NEW ORLEANS, May 1, 2019 /PRNewswire/ -- Entergy Corporation
(NYSE: ETR) reported first quarter 2019 earnings per share of
$1.32 on an as-reported basis and
82 cents on an adjusted basis
(non-GAAP), which excludes the EWC segment in light of the
company's strategic decision to exit the merchant power
business.
"We had a productive start to 2019. While weather was a
headwind, we remain firmly on track to achieve our full-year
financial guidance, as well as our longer-term outlooks," said
Entergy Chairman and Chief Executive Officer Leo Denault. "With our announcement of a sale of
Indian Point, we now have definitive agreements in place to sell
all of our merchant nuclear assets."
Business highlights included the following:
- Entergy announced an agreement for post-shutdown sale of Indian
Point Units 1, 2 and 3.
- Pilgrim returned to Column 1 in the NRC regulatory oversight
program.
- Entergy Arkansas announced plans for a build-own-transfer of a
100 megawatt solar facility.
- Entergy Arkansas and Entergy Texas each issued requests for
proposals for 200 megawatts of solar resources.
- Entergy Mississippi made its annual formula rate plan
filing.
- Entergy was named for a fourth consecutive year to the list of
America's Top Corporations for Women's Business Enterprise by the
Women's Business Enterprise National Council.
|
Consolidated Earnings
(GAAP and Non-GAAP Measures)
|
|
First Quarter 2019
vs. 2018 (See Appendix A for reconciliation of GAAP to
non-GAAP measures and description of adjustments)
|
|
First
Quarter
|
|
2019
|
2018
|
Change
|
|
(After-tax, $ in
millions)
|
|
|
|
|
As-reported
earnings
|
255
|
133
|
122
|
|
Less
adjustments
|
97
|
(18)
|
115
|
|
Adjusted earnings
(non-GAAP)
|
158
|
151
|
7
|
|
Estimated
weather in billed sales
|
(23)
|
16
|
(40)
|
|
|
|
|
|
(After-tax, per share
in $)
|
|
|
|
|
As-reported
earnings
|
1.32
|
0.73
|
0.59
|
|
Less
adjustments
|
0.50
|
(0.10)
|
0.60
|
|
Adjusted earnings
(non-GAAP)
|
0.82
|
0.83
|
(0.01)
|
|
Estimated
weather in billed sales
|
(0.12)
|
0.09
|
(0.21)
|
|
Calculations may
differ due to rounding
|
Consolidated Results
For first quarter 2019, the company reported earnings of
$255 million, or $1.32 per share, on an as-reported basis and
earnings of $158 million, or
82 cents per share, on an adjusted
basis. This compared to first quarter 2018 earnings of $133 million, or 73
cents per share, on an as-reported basis and earnings of
$151 million, or 83 cents 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 and a comprehensive analysis of quarterly variances by
business is provided in Appendix B.
Business Segment Results
Utility
For first quarter 2019, the Utility business reported earnings
attributable to Entergy Corporation of $231
million, or $1.20 per share,
on both an as-reported and adjusted basis. This compared to first
quarter 2018 earnings of $215
million, or $1.19 per share,
on both an as-reported and adjusted basis. The current period
results reflected higher net revenue. On a per share basis, 2019
results reflected a higher share count resulting from the company's
equity forward.
Excluding the return of unprotected excess ADIT, which is
directly offset in income taxes, net revenue increased
quarter-over-quarter, driven by regulatory actions at Entergy
Arkansas, Entergy Louisiana and Entergy Texas. Also, first
quarter 2018 included regulatory charges to return benefits of the
lower federal tax rate to customers. This was partially offset by
unfavorable weather in first quarter 2019 compared to favorable
weather a year ago.
On a weather-adjusted basis, billed sales increased 0.6 percent
driven by industrial sales. Residential and commercial sales
decreased (0.3) percent and (1.4) percent respectively.
Industrial billed sales volume increased 2.4 percent with higher
sales to both new and expansion customers as well as existing
customers. The increase was driven largely by the chlor-alkali
segment. Sales to petroleum refining customers were also
higher.
Appendix C contains additional details on Utility financial and
operating measures.
Parent & Other
For first quarter 2019, Parent & Other reported a loss of
$(73 million), or
(38) cents per share, on both an
as-reported and adjusted basis. This compared to a loss of
$(64 million), or (36) cents per share, on both an as-reported and
adjusted basis in first quarter 2018.
