 2022 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately 20 cents in 2022. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.
Earnings teleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 27, 2022, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 7789889, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through May 4, 2022, by dialing 855-859-2056, conference ID 7789889.
Entergy Corporation, a Fortune 500 company headquartered in New Orleans, powers life for 3 million customers through its operating companies across Arkansas, Louisiana, Mississippi, and Texas. Entergy is creating a cleaner, more resilient energy future for everyone with our diverse power generation portfolio, including increasingly carbon-free energy sources. With roots in the Gulf South region for more than a century, Entergy is a recognized leader in corporate citizenship, delivering more than $100 million in economic benefits to local communities through philanthropy and advocacy efforts
(more)
Entergy reports first quarter earnings
April 27, 2022
Page 4
annually over the last several years. Our approximately 12,500 employees are dedicated to powering life today and for future generations.
Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR”.
Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.
Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.
Non-GAAP financial measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s exit from the merchant power business. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility,
(more)
Entergy reports first quarter earnings
April 27, 2022
Page 5
and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, ROE is included on both an adjusted and an as-reported basis. Metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
Cautionary note regarding forward-looking statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2022 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.
(more)
Entergy reports first quarter earnings
April 27, 2022
Page 6
Media inquiries:
Neal Kirby
504-576-4238
nkirby@entergy.com
Investor relations inquiries:
Bill Abler
504-576-3097
wabler@entergy.com
(more)
First quarter 2022 earnings release appendices and financial statements
Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: EWC operating and financial measures
E: Consolidated financial measures
F: Definitions and abbreviations and acronyms
G: Other GAAP to Non-GAAP reconciliations
Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements
A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
| Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measuresFirst Quarter 2022 vs. 2021 (See Appendix A-2 and Appendix A-3 for details on adjustments) | ||
|---|---|---|
| 2021 | Change | |
| (After-tax, in millions) | ||
| As-reported earnings (loss) | ||
| Utility | 357 | (16) |
| Parent & Other | (60) | (12) |
| EWC | 38 | (30) |
| Consolidated | 335 | (58) |
| Less adjustments | ||
| Utility | - | - |
| Parent & Other | - | - |
| EWC | 38 | (30) |
| Consolidated | 38 | (30) |
| Adjusted earnings (loss) (non-GAAP) | ||
| Utility | 357 | (16) |
| Parent & Other | (60) | (12) |
| EWC | - | - |
| Consolidated | 297 | (28) |
| Estimated weather impact | 23 | (7) |
| Diluted average number of common shares outstanding (in millions) | 201.1 | |
| (After-tax, per share in ) (a) | ||
| As-reported earnings (loss) | ||
| Utility | 1.77 | (0.10) |
| Parent & Other | (0.30) | (0.05) |
| EWC | 0.19 | (0.15) |
| Consolidated | 1.66 | (0.30) |
| Less adjustments | ||
| Utility | - | - |
| Parent & Other | - | - |
| EWC | 0.19 | (0.15) |
| Consolidated | 0.19 | (0.15) |
| Adjusted earnings (loss) (non-GAAP) | ||
| Utility | 1.77 | (0.10) |
| Parent & Other | (0.30) | (0.05) |
| EWC | - | - |
| Consolidated | 1.47 | (0.15) |
| Estimated weather impact | 0.11 | (0.03) |
All values are in US Dollars.
Calculations may differ due to rounding
(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
See Appendix B for detailed earnings variance analysis.
Appendix A-2 and Appendix A-3 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
| Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS) | ||
|---|---|---|
| First quarter 2022 vs. 2021 | ||
| 2021 | Change | |
| (Pre-tax except for income taxes, preferred dividend requirements, and totals; in millions) | ||
| EWC | ||
| Income before income taxes | 54 | (43) |
| Income taxes | (16) | 13 |
| Preferred dividend requirements | (1) | - |
| Total EWC | 38 | (30) |
| Total adjustments | 38 | (30) |
| (After-tax, per share in ) (b) | ||
| EWC | ||
| Total EWC | 0.19 | (0.15) |
| Total adjustments | 0.19 | (0.15) |
All values are in US Dollars.
Calculations may differ due to rounding
(b)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
| Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings) | ||
|---|---|---|
| First quarter 2022 vs. 2021 | ||
| (Pre-tax except for income taxes, preferred dividend requirements, and totals; in millions) | ||
| 2021 | Change | |
| EWC | ||
| Operating revenue | 248 | (98) |
| Fuel and fuel-related expenses | (21) | (5) |
| Purchased power | (18) | 4 |
| Nuclear refueling outage expenses | (11) | - |
| Other O&M | (99) | 58 |
| Asset write-off and impairments | (3) | 3 |
| Decommissioning expense | (53) | 39 |
| Taxes other than income taxes | (6) | (3) |
| Depreciation/amortization exp. | (13) | 4 |
| Other income (deductions)–other | 34 | (47) |
| Interest exp. and other charges | (4) | 3 |
| Income taxes | (16) | 13 |
| Preferred dividend requirements | (1) | - |
| Total EWC | 38 | (30) |
| Total adjustments (after-tax) | 38 | (30) |
All values are in US Dollars.
Calculations may differ due to rounding
Appendix A-4 provides a comparative summary of OCF by business.
| Appendix A-4: Consolidated operating cash flow | ||
|---|---|---|
| First quarter 2022 vs. 2021 | ||
| ( in millions) | ||
| 2021 | Change | |
| Utility | (77) | 572 |
| Parent & Other | (22) | (13) |
| EWC | 49 | 29 |
| Consolidated | (50) | 588 |
All values are in US Dollars.
Calculations may differ due to rounding
OCF increased for the quarter due to several drivers, including higher Utility customer collections, lower fuel and purchased power payments (including costs related to Winter Storm Uri in 2021), lower pension contributions, and higher proceeds from the DOE regarding spent fuel litigation. The increase was partially offset by higher non-capital storm restoration spending.
Intercompany income tax payments contributed to the line of business variances.
B: Earnings variance analysis
Appendix B provides details of current quarter 2022 versus 2021 as-reported and adjusted earnings per share variances for Utility, Parent & Other, and EWC.
| Appendix B: As-reported and adjusted earnings per share variance analysis (c), (d), (e) | ||||||||
|---|---|---|---|---|---|---|---|---|
| First quarter 2022 vs. 2021 | ||||||||
| (After-tax, per share in ) | ||||||||
| Parent & Other | EWC | Consolidated | ||||||
| Adjusted | As-reported | Adjusted | As-<br><br>reported | As-<br><br>reported | Adjusted | |||
| 2021 earnings (loss) | 1.77 | (0.30) | (0.30) | 0.19 | 1.66 | 1.47 | ||
| Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits)–net | 0.43 | (f) | - | - | (0.39) | (g) | 0.04 | 0.43 |
| Other O&M | (0.10) | (h) | (0.01) | (0.01) | 0.23 | (i) | 0.12 | (0.11) |
| Asset write-offs and impairments | - | - | - | 0.01 | 0.01 | - | ||
| Decommissioning expense | (0.01) | - | - | 0.15 | (j) | 0.14 | (0.01) | |
| Taxes other than income taxes | (0.07) | (k) | - | - | (0.01) | (0.08) | (0.07) | |
| Depreciation/amortization exp. | (0.11) | (l) | - | - | 0.02 | (0.09) | (0.11) | |
| Other income (deductions) | (0.17) | (m) | (0.01) | (0.01) | (0.18) | (n) | (0.36) | (0.18) |
| Interest expense | (0.06) | (o) | (0.03) | (0.03) | 0.01 | (0.08) | (0.09) | |
| Income taxes–other | 0.01 | - | - | 0.01 | 0.02 | 0.01 | ||
| Share effect | (0.02) | - | - | - | (0.02) | (0.02) | ||
| 2022 earnings (loss) | 1.67 | (0.35) | (0.35) | 0.04 | 1.36 | 1.32 |
All values are in US Dollars.
h
Calculations may differ due to rounding
(c)Utility operating revenue / regulatory charges and Utility income taxes-other exclude $17 million, in first quarter 2022 and $41 million, in first quarter 2021 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).