Entergy Wholesale Commodities
For first quarter 2019, EWC recorded earnings attributable
to Entergy Corporation of $97
million, or 50 cents per share
on an as-reported basis. This compared to a first quarter 2018 loss
of $(18 million), or (10) cents per share, on an as-reported
basis.
First quarter 2019 earnings reflected higher other income,
primarily due to gains on decommissioning trust funds, as well as
higher net revenue due to higher nuclear energy volume. These items
were partially offset by a tax item related to the sale of Vermont
Yankee in January 2019.
Appendix D contains additional details on EWC financial and
operating measures, including reconciliation for non-GAAP EWC
adjusted EBITDA.
Earnings Guidance
Entergy affirmed its 2019 adjusted earnings guidance range of
$5.10 to $5.50 per share. See webcast presentation
slides for additional details.
The company has provided 2019 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 2019. 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 $(1.20) per share in 2019. This estimate is
subject to substantial uncertainty due to, among other things, the
potential effects of the strategic decision to exit the EWC
business.
Earnings Teleconference
A teleconference will be held at 9:00 a.m. Central Time on
Wednesday, May 1, 2019, 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 1060279, no more than
15 minutes prior to the start of the call. The webcast slide
presentation is also posted to Entergy's website concurrent with
this release, which was issued before market open on the day of the
call. 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 8,
2019, by dialing 855-859-2056, conference ID 1060279.
Entergy Corporation is an integrated energy company engaged
primarily in electric power production and retail distribution
operations. Entergy owns and operates power plants with
approximately 30,000 megawatts of electric generating capacity,
including nearly 9,000 megawatts of nuclear power. Entergy
delivers electricity to 2.9 million utility customers in
Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of
approximately $11 billion and nearly
13,700 employees.
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 slide 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 & Other Information, which
provides investors with key updates of 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 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 decision to exit 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 ROIC; gross liquidity; debt to capital, excluding
securitization debt; net debt to net capital, excluding
securitization debt; parent debt to total debt, excluding
securitization debt; FFO; 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 and assists investors in
comparing Entergy's credit and liquidity to the credit and
liquidity of others in the Utility sector. In addition, other
financial measures including net income (or earnings), adjusted for
preferred dividends and tax effected interest expense; net revenue;
return on average invested capital; and return on average common
equity are included on both an adjusted and as-reported basis. In
each case, the metrics defined as "adjusted" would exclude the
effect of adjustments as defined above.
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, Entergy's
2019 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
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 strategic transactions
that Entergy or its subsidiaries may undertake, including 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 technological changes and
changes in commodity markets, capital markets or economic
conditions; and (j) impacts from a terrorist attack, cybersecurity
threats, data security breaches or other attempts to disrupt
Entergy's business or operations, and other catastrophic
events.
First Quarter 2019 Earnings Release Appendices
and Financial Statements
Appendices
Appendices are presented in this section as follows:
- A: Consolidated Results and Adjustments