(d)Utility regulatory charges (credits) and Utility preferred dividend and noncontrolling interest exclude $1 million, in first quarter 2022 and $0 in first quarter 2021 for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings).
(e)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes–other represents income tax differences other than the tax effect of individual line items.
| Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits)-net variance analysis2022 vs. 2021 ( EPS) |
|---|
| Volume/weather |
| Retail electric price |
| 1Q21 reversal of reg. provision for E-AR’s FRP 2019 netting adj. |
| 1Q22 reg. provision for true-up of E-LA and E-TX cost of debt from 2020 storms |
| Reg. provisions for decommissioning items |
| Other, including Grand Gulf recovery |
| Total |
All values are in US Dollars.
(f)The earnings increase was primarily driven by regulatory actions including E-AR’s FRP; E-LA’s FRP; E-MS’s FRP and ad valorem rider; E-NO’s FRP; and E-TX’s GCRR, TCRF, and DCRF. The variance also reflected a change in regulatory provisions for decommissioning items (the difference between expense and trust earnings plus costs collected in revenue, largely earnings neutral) and a regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms. Partially offsetting was the first quarter 2021 reversal of an E-AR regulatory provision.
(g)The earnings decrease was due largely to the shutdown of Indian Point 3 in April 2021.
(h)The earnings decrease from higher Utility other O&M was due primarily to higher customer service center support expenses, higher nuclear generation expenses, higher transmission expenses, and higher distribution operations expenses. These items were partially offset by higher nuclear insurance refunds.
(i)The earnings increase from lower EWC other O&M was due largely to the shutdown of Indian Point 3 in April 2021 and lower severance and retention expenses.
(j)The earnings increase from lower EWC decommissioning expense was due primarily to the sale of Indian Point in May 2021.
(k)The earnings decrease from higher Utility taxes other than income taxes was due to increases in ad valorem and franchise taxes.
(l)The earnings decrease from higher Utility depreciation expense was due primarily to higher plant in service.
(m)The earnings decrease from lower Utility other income (deductions) was due largely to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral).
(n)The earnings decrease from lower EWC other income (deductions) was due largely to the absence of earnings from nuclear decommissioning trust funds that were transferred in the sale of Indian Point in May 2021 and the performance of Palisades decommissioning trust investments. The decrease was partially offset by lower non-service pension costs.
(o)The earnings decrease from higher Utility interest expense was due primarily to higher debt balances.
C: Utility operating and financial measures
Appendix C provides comparative summaries of Utility operating and financial measures.
| Appendix C: Utility operating and financial measures | ||||
|---|---|---|---|---|
| First quarter 2022 vs. 2021 | ||||
| First quarter | ||||
| 2022 | 2021 | %<br>Change | % Weather Adjusted (p) | |
| GWh sold | ||||
| Residential | 8,454 | 8,663 | (2.4) | (3.6) |
| Commercial | 6,271 | 6,111 | 2.6 | 5.2 |
| Governmental | 584 | 581 | 0.5 | 0.5 |
| Industrial | 12,496 | 11,738 | 6.5 | 6.5 |
| Total retail sales | 27,805 | 27,093 | 2.6 | 2.9 |
| Wholesale | 3,641 | 4,299 | (15.3) | |
| Total sales | 31,446 | 31,392 | 0.2 | |
| Number of electric retail customers | ||||
| Residential | 2,548,138 | 2,532,172 | 0.6 | |
| Commercial | 368,951 | 360,323 | 2.4 | |
| Governmental | 18,173 | 17,811 | 2.0 | |
| Industrial | 46,477 | 44,622 | 4.2 | |
| Total retail customers | 2,981,739 | 2,954,928 | 0.9 | |
| Other O&M and refueling outage expense per MWh | $21.00 | $20.23 | 3.8 |
Calculations may differ due to rounding
(p)The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
On a weather-adjusted basis retail sales increased 2.9 percent. Residential sales decreased (3.6) percent and commercial sales increased 5.2 percent, including the impact of the COVID-19 pandemic on first quarter 2021. Industrial sales volume increased 6.5 percent due to higher sales to cogeneration customers, higher sales to existing large industrial customers (primarily chemicals and pulp and paper industries, partially offset by lower petroleum refining), an increase in demand from expansion projects (primarily in the chemicals, transportation, and petroleum refining industries), and higher sales to mid-to-small industrial customers.
D: EWC operating and financial measures
Appendix D-1 provides a comparative summary of EWC operating and financial measures.
| Appendix D-1: EWC operating and financial measures | |||
|---|---|---|---|
| First quarter 2022 vs. 2021 | |||
| First quarter | |||
| 2022 | 2021 | % Change | |
| Owned capacity (MW) (q) | 1,205 | 2,246 | (46.3) |
| GWh billed | 2,225 | 4,413 | (49.6) |
| EWC Nuclear Fleet | |||
| Capacity factor | 100% | 99% | 1.0 |
| GWh billed | 1,766 | 3,988 | (55.7) |
| Production cost per MWh | $25.47 | $18.46 | 38.0 |
| Average energy/capacity revenue per MWh | $59.21 | $52.04 | 13.8 |
Calculations may differ due to rounding
(q)2022 is lower due to the shutdown of IP3 (1,041MW) on April 30, 2021.
See the appendix in the webcast presentation for EWC hedging and price disclosures.
Appendix D-2 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).
| Appendix D-2: EWC adjusted EBITDA - reconciliation of GAAP to non-GAAP measures | |||
|---|---|---|---|
| First quarter 2022 vs. 2021 | |||
| ($ in millions) | First quarter | ||
| 2022 | 2021 | Change | |
| Net income (loss) | 8 | 38 | (30) |
| Add back: interest expense | 1 | 4 | (3) |
| Add back: income taxes | 3 | 16 | (13) |
| Add back: depreciation and amortization | 9 | 13 | (4) |
| Subtract: interest and investment income | (17) | 48 | (65) |
| Add back: decommissioning expense | 14 | 53 | (39) |
| Adjusted EBITDA (non-GAAP) | 51 | 76 | (24) |
Calculations may differ due to rounding
E: Consolidated financial measures
Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
| Appendix E: GAAP and non-GAAP financial measures | ||
|---|---|---|
| First quarter 2022 vs. 2021 (See appendix G for reconciliation of GAAP to non-GAAP financial measures) | ||
| For 12 months ending March 31 | 2021 | Change |
| GAAP measure | ||
| As-reported ROE | 15.1% | (5.7)% |
| Non-GAAP measure | ||
| Adjusted ROE | 11.3% | (0.8)% |
| As of March 31 ( in millions, except where noted) | 2021 | Change |
| GAAP measures | ||
| Cash and cash equivalents | 1,743 | (1,041) |
| Available revolver capacity | 4,220 | (92) |
| Commercial paper | 1,028 | 315 |
| Total debt | 25,803 | 2,827 |
| Securitization debt | 147 | (92) |
| Debt to capital | 69.6% | 0.9% |
| Off-balance sheet liabilities: | ||
| Debt of joint ventures – Entergy’s share | 15 | (10) |
| Total off-balance sheet liabilities | 15 | (10) |
| Storm escrows | 72 | (39) |
| Non-GAAP measures ( in millions, except where noted) | ||
| Debt to capital, excluding securitization debt | 69.5% | 0.9% |
| Net debt to net capital, excluding securitization debt | 68.0% | 1.9% |
| Gross liquidity | 5,963 | (1,133) |
| Net liquidity | 4,935 | (1,448) |
| Net liquidity, including storm escrows | 5,007 | (1,487) |
| Parent debt to total debt, excluding securitization debt | 22.3% | (0.8)% |
| FFO to debt, excluding securitization debt | 8.2% | 0.5% |
| FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC | 8.7% | 0.6% |
All values are in US Dollars.
Calculations may differ due to rounding
F: Definitions and abbreviations and acronyms
Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.
| Appendix F-1: Definitions | ||
|---|---|---|
| Utility operating and financial measures | ||
| GWh sold | Total number of GWh sold to retail and wholesale customers | |
| Number of electric retail customers | Average number of electric customers over the period | |
| Other O&M and refueling outage expense per MWh | Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales | |
| EWC Operating and financial measures | ||
| Adjusted EBITDA (non-GAAP) | Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense | |
| Average revenue per MWh on contracted volumes | Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades (revenue will fluctuate due to factors including positive or negative basis differentials and other risk management costs) | |
| Capacity factor | Normalized percentage of the period that the nuclear plants generate power | |
| Expected sold and market total revenue per MWh | Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including positive or negative basis differentials and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA | |
| GWh billed | Total number of GWh billed to customers and financially-settled instruments | |
| Owned capacity (MW) | Installed capacity owned by EWC | |
| Percent of capacity sold forward | Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions | |
| Percent of planned generation under contract (unit contingent) | Percent of planned generation output sold under unit-contingent contracts | |
| Planned net MW in operation (average) | Average installed nuclear capacity to generate power and/or sell capacity, reflecting the shutdown of Palisades (May 31, 2022) | |
| Planned TWh of generation | Amount of output expected to be generated by EWC nuclear resources considering plant operating characteristics, reflecting the shutdown of Palisades (May 31, 2022) | |
| Production cost per MWh | Fuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation) | |
| Unit contingent | Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee | |
| Financial measures – GAAP | ||
| As-reported ROE | 12-months rolling net income attributable to Entergy Corporation divided by avg. common equity | |
| Debt of joint ventures – Entergy’s share | Entergy’s share of debt issued by business joint ventures at EWC | |
| Debt to capital | Total debt divided by total capitalization | |
| Available revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers | |
| Securitization debt | Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections | |
| Total debt | Sum of short-term and long-term debt, notes payable and commercial paper, and finance leases on the balance sheet | |
| Appendix F-1: Definitions (continued) | ||
| --- | --- | |
| Financial measures – non-GAAP | ||
| Adjusted EPS | As-reported EPS excluding adjustments | |
| Adjusted ROE | 12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity | |
| Adjustments | Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items | |
| Debt to capital, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt | |
| FFO | OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, and other working capital accounts), and securitization regulatory charges | |
| FFO to debt, excluding securitization debt | 12-months rolling FFO as a percentage of end of period total debt excluding securitization debt | |
| FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC | 12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with the exit of EWC as a percentage of end of period total debt excluding securitization debt | |
| Gross liquidity | Sum of cash and available revolver capacity | |
| Net debt to net capital, excl. securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt | |
| Net liquidity | Sum of cash and available revolver capacity less commercial paper borrowing | |
| Net liquidity, including storm escrows | Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing | |
| Parent debt to total debt, excl. securitization debt | Entergy Corp. debt, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt |
Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.
| Appendix F-2: Abbreviations and acronyms | |||
|---|---|---|---|
| ADIT<br><br>AFUDC<br><br><br><br>AFUDC –<br><br>borrowed funds<br><br>ALJ<br><br>AMI<br><br>APSC<br><br>ARO<br><br>ATM<br><br>bps<br><br>CCGT<br><br>CCNO<br><br>CFO<br><br>COD<br><br>DCRF<br><br>DOE<br><br>DSM<br><br>E-AR<br><br>E-LA<br><br>E-MS<br><br>E-NO<br><br>E-TX<br><br>EBITDA<br><br>EPC<br><br>EPS<br><br>ETR<br><br>EWC<br><br>FERC<br><br>FFO<br><br>FIN 48<br><br>FRP<br><br>GAAP<br><br>GCRR<br><br>Grand Gulf or GGNS<br><br>HLBV | Accumulated deferred income taxes<br><br>Allowance for funds used during construction<br><br><br><br>Allowance for borrowed funds used during construction<br><br>Administrative law judge<br><br>Advanced metering infrastructure<br><br>Arkansas Public Service Commission<br><br>Asset retirement obligation<br><br>At the market equity issuance program<br><br>Basis points<br><br>Combined cycle gas turbine<br><br>Council of the City of New Orleans<br><br>Cash from operations<br><br>Commercial operation date<br><br>Distribution cost recovery factor<br><br>U.S. Department of Energy<br><br>Demand side management<br><br>Entergy Arkansas, LLC<br><br>Entergy Louisiana, LLC<br><br>Entergy Mississippi, LLC<br><br>Entergy New Orleans, LLC<br><br>Entergy Texas, Inc.<br><br>Earnings before interest, income taxes, and depreciation and amortization<br><br>Engineering, procurement, and construction<br><br>Earnings per share<br><br>Entergy Corporation<br><br>Entergy Wholesale Commodities<br><br>Federal Energy Regulatory Commission<br><br>Funds from operations<br><br>FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”<br><br>Formula rate plan<br><br>U.S. generally accepted accounting principles<br><br>Generation Cost Recovery Rider<br><br>Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI<br><br>Hypothetical liquidation at book value | IIRR-G<br><br>Indian Point 3 <br>or IP3<br><br>IPEC or <br>Indian Point<br><br>ISES 2<br><br><br><br>LPSC<br><br>LTM<br><br>MISO<br><br>Moody’s<br><br>MPSC<br><br>MTEP<br><br>Nelson 6<br><br>NDT<br><br>NRC<br><br>NYSE<br><br>OCAPS<br><br>OCF<br><br>OpCo<br><br>OPEB<br><br>Other O&M<br><br>P&O<br><br>Palisades<br><br>PMR<br><br>PPA<br><br>PUCT<br><br>RFP<br><br>ROE<br><br>RS Cogen<br><br>RSP<br><br>S&P<br><br>SEC<br><br>SERI<br><br>TCRF<br><br>UPSA<br><br>WACC | Infrastructure investment recovery rider - gas<br><br>Indian Point Energy Center Unit 3 (nuclear)<br>(shut down April 30, 2021, sold May 28, 2021)<br><br>Indian Point Energy Center (nuclear)<br>(sold May 28, 2021)<br><br>Unit 2 of Independence Steam Electric Station (coal)<br><br>Louisiana Public Service Commission<br><br>Last twelve months<br><br>Midcontinent Independent System Operator, Inc.<br><br>Moody’s Investor Service<br><br>Mississippi Public Service Commission<br><br>MISO Transmission Expansion Plan<br><br>Unit 6 of Roy S. Nelson plant (coal)<br><br>Nuclear decommissioning trust<br><br>U.S. Nuclear Regulatory Commission<br><br>New York Stock Exchange<br><br>Orange County Advanced Power Station<br><br>Net cash flow provided by operating activities<br><br>Utility operating company<br><br>Other post-employment benefits<br><br>Other non-fuel operation and maintenance expense<br><br>Parent & Other<br><br>Palisades Power Plant (nuclear)<br><br>Performance Management Rider<br><br>Power purchase agreement or purchased power agreement<br><br>Public Utility Commission of Texas<br><br>Request for proposals<br><br>Return on equity<br><br>RS Cogen facility (CCGT cogeneration)<br><br>Rate Stabilization Plan (E-LA Gas)<br><br>Standard & Poor’s<br><br>U.S. Securities and Exchange Commission<br><br>System Energy Resources, Inc.<br><br>Transmission cost recovery factor<br><br>Unit Power Sales Agreement<br><br>Weighted-average cost of capital |
G: Other GAAP to non-GAAP reconciliations
Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.