- B: Earnings Variance Analysis
- C: Utility Financial and Operating Measures
- D: EWC Financial and Operating Measures
- E: Consolidated Financial Measures
- F: Definitions and Abbreviations and Acronyms
- G: GAAP to Non-GAAP Reconciliations
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
Measures
First Quarter 2019
vs. 2018 (See Appendix A-3 and Appendix A-4 for details on
adjustments)
|
|
First
Quarter
|
|
2019
|
2018
|
Change
|
|
(After-tax, $ in
millions)
|
|
|
|
|
Earnings
(loss)
|
|
|
|
|
Utility
|
231
|
215
|
16
|
|
Parent &
Other
|
(73)
|
(64)
|
(9)
|
|
EWC
|
97
|
(18)
|
115
|
|
Consolidated
|
255
|
133
|
122
|
|
|
|
|
|
Less
adjustments
|
|
|
|
|
Utility
|
-
|
-
|
-
|
|
Parent &
Other
|
-
|
-
|
-
|
|
EWC
|
97
|
(18)
|
115
|
|
Consolidated
|
97
|
(18)
|
115
|
|
|
|
|
|
Adjusted earnings
(loss) (non-GAAP)
|
|
|
|
|
Utility
|
231
|
215
|
16
|
|
Parent &
Other
|
(73)
|
(64)
|
(9)
|
|
EWC
|
-
|
-
|
-
|
|
Consolidated
|
158
|
151
|
7
|
|
Estimated weather
in billed sales
|
(23)
|
16
|
(40)
|
|
|
|
|
|
Diluted average
number of common shares outstanding (in millions)
|
192.2
|
181.4
|
|
|
|
|
|
|
(After-tax, per share
in $) (a)
|
|
|
|
|
Earnings
(loss)
|
|
|
|
|
Utility
|
1.20
|
1.19
|
0.01
|
|
Parent &
Other
|
(0.38)
|
(0.36)
|
(0.02)
|
|
EWC
|
0.50
|
(0.10)
|
0.60
|
|
Consolidated
|
1.32
|
0.73
|
0.59
|
|
|
|
|
|
Less
adjustments
|
|
|
Utility
|
-
|
-
|
-
|
|
Parent &
Other
|
-
|
-
|
-
|
|
EWC
|
0.50
|
(0.10)
|
0.60
|
|
Consolidated
|
0.50
|
(0.10)
|
0.60
|
|
|
|
|
|
Adjusted earnings
(loss) (non-GAAP)
|
|
|
|
|
Utility
|
1.20
|
1.19
|
0.01
|
|
Parent &
Other
|
(0.38)
|
(0.36)
|
(0.02)
|
|
EWC
|
-
|
-
|
-
|
|
Consolidated
|
0.82
|
0.83
|
(0.01)
|
|
Estimated weather
in billed sales
|
(0.12)
|
0.09
|
(0.21)
|
|
Calculations may
differ due to rounding
|
|
(a)
|
Per share amounts are
calculated by dividing the corresponding earnings (loss) by the
diluted average number of common shares outstanding for the
period.
|
See Appendix B for detailed earnings variance analysis. See
Appendix A-3 for adjustments by driver.
Appendix A-2 provides a comparative summary of OCF, by
business.
|
Appendix A-2:
Consolidated Operating Cash Flow
|
|
First Quarter 2019
vs. 2018
|
|
($ in
millions)
|
|
First
Quarter
|
|
2019
|
2018
|
Change
|
|
Utility
|
455
|
523
|
(68)
|
|
Parent &
Other
|
(78)
|
(57)
|
(21)
|
|
EWC
|
124
|
91
|
33
|
|
Consolidated
|
501
|
557
|
(56)
|
|
|
|
|
|
Calculations may
differ due to rounding
|
OCF decreased quarter-over-quarter due primarily to the return
of the unprotected excess ADIT to customers, as well as unfavorable
weather at the Utility. Lower pension contributions partially
offset the decrease.
Appendix A-3 and Appendix A-4 list adjustments by business.
Amounts are shown on both an earnings and EPS basis. 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-3:
Adjustments by Driver (shown as positive/(negative) impact on
earnings or EPS)
|
|
First Quarter 2019
vs. 2018
|
|
First
Quarter
|
|
2019
|
2018
|
Change
|
|
(Pre-tax except for
income tax effects and total, $ in millions)
|
|
|
|
|
EWC
|
|
|
|
|
Income before income
taxes
|
163
|
(19)
|
182
|
|
Income
taxes
|
66
|
(1)
|
67
|
|
Preferred dividend
requirements of subsidiaries
|
1
|
1
|
-
|
|
Total
EWC
|
97
|
(18)
|
115
|
|
|
|
|
|
Total
adjustments
|
97
|
(18)
|
115
|
|
|
|
|
|
(After-tax, per share
in $)
|
|
|
|
|
EWC
|
|
|
|
|
Total
EWC
|
0.50
|
(0.10)
|
0.60
|
|
|
|
|
|
Total
adjustments
|
0.50
|
(0.10)
|
0.60
|
|
Calculations may
differ due to rounding
|
|
|
|
|
Appendix A-4:
Adjustments by Income Statement Line Item (shown as
positive/(negative) impact on earnings)
|
|
First Quarter 2019
vs. 2018
|
|
(Pre-tax except for
Income taxes and total, $ in millions)
|
|
First
Quarter
|
|
|
2019
|
2018
|
Change
|
|
EWC
|
|
|
|
|
Net revenue
|
393
|
382
|
11
|
|
Non-fuel
O&M
|
(201)
|
(193)
|
(8)
|
|
Asset write-off and
impairments
|
(74)
|
(73)
|
(1)
|
|
Decommissioning
expense
|
(63)
|
(58)
|
(5)
|
|
Taxes other than
income taxes
|
(13)
|
(16)
|
4
|
|
Depreciation/amortization exp.