| Appendix G-1: Reconciliation of GAAP to non-GAAP financial measures – ROE | ||
|---|---|---|
| (LTM in millions except where noted) | First quarter | |
| 2022 | 2021 | |
| As-reported net income (loss) attributable to Entergy Corporation | 1,060 | 1,604 |
| Adjustments | (127) | 399 |
| Adjusted earnings (non-GAAP) | 1,187 | 1,205 |
| Average common equity (average of beginning and ending balances) | 11,364 | 10,621 |
| As-reported ROE | 9.3% | 15.1% |
| Adjusted ROE (non-GAAP) | 10.4% | 11.3% |
All values are in US Dollars.
Calculations may differ due to rounding
| Appendix G-2: Reconciliation of GAAP to non-GAAP financial measures – debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows | ||
|---|---|---|
| ( in millions except where noted) | First quarter | |
| 2022 | 2021 | |
| Total debt | 28,630 | 25,803 |
| Less securitization debt | 55 | 147 |
| Total debt, excluding securitization debt | 28,575 | 25,656 |
| Less cash and cash equivalents | 702 | 1,743 |
| Net debt, excluding securitization debt | 27,874 | 23,914 |
| Commercial paper | 1,343 | 1,028 |
| Total capitalization | 40,626 | 37,075 |
| Less securitization debt | 55 | 147 |
| Total capitalization, excluding securitization debt | 40,571 | 36,928 |
| Less cash and cash equivalents | 702 | 1,743 |
| Net capital, excluding securitization debt | 39,870 | 35,185 |
| Debt to capital | 70.5% | 69.6% |
| Debt to capital, excluding securitization debt (non-GAAP) | 70.4% | 69.5% |
| Net debt to net capital, excluding securitization debt (non-GAAP) | 69.9% | 68.0% |
| Available revolver capacity | 4,129 | 4,220 |
| Storm escrows | 33 | 72 |
| Gross liquidity (non-GAAP) | 4,830 | 5,963 |
| Net liquidity (non-GAAP) | 3,487 | 4,935 |
| Net liquidity, including storm escrows (non-GAAP) | 3,521 | 5,007 |
| Entergy Corporation notes: | ||
| Due July 2022 | 650 | 650 |
| Due September 2025 | 800 | 800 |
| Due September 2026 | 750 | 750 |
| Due June 2028 | 650 | 650 |
| Due June 2030 | 600 | 600 |
| Due June 2031 | 650 | 650 |
| Due June 2050 | 600 | 600 |
| Total Entergy Corporation notes | 4,700 | 4,700 |
| Revolver draw | 150 | 55 |
| Unamortized debt issuance costs and discounts | (47) | (54) |
| Total parent debt | 6,145 | 5,728 |
| Parent debt to total debt, excluding securitization debt (non-GAAP) | 21.5% | 22.3% |
All values are in US Dollars.
Calculations may differ due to rounding
| Appendix G-3: Reconciliation of GAAP to non-GAAP financial measures – FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC | ||
|---|---|---|
| ( in millions except where noted) | First quarter | |
| 2022 | 2021 | |
| Total debt | 28,630 | 25,803 |
| Less securitization debt | 55 | 147 |
| Total debt, excluding securitization debt | 28,575 | 25,656 |
| Net cash flow provided by operating activities, LTM | 2,888 | 1,981 |
| AFUDC – borrowed funds, LTM | (29) | (43) |
| Working capital items in net cash flow provided by operating activities, LTM: | ||
| Receivables | 91 | (262) |
| Fuel inventory | 6 | 15 |
| Accounts payable | 162 | 90 |
| Taxes accrued | 130 | 21 |
| Interest accrued | 26 | 9 |
| Other working capital accounts | (105) | (165) |
| Securitization regulatory charges, LTM | 71 | 124 |
| Total | 382 | (170) |
| FFO, LTM (non-GAAP) | 2,477 | 2,109 |
| FFO to debt, excluding securitization debt (non-GAAP) | 8.7% | 8.2% |
| Estimated return of unprotected excess ADIT, LTM | 66 | 80 |
| Severance and retention payments associated with exit of EWC, LTM pre-tax | 119 | 55 |
| FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC (non-GAAP) | 9.3% | 8.7% |
All values are in US Dollars.
Calculations may differ due to rounding
Financial Statements
| Entergy Corporation | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidating Balance Sheet | ||||||||
| March 31, 2022 | ||||||||
| (Dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents: | ||||||||
| Cash | $ | 65,251 | $ | 3,312 | $ | 7,583 | $ | 76,146 |
| Temporary cash investments | 408,892 | 57,856 | 158,697 | 625,445 | ||||
| Total cash and cash equivalents | 474,143 | 61,168 | 166,280 | 701,591 | ||||
| Notes receivable | — | (75,000) | 75,000 | — | ||||
| Accounts receivable: | ||||||||
| Customer | 629,903 | — | 38,717 | 668,620 | ||||
| Allowance for doubtful accounts | (31,486) | — | — | (31,486) | ||||
| Associated companies | 10,560 | (12,259) | 1,699 | — | ||||
| Other | 157,760 | 390 | 13,708 | 171,858 | ||||
| Accrued unbilled revenues | 406,010 | — | — | 406,010 | ||||
| Total accounts receivable | 1,172,747 | (11,869) | 54,124 | 1,215,002 | ||||
| Deferred fuel costs | 375,670 | — | — | 375,670 | ||||
| Fuel inventory - at average cost | 134,157 | — | 5,623 | 139,780 | ||||
| Materials and supplies - at average cost | 1,047,217 | — | 19,318 | 1,066,535 | ||||
| Deferred nuclear refueling outage costs | 117,851 | — | 7,341 | 125,192 | ||||
| Prepayments and other | 220,194 | (16,624) | 11,661 | 215,231 | ||||
| TOTAL | 3,541,979 | (42,325) | 339,347 | 3,839,001 | ||||
| OTHER PROPERTY AND INVESTMENTS | ||||||||
| Investment in affiliates | 3,009,118 | (3,009,204) | 22,114 | 22,028 | ||||
| Decommissioning trust funds | 4,674,146 | — | 535,984 | 5,210,130 | ||||
| Non-utility property - at cost (less accumulated depreciation) | 345,386 | (15) | 11,721 | 357,092 | ||||
| Other | 81,789 | 46,910 | 9,001 | 137,700 | ||||
| TOTAL | 8,110,439 | (2,962,309) | 578,820 | 5,726,950 | ||||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||||
| Electric | 62,923,397 | 4,996 | 477,518 | 63,405,911 | ||||
| Natural gas | 666,646 | — | — | 666,646 | ||||
| Construction work in progress | 1,555,338 | 321 | 992 | 1,556,651 | ||||
| Nuclear fuel | 543,449 | — | 4,257 | 547,706 | ||||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 65,688,830 | 5,317 | 482,767 | 66,176,914 | ||||
| Less - accumulated depreciation and amortization | 24,561,188 | 200 | 421,379 | 24,982,767 | ||||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 41,127,642 | 5,117 | 61,388 | 41,194,147 | ||||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||||
| Regulatory assets: | ||||||||
| Other regulatory assets | 8,037,526 | — | — | 8,037,526 | ||||
| Deferred fuel costs | 241,002 | — | — | 241,002 | ||||
| Goodwill | 374,099 | — | 3,073 | 377,172 | ||||
| Accumulated deferred income taxes | 51,844 | 58 | 6,486 | 58,388 | ||||
| Other | 200,078 | 10,533 | 148,729 | 359,340 | ||||
| TOTAL | 8,904,549 | 10,591 | 158,288 | 9,073,428 | ||||
| TOTAL ASSETS | $ | 61,684,609 | $ | (2,988,926) | $ | 1,137,843 | $ | 59,833,526 |
| *Totals may not foot due to rounding. | ||||||||
| Entergy Corporation | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Consolidating Balance Sheet | ||||||||
| March 31, 2022 | ||||||||
| (Dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| Parent & Other | Entergy Wholesale Commodities | Consolidated | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Currently maturing long-term debt | 250,335 | $ | 650,000 | $ | 139,000 | $ | 1,039,335 | |
| Notes payable and commercial paper: | ||||||||
| Other | 1,342,811 | — | 1,342,811 | |||||
| Account payable: | ||||||||
| Associated companies | (43,377) | (906) | — | |||||
| Other | 55 | 64,385 | 1,741,052 | |||||
| Customer deposits | — | — | 402,600 | |||||
| Taxes accrued | 39,469 | (14,399) | 339,887 | |||||
| Interest accrued | 27,640 | 517 | 224,013 | |||||
| Pension and other postretirement liabilities | — | 12,947 | 60,249 | |||||
| Current portion of unprotected excess accumulated | ||||||||
| deferred income taxes | — | — | 35,241 | |||||
| Other | 1,787 | 7,488 | 177,997 | |||||
| TOTAL | 2,018,385 | 209,032 | 5,363,185 | |||||
| NON-CURRENT LIABILITIES | ||||||||
| Accumulated deferred income taxes and taxes accrued | (528,240) | (538,146) | 4,796,208 | |||||
| Accumulated deferred investment tax credits | — | — | 209,921 | |||||
| Regulatory liability for income taxes - net | — | — | 1,233,417 | |||||
| Other regulatory liabilities | — | — | 2,433,906 | |||||
| Decommissioning and retirement cost liabilities | — | 695,559 | 4,816,524 | |||||
| Accumulated provisions | — | 299 | 165,328 | |||||
| Pension and other postretirement liabilities | — | 315,785 | 1,855,771 | |||||
| Long-term debt | 4,152,541 | — | 26,176,449 | |||||
| Other | (441,641) | 60,848 | 786,581 | |||||
| TOTAL | 3,182,660 | 534,345 | 42,474,105 | |||||
| Subsidiaries' preferred stock without sinking fund | — | 24,249 | 219,410 | |||||
| EQUITY | ||||||||
| Preferred stock, no par value, authorized 1,000,000 shares; | ||||||||
| issued shares in 2022 - none | — | — | — | |||||
| Common stock, .01 par value, authorized 499,000,000 shares; | ||||||||
| issued 271,965,510 shares in 2022 | (2,522,131) | 201,103 | 2,720 | |||||
| Paid-in capital | (1,377,329) | 3,603,531 | 6,735,154 | |||||
| Retained earnings | 596,326 | (3,149,565) | 10,311,894 | |||||
| Accumulated other comprehensive loss | — | (284,852) | (336,578) | |||||
| Less - treasury stock, at cost (68,808,788 shares in 2022) | 4,883,087 | — | 5,003,087 | |||||
| TOTAL COMMON SHAREHOLDERS' EQUITY | (8,186,221) | 370,217 | 11,710,103 | |||||
| Subsidiaries' preferred stock without sinking fund | ||||||||
| and noncontrolling interest | (3,750) | — | 66,723 | |||||
| TOTAL | (8,189,971) | 370,217 | 11,776,826 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 61,684,609 | $ | (2,988,926) | $ | 1,137,843 | $ | 59,833,526 | |
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidating Balance Sheet | ||||||||
| December 31, 2021 | ||||||||
| (Dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents: | ||||||||
| Cash | $ | 40,303 | $ | 3,144 | $ | 1,497 | $ | 44,944 |
| Temporary cash investments | 270,947 | 8,126 | 118,542 | 397,615 | ||||
| Total cash and cash equivalents | 311,250 | 11,270 | 120,039 | 442,559 | ||||
| Notes receivable | — | (84,000) | 84,000 | — | ||||
| Accounts receivable: | ||||||||
| Customer | 747,423 | — | 39,443 | 786,866 | ||||
| Allowance for doubtful accounts | (68,608) | — | — | (68,608) | ||||
| Associated companies | 12,448 | (13,069) | 621 | — | ||||
| Other | 137,817 | 345 | 93,681 | 231,843 | ||||
| Accrued unbilled revenues | 420,255 | — | — | 420,255 | ||||
| Total accounts receivable | 1,249,335 | (12,724) | 133,745 | 1,370,356 | ||||
| Deferred fuel costs | 324,394 | — | — | 324,394 | ||||
| Fuel inventory - at average cost | 149,817 | — | 4,758 | 154,575 | ||||
| Materials and supplies - at average cost | 1,022,137 | — | 19,378 | 1,041,515 | ||||
| Deferred nuclear refueling outage costs | 115,024 | — | 18,398 | 133,422 | ||||
| Prepayments and other | 162,559 | (16,251) | 10,466 | 156,774 | ||||
| TOTAL | 3,334,516 | (101,705) | 390,784 | 3,623,595 | ||||
| OTHER PROPERTY AND INVESTMENTS | ||||||||
| Investment in affiliates | 1,482,963 | (1,483,049) | 22,090 | 22,004 | ||||
| Decommissioning trust funds | 4,938,194 | — | 575,822 | 5,514,016 | ||||
| Non-utility property - at cost (less accumulated depreciation) | 344,427 | (14) | 13,163 | 357,576 | ||||
| Other | 82,118 | 46,339 | 8,994 | 137,451 | ||||
| TOTAL | 6,847,702 | (1,436,724) | 620,069 | 6,031,047 | ||||
| PROPERTY, PLANT, AND EQUIPMENT | ||||||||
| Electric | 63,775,441 | 10,869 | 476,940 | 64,263,250 | ||||
| Natural gas | 658,989 | — | — | 658,989 | ||||
| Construction work in progress | 1,510,840 | 257 | 869 | 1,511,966 | ||||
| Nuclear fuel | 562,910 | — | 14,096 | 577,006 | ||||
| TOTAL PROPERTY, PLANT, AND EQUIPMENT | 66,508,180 | 11,126 | 491,905 | 67,011,211 | ||||
| Less - accumulated depreciation and amortization | 24,346,483 | 5,968 | 414,600 | 24,767,051 | ||||
| PROPERTY, PLANT, AND EQUIPMENT - NET | 42,161,697 | 5,158 | 77,305 | 42,244,160 | ||||
| DEFERRED DEBITS AND OTHER ASSETS | ||||||||
| Regulatory assets: | ||||||||
| Other regulatory assets | 6,613,256 | — | — | 6,613,256 | ||||
| Deferred fuel costs | 240,953 | — | — | 240,953 | ||||