|
(38)
|
(38)
|
-
|
|
Other income
(deductions)–other
|
169
|
(14)
|
183
|
|
Interest exp. and
other charges
|
(9)
|
(8)
|
(1)
|
|
Income
taxes
|
(66)
|
1
|
(67)
|
|
Preferred
dividend
|
(1)
|
(1)
|
-
|
|
Total
EWC
|
97
|
(18)
|
115
|
|
|
|
|
|
|
Total adjustments
(after-tax)
|
97
|
(18)
|
115
|
|
Calculations may
differ due to rounding
|
B: Earnings Variance Analysis
Appendix B provides details of current quarter 2019 versus
2018 as-reported and adjusted earnings variance analysis for
Utility, Parent & Other, and EWC.
|
Appendix B:
As-Reported and Adjusted Earnings Variance Analysis (b),
(c)
|
|
First Quarter 2019
vs. 2018
|
|
(After-tax, per share
in $)
|
|
|
|
|
|
|
|
Utility
|
|
Parent &
Other
|
|
EWC
|
|
Consolidated
|
|
As-Reported
|
Adjusted
|
|
As-Reported
|
Adjusted
|
|
As-
Reported
|
|
As-
Reported
|
Adjusted
|
|
2018
earnings
|
1.19
|
1.19
|
|
(0.36)
|
(0.36)
|
|
(0.10)
|
|
0.73
|
0.83
|
|
Net
revenue
|
0.07
|
0.07
|
(d)
|
-
|
-
|
|
0.05
|
(e)
|
0.12
|
0.07
|
|
Non-fuel
O&M
|
0.02
|
0.02
|
|
(0.02)
|
(0.02)
|
|
(0.03)
|
|
(0.03)
|
-
|
|
Asset write-offs and
impairments
|
-
|
-
|
|
-
|
-
|
|
-
|
|
-
|
-
|
|
Decommissioning
expense
|
(0.01)
|
(0.01)
|
|
-
|
-
|
|
(0.02)
|
|
(0.03)
|
(0.01)
|
|
Taxes other than
income taxes
|
0.01
|
0.01
|
|
-
|
-
|
|
0.01
|
|
0.02
|
0.01
|
|
Depreciation/amortization exp.
|
(0.04)
|
(0.04)
|
|
-
|
-
|
|
-
|
|
(0.04)
|
(0.04)
|
|
Other income
(deductions)–other
|
0.03
|
0.03
|
|
(0.01)
|
(0.01)
|
|
0.79
|
(f)
|
0.81
|
0.02
|
|
Interest exp. and
other charges
|
(0.03)
|
(0.03)
|
|
(0.03)
|
(0.03)
|
|
-
|
|
(0.06)
|
(0.06)
|
|
Income
taxes–other
|
0.03
|
0.03
|
|
0.01
|
0.01
|
|
(0.16)
|
(g)
|
(0.12)
|
0.04
|
|
Share
effect
|
(0.07)
|
(0.07)
|
(h)
|
0.03
|
0.03
|
|
(0.04)
|
|
(0.08)
|
(0.04)
|
|
2019
earnings
|
1.20
|
1.20
|
|
(0.38)
|
(0.38)
|
|
0.50
|
|
1.32
|
0.82
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding.
|
|
|
(b)
|
Utility net revenue
and Utility income taxes exclude $61 million for the return of
unprotected excess ADIT to customers (net effect is neutral to
earnings).
|
|
(c)
|
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.
|
|
(d)
|
The earnings increase
from higher Utility net revenue was primarily driven by rate
activity from E-AR's and E-LA's FRPs, E-LA's AMI rider and E-TX's
base rate case. In addition, in first quarter 2018, E-LA
recorded regulatory charges to return the benefits of the lower
effective federal tax rate to customers. Partially offsetting
was the net effect of volume/weather primarily due to the
effects of weather, which was negative in first quarter 2019 and
positive in first quarter 2018.