| Goodwill | 374,099 | — | 3,073 | 377,172 | ||||
| Accumulated deferred income taxes | 47,641 | 59 | 6,486 | 54,186 | ||||
| Other | 113,761 | 11,154 | 144,958 | 269,873 | ||||
| TOTAL | 7,389,710 | 11,213 | 154,517 | 7,555,440 | ||||
| TOTAL ASSETS | $ | 59,733,625 | $ | (1,522,058) | $ | 1,242,675 | $ | 59,454,242 |
| *Totals may not foot due to rounding. | ||||||||
| Entergy Corporation | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| Consolidating Balance Sheet | ||||||||
| December 31, 2021 | ||||||||
| (Dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| Parent & Other | Entergy Wholesale Commodities | Consolidated | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Currently maturing long-term debt | 250,329 | $ | 650,000 | $ | 139,000 | $ | 1,039,329 | |
| Notes payable and commercial paper: | ||||||||
| Other | 1,201,177 | — | 1,201,177 | |||||
| Account payable: | ||||||||
| Associated companies | (41,588) | 3,420 | — | |||||
| Other | 77 | 65,636 | 2,610,132 | |||||
| Customer deposits | — | — | 395,184 | |||||
| Taxes accrued | 3,680 | (1,801) | 419,828 | |||||
| Interest accrued | 24,506 | 496 | 191,151 | |||||
| Deferred fuel costs | — | — | 7,607 | |||||
| Pension and other postretirement liabilities | — | 12,808 | 68,336 | |||||
| Current portion of unprotected excess accumulated | ||||||||
| deferred income taxes | — | — | 53,385 | |||||
| Other | 1,893 | 12,247 | 204,613 | |||||
| TOTAL | 1,839,745 | 231,806 | 6,190,742 | |||||
| NON-CURRENT LIABILITIES | ||||||||
| Accumulated deferred income taxes and taxes accrued | (477,484) | (552,815) | 4,706,797 | |||||
| Accumulated deferred investment tax credits | — | — | 211,975 | |||||
| Regulatory liability for income taxes - net | — | — | 1,255,692 | |||||
| Other regulatory liabilities | — | — | 2,643,845 | |||||
| Decommissioning and retirement cost liabilities | — | 683,006 | 4,757,084 | |||||
| Accumulated provisions | — | 299 | 157,122 | |||||
| Pension and other postretirement liabilities | — | 347,677 | 1,949,325 | |||||
| Long-term debt | 4,166,005 | — | 24,841,572 | |||||
| Other | (453,928) | 61,898 | 815,284 | |||||
| TOTAL | 3,234,593 | 540,065 | 41,338,696 | |||||
| Subsidiaries' preferred stock without sinking fund | — | 24,249 | 219,410 | |||||
| EQUITY | ||||||||
| Preferred stock, no par value, authorized 1,000,000 shares; | ||||||||
| issued shares in 2021 - none | — | — | — | |||||
| Common stock, .01 par value, authorized 499,000,000 shares; | ||||||||
| issued 271,965,510 shares in 2021 | (2,522,131) | 201,103 | 2,720 | |||||
| Paid-in capital | 1,314,411 | 969,031 | 6,766,239 | |||||
| Retained earnings | (465,227) | (443,453) | 10,240,552 | |||||
| Accumulated other comprehensive loss | — | (280,126) | (332,528) | |||||
| Less - treasury stock, at cost (69,312,326 shares in 2021) | 4,919,699 | — | 5,039,699 | |||||
| TOTAL COMMON SHAREHOLDERS' EQUITY | (6,592,646) | 446,555 | 11,637,284 | |||||
| Subsidiaries' preferred stock without sinking fund | ||||||||
| and noncontrolling interest | (3,750) | — | 68,110 | |||||
| TOTAL | (6,596,396) | 446,555 | 11,705,394 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 59,733,625 | $ | (1,522,058) | $ | 1,242,675 | $ | 59,454,242 | |
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Three Months Ended March 31, 2022 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 72,361 | — | — | 72,361 |
| Competitive businesses | — | 11 | 149,777 | 149,788 |
| Total | 2,728,156 | (8) | 149,777 | 2,877,925 |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 640,770 | (9) | 26,177 | 666,938 |
| Purchased power | 255,944 | 9 | 13,673 | 269,626 |
| Nuclear refueling outage expenses | 31,944 | — | 11,058 | 43,002 |
| Other operation and maintenance | 628,516 | 9,075 | 41,221 | 678,812 |
| Asset write-offs, impairments, and related charges | — | — | 744 | 744 |
| Decommissioning | 48,064 | — | 13,984 | 62,048 |
| Taxes other than income taxes | 170,280 | 363 | 9,505 | 180,148 |
| Depreciation and amortization | 430,223 | 204 | 8,545 | 438,972 |
| Other regulatory charges (credits) - net | (28,425) | — | — | (28,425) |
| Total | 2,177,316 | 9,642 | 124,907 | 2,311,865 |
| OPERATING INCOME | 550,840 | (9,650) | 24,870 | 566,060 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 15,871 | — | — | 15,871 |
| Interest and investment income (loss) | 27,707 | (32,722) | (16,903) | (21,918) |
| Miscellaneous - net | 7,328 | (3,775) | 4,050 | 7,603 |
| Total | 50,906 | (36,497) | (12,853) | 1,556 |
| INTEREST EXPENSE | ||||
| Interest expense | 189,327 | 36,991 | 1,304 | 227,622 |
| Allowance for borrowed funds used during construction | (6,096) | — | — | (6,096) |
| Total | 183,231 | 36,991 | 1,304 | 221,526 |
| INCOME BEFORE INCOME TAXES | 418,515 | (83,138) | 10,713 | 346,090 |
| Income taxes | 75,359 | (11,716) | 2,854 | 66,497 |
| CONSOLIDATED NET INCOME | 343,156 | (71,422) | 7,859 | 279,593 |
| Preferred dividend requirements of subsidiaries and noncontrolling interest | 2,694 | (48) | 547 | 3,193 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 1.67 | (0.35) | 0.04 | 1.36 |
| DILUTED | 1.67 | (0.35) | 0.04 | 1.36 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 202,943,628 | |||
| DILUTED | 203,888,483 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Three Months Ended March 31, 2021 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 58,168 | — | — | 58,168 |
| Competitive businesses | — | 31 | 248,219 | 248,250 |
| Total | 2,596,616 | 3 | 248,219 | 2,844,838 |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 479,846 | (20) | 21,341 | 501,167 |
| Purchased power | 361,881 | 20 | 17,833 | 379,734 |
| Nuclear refueling outage expenses | 32,647 | — | 11,092 | 43,739 |
| Other operation and maintenance | 602,309 | 5,535 | 98,942 | 706,786 |
| Asset write-offs, impairments, and related charges | — | — | 3,273 | 3,273 |
| Decommissioning | 45,663 | — | 52,979 | 98,642 |
| Taxes other than income taxes | 149,936 | 330 | 6,436 | 156,702 |
| Depreciation and amortization | 401,102 | 653 | 12,764 | 414,519 |
| Other regulatory charges (credits) - net | 32,279 | — | — | 32,279 |
| Total | 2,105,663 | 6,518 | 224,660 | 2,336,841 |
| OPERATING INCOME | 490,953 | (6,515) | 23,559 | 507,997 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 14,577 | — | — | 14,577 |
| Interest and investment income | 128,113 | (32,732) | 47,934 | 143,315 |
| Miscellaneous - net | (45,520) | (1,931) | (13,478) | (60,929) |
| Total | 97,170 | (34,663) | 34,456 | 96,963 |
| INTEREST EXPENSE | ||||
| Interest expense | 173,802 | 27,753 | 4,331 | 205,886 |
| Allowance for borrowed funds used during construction | (6,013) | — | — | (6,013) |
| Total | 167,789 | 27,753 | 4,331 | 199,873 |
| INCOME BEFORE INCOME TAXES | 420,334 | (68,931) | 53,684 | 405,087 |
| Income taxes | 59,734 | (9,352) | 15,560 | 65,942 |
| CONSOLIDATED NET INCOME | 360,600 | (59,579) | 38,124 | 339,145 |
| Preferred dividend requirements of subsidiaries | 4,033 | — | 547 | 4,580 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 1.78 | (0.30) | 0.19 | 1.67 |
| DILUTED | 1.77 | (0.30) | 0.19 | 1.66 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 200,525,549 | |||
| DILUTED | 201,059,665 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Twelve Months Ended March 31, 2022 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 184,798 | — | — | 184,798 |
| Competitive businesses | — | 107 | 599,723 | 599,830 |
| Total | 11,176,214 | 47 | 599,723 | 11,775,984 |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 2,536,381 | (18) | 87,505 | 2,623,868 |
| Purchased power | 1,092,816 | 18 | 68,733 | 1,161,567 |
| Nuclear refueling outage expenses | 127,055 | — | 44,844 | 171,899 |
| Other operation and maintenance | 2,683,232 | 28,609 | 228,807 | 2,940,648 |
| Asset write-offs, impairments, and related charges | — | — | 261,096 | 261,096 |
| Decommissioning | 188,639 | — | 81,178 | 269,817 |
| Taxes other than income taxes | 662,948 | 526 | 20,262 | 683,736 |
| Depreciation and amortization | 1,666,273 | 2,256 | 40,209 | 1,708,738 |
| Other regulatory charges (credits) - net | 50,925 | — | — | 50,925 |
| Total | 9,008,269 | 31,391 | 832,634 | 9,872,294 |
| OPERATING INCOME | 2,167,945 | (31,344) | (232,911) | 1,903,690 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 71,767 | — | — | 71,767 |
| Interest and investment income | 342,411 | (130,938) | 53,760 | 265,233 |
| Miscellaneous - net | (123,802) | (9,864) | 420 | (133,246) |
| Total | 290,376 | (140,802) | 54,180 | 203,754 |
| INTEREST EXPENSE | ||||
| Interest expense | 736,547 | 138,593 | 10,308 | 885,448 |
| Allowance for borrowed funds used during construction | (29,101) | — | — | (29,101) |
| Total | 707,446 | 138,593 | 10,308 | 856,347 |
| INCOME BEFORE INCOME TAXES | 1,750,875 | (310,739) | (189,039) | 1,251,097 |
| Income taxes | 279,832 | (49,817) | (38,086) | 191,929 |
| CONSOLIDATED NET INCOME | 1,471,043 | (260,922) | (150,953) | 1,059,168 |
| Preferred dividend requirements of subsidiaries and noncontrolling interest | (3,272) | (75) | 2,188 | (1,159) |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 7.32 | (1.30) | (0.76) | 5.26 |
| DILUTED | 7.28 | (1.29) | (0.76) | 5.23 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 201,537,750 | |||
| DILUTED | 202,547,532 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||
|---|---|---|---|---|
| Consolidating Income Statement | ||||
| Twelve Months Ended March 31, 2021 | ||||
| (Dollars in thousands) | ||||
| (Unaudited) | ||||
| Utility | Parent & Other | Entergy Wholesale Commodities | Consolidated | |
| OPERATING REVENUES | ||||
| Electric | ||||
| Natural gas | 138,200 | — | — | 138,200 |
| Competitive businesses | — | 131 | 858,539 | 858,670 |
| Total | 9,672,701 | 54 | 858,539 | 10,531,294 |
| OPERATING EXPENSES | ||||
| Operating and Maintenance: | ||||
| Fuel, fuel related expenses, and gas purchased for resale | 1,599,763 | (34) | 68,406 | 1,668,135 |
| Purchased power | 992,658 | 34 | 74,696 | 1,067,388 |
| Nuclear refueling outage expenses | 133,277 | — | 44,400 | 177,677 |
| Other operation and maintenance | 2,514,610 | 25,067 | 467,652 | 3,007,329 |
| Asset write-offs, impairments and related charges | — | — | 24,800 | 24,800 |
| Decommissioning | 179,203 | — | 207,617 | 386,820 |
| Taxes other than income taxes | 598,299 | 1,276 | 39,673 | 639,248 |
| Depreciation and amortization | 1,545,249 | 2,740 | 79,906 | 1,627,895 |
| Other regulatory charges (credits) - net | 54,566 | — | — | 54,566 |
| Total | 7,617,625 | 29,083 | 1,007,150 | 8,653,858 |
| OPERATING INCOME | 2,055,076 | (29,029) | (148,611) | 1,877,436 |
| OTHER INCOME | ||||
| Allowance for equity funds used during construction | 98,054 | — | — | 98,054 |
| Interest and investment income | 433,248 | (134,237) | 453,975 | 752,986 |
| Miscellaneous - net | (240,203) | (7,537) | (47,211) | (294,951) |
| Total | 291,099 | (141,774) | 406,764 | 556,089 |
| INTEREST EXPENSE | ||||
| Interest expense | 705,585 | 111,367 | 21,326 | 838,278 |
| Allowance for borrowed funds used during construction | (42,887) | — | — | (42,887) |
| Total | 662,698 | 111,367 | 21,326 | 795,391 |
| INCOME BEFORE INCOME TAXES | 1,683,477 | (282,170) | 236,827 | 1,638,134 |
| Income taxes | (169,628) | 34,220 | 151,038 | 15,630 |
| CONSOLIDATED NET INCOME | 1,853,105 | (316,390) | 85,789 | 1,622,504 |
| Preferred dividend requirements of subsidiaries | 16,131 | — | 2,188 | 18,319 |
| NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION | ||||
| EARNINGS PER AVERAGE COMMON SHARE: | ||||
| BASIC | 9.17 | (1.58) | 0.42 | 8.01 |
| DILUTED | 9.13 | (1.57) | 0.41 | 7.97 |
| AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| BASIC | 200,289,178 | |||
| DILUTED | 201,198,761 | |||
| *Totals may not foot due to rounding. |
All values are in US Dollars.
| Entergy Corporation | ||||||
|---|---|---|---|---|---|---|
| Consolidated Cash Flow Statement | ||||||
| Three Months Ended March 31, 2022 vs. 2021 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2022 | 2021 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 279,593 | $ | 339,145 | $ | (59,552) |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by (used in) operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 561,731 | 580,571 | (18,840) | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | 70,780 | 240,431 | (169,651) | |||
| Asset write-offs, impairments and related charges | 744 | 3,278 | (2,534) | |||
| Changes in working capital: | ||||||
| Receivables | 122,987 | (52,690) | 175,677 | |||
| Fuel inventory | 14,795 | 26,878 | (12,083) | |||
| Accounts payable | (283,175) | (175,651) | (107,524) | |||
| Taxes accrued | (79,941) | (231,182) | 151,241 | |||
| Interest accrued | 32,862 | (3,778) | 36,640 | |||
| Deferred fuel costs | (58,932) | (353,099) | 294,167 | |||
| Other working capital accounts | (95,033) | (43,582) | (51,451) | |||
| Changes in provisions for estimated losses | 8,206 | (60,923) | 69,129 | |||
| Changes in other regulatory assets | (1,424,270) | 89,910 | (1,514,180) | |||
| Changes in other regulatory liabilities | (250,358) | (14,464) | (235,894) | |||
| Storm restoration costs approved for securitization recognized as regulatory asset | 1,491,942 | — | 1,491,942 | |||
| Changes in pension and other postretirement liabilities | (101,641) | (166,733) | 65,092 | |||
| Other | 247,676 | (227,676) | 475,352 | |||
| Net cash flow provided by operating activities | 537,966 | (49,565) | 587,531 | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (1,501,578) | (1,552,103) | 50,525 | |||
| Allowance for equity funds used during construction | 15,871 | 14,577 | 1,294 | |||
| Nuclear fuel purchases | (83,326) | (47,916) | (35,410) | |||
| Litigation proceeds from settlement agreement | 9,829 | — | 9,829 | |||
| Changes in securitization account | 13,532 | (1,304) | 14,836 | |||
| Payments to storm reserve escrow account | — | (10) | 10 | |||
| Receipts from storm reserve escrow account | — | 44,205 | (44,205) | |||
| Decrease (increase) in other investments | (11,862) | 12,521 | (24,383) | |||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 32,367 | 15,735 | 16,632 | |||
| Proceeds from nuclear decommissioning trust fund sales | 479,937 | 3,225,510 | (2,745,573) | |||
| Investment in nuclear decommissioning trust funds | (505,989) | (3,224,487) | 2,718,498 | |||
| Net cash flow used in investing activities | (1,551,219) | (1,513,272) | (37,947) | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 2,553,369 | 3,676,242 | (1,122,873) | |||
| Treasury stock | 9,629 | 979 | 8,650 | |||
| Retirement of long-term debt | (1,224,091) | (1,346,172) | 122,081 | |||
| Changes in credit borrowings and commercial paper - net | 141,634 | (599,860) | 741,494 | |||
| Other | 1,382 | 10,380 | (8,998) | |||
| Dividends paid: | ||||||
| Common stock | (205,058) | (190,595) | (14,463) | |||
| Preferred stock | (4,580) | (4,580) | — | |||
| Net cash flow provided by financing activities | 1,272,285 | 1,546,394 | (274,109) | |||
| Net increase (decrease) in cash and cash equivalents | 259,032 | (16,443) | 275,475 | |||
| Cash and cash equivalents at beginning of period | 442,559 | 1,759,099 | (1,316,540) | |||
| Cash and cash equivalents at end of period | $ | 701,591 | $ | 1,742,656 | $ | (1,041,065) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid (received) during the period for: | ||||||
| Interest - net of amount capitalized | $ | 186,269 | $ | 202,451 | $ | (16,182) |
| Income taxes | $ | (11,505) | $ | 9,015 | $ | (20,520) |
| Entergy Corporation | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Consolidated Cash Flow Statement | ||||||
| Twelve Months Ended March 31, 2022 vs. 2021 | ||||||
| (Dollars in thousands) | ||||||
| (Unaudited) | ||||||
| 2022 | 2021 | Variance | ||||
| OPERATING ACTIVITIES | ||||||
| Consolidated net income | $ | 1,059,168 | $ | 1,622,504 | $ | (563,336) |
| Adjustments to reconcile consolidated net income to net cash | ||||||
| flow provided by operating activities: | ||||||
| Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,224,104 | 2,269,725 | (45,621) | |||
| Deferred income taxes, investment tax credits, and non-current taxes accrued | 79,068 | 140,722 | (61,654) | |||
| Asset write-offs, impairments and related charges | 261,065 | 24,695 | 236,370 | |||
| Changes in working capital: | ||||||
| Receivables | 91,048 | (262,343) | 353,391 | |||
| Fuel inventory | 6,276 | 14,809 | (8,533) | |||
| Accounts payable | 162,273 | 89,533 | 72,740 | |||
| Taxes accrued | 130,058 | 20,615 | 109,443 | |||
| Interest accrued | 26,000 | 8,675 | 17,325 | |||
| Deferred fuel costs | (171,883) | (433,143) | 261,260 | |||
| Other working capital accounts | (105,334) | (165,275) | 59,941 | |||
| Changes in provisions for estimated losses | (16,584) | (316,287) | 299,703 | |||
| Changes in other regulatory assets | (2,050,887) | (793,859) | (1,257,028) | |||
| Changes in other regulatory liabilities | (192,263) | 675,110 | (867,373) | |||
| Storm restoration costs approved for securitization recognized as regulatory asset | 1,491,942 | — | 1,491,942 | |||
| Changes in pension and other postretirement liabilities | (832,075) | (3,283) | (828,792) | |||
| Other | 726,268 | (910,957) | 1,637,225 | |||
| Net cash flow provided by operating activities | 2,888,244 | 1,981,241 | 907,003 | |||
| INVESTING ACTIVITIES | ||||||
| Construction/capital expenditures | (6,036,771) | (5,202,571) | (834,200) | |||
| Allowance for equity funds used during construction | 71,767 | 98,054 | (26,287) | |||
| Nuclear fuel purchases | (201,922) | (178,246) | (23,676) | |||
| Payment for purchase of plant | (168,304) | (222,488) | 54,184 | |||
| Net proceeds from sale of plant | 17,421 | — | 17,421 | |||
| Litigation proceeds from settlement agreement | 9,829 | — | 9,829 | |||
| Changes in securitization account | 28,505 | 3,865 | 24,640 | |||
| Payments to storm reserve escrow account | (15) | (726) | 711 | |||
| Receipts from storm reserve escrow account | 38,900 | 301,204 | (262,304) | |||
| Increase in other investments | (22,040) | (2,499) | (19,541) | |||
| Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 65,868 | 26,284 | 39,584 | |||
| Proceeds from nuclear decommissioning trust fund sales | 2,808,056 | 5,645,835 | (2,837,779) | |||
| Investment in nuclear decommissioning trust funds | (2,828,517) | (5,708,803) | 2,880,286 | |||
| Net cash flow used in investing activities | (6,217,223) | (5,240,091) | (977,132) | |||
| FINANCING ACTIVITIES | ||||||
| Proceeds from the issuance of: | ||||||
| Long-term debt | 7,185,554 | 13,100,098 | (5,914,544) | |||
| Treasury stock | 14,627 | 3,615 | 11,012 | |||
| Common stock | 200,776 | — | 200,776 | |||
| Retirement of long-term debt | (4,705,746) | (7,883,972) | 3,178,226 | |||
| Changes in credit borrowings and commercial paper - net | 315,182 | (914,187) | 1,229,369 | |||
| Capital contributions from noncontrolling interest | 51,202 | — | 51,202 | |||
| Other | 34,223 | 3,612 | 30,611 | |||
| Dividends paid: | ||||||
| Common stock | (789,585) | (753,174) | (36,411) | |||
| Preferred stock | (18,319) | (18,319) | — | |||
| Net cash flow provided by financing activities | 2,287,914 | 3,537,673 | (1,249,759) | |||
| Net increase (decrease) in cash and cash equivalents | (1,041,065) | 278,823 | (1,319,888) | |||
| Cash and cash equivalents at beginning of period | 1,742,656 | 1,463,833 | 278,823 | |||
| Cash and cash equivalents at end of period | $ | 701,591 | $ | 1,742,656 | $ | (1,041,065) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
| Cash paid during the period for: | ||||||
| Interest - net of amount capitalized | $ | 827,046 | $ | 802,908 | $ | 24,138 |
| Income taxes | $ | 77,857 | $ | 850 | $ | 77,007 |