|
|
(e)
|
The earnings increase
from higher EWC net revenue reflected higher volume from merchant
nuclear plants.
|
|
(f)
|
The earnings increase
from higher EWC other income (deductions)–other was due largely to
unrealized gains on the decommissioning trust fund investments in
first quarter 2019.
|
|
(g)
|
The earnings decrease
from higher EWC income taxes is primarily due to an accrual of $29
million of tax expense, which resulted from the sale of Vermont
Yankee in January 2019.
|
|
(h)
|
The earnings per
share decrease from share effect is due to the equity forward
including the settlement of 6.8 million shares in December
2018.
|
|
|
|
Utility
As-Reported Net Revenue
Variance
Analysis
2019 vs. 2018 ($
EPS)
|
|
1Q
|
|
Volume/weather
|
(0.16)
|
|
Retail electric
price
Reg. charges for
lower tax rate
|
0.12
0.12
|
|
Other
|
(0.01)
|
|
Total
|
0.07
|
C: Utility Financial and Operating Measures
Appendix C-1 and Appendix C-2 provides comparative summaries of
Utility operating and financial measures.
|
Appendix C-1: Utility
Operating and Financial Measures
|
|
First Quarter 2019
vs. 2018
|
|
First
Quarter
|
|
2019
|
2018
|
%
Change
|
% Weather
Adjusted (i)
|
|
GWh billed
|
|
|
|
|
|
Residential
|
8,471
|
9,287
|
(8.8)
|
(0.3)
|
|
Commercial
|
6,423
|
6,732
|
(4.6)
|
(1.4)
|
|
Governmental
|
601
|
608
|
(1.2)
|
(0.7)
|
|
Industrial
|
11,683
|
11,405
|
2.4
|
2.4
|
|
Total
retail sales
|
27,178
|
28,032
|
(3.0)
|
0.6
|
|
Wholesale
|
3,814
|
3,244
|
17.6
|
|
|
Total
sales
|
30,992
|
31,276
|
(0.9)
|
|
|
|
|
|
|
|
Number of electric
retail customers
|
|
|
|
|
|
Residential
|
2,483,785
|
2,476,056
|
0.3
|
|
|
Commercial
|
357,613
|
356,034
|
0.4
|
|
|
Governmental
|
18,111
|
17,945
|
0.9
|
|
|
Industrial
|
40,890
|
40,856
|
0.1
|
|
|
Total
retail customers
|
2,900,399
|
2,890,891
|
0.3
|
|
|
|
|
|
|
|
Net revenue ($ in
millions)
|
1,416
|
1,460
|
(3.0)
|
|
|
Non-fuel O&M per
MWh
|
$20.12
|
$20.09
|
0.1
|
|
|
|
|
|
|
|
Appendix C-2: Utility
Operating Measures
|
|
Twelve Months Ended
March 31, 2019 vs. 2018
|
|
Twelve Months Ended
March 31
|
|
2019
|
2018
|
%
Change
|
% Weather
Adjusted (i)
|
|
GWh billed
|
|
|
|
|
|
Residential
|
36,291
|
35,484
|
2.3
|
(0.6)
|
|
Commercial
|
29,117
|
29,039
|
0.3
|
(0.7)
|
|
Governmental
|
2,574
|
2,525
|
1.9
|
1.2
|
|
Industrial
|
48,662
|
48,057
|
1.3
|
1.3
|
|
Total
retail sales
|
116,644
|
115,105
|
1.3
|
0.2
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
|
|
(i)
|
The effects of
weather were estimated using heating degree days and cooling degree
days for the billing cycles from certain locations within each
jurisdiction and comparing to "normal" weather based on 20-year
historical data. The models used to estimate weather are updated
periodically and are subject to change.
|
|
|
D: EWC Financial and Operating Measures
Appendix D-1 provides a comparative summary of EWC adjusted
EBITDA (non-GAAP).
|
Appendix D-1: EWC
Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP
Measures
|
|
First Quarter 2019
vs. 2018
|
|
($ in
millions)
|
First
Quarter
|
|
2019
|
2018
|
Change
|
|
Net income
(loss)
|
97
|
(18)
|
115
|
|
Add back: interest
expense
|
9
|
8
|
1
|
|
Add back: income
taxes
|
66
|
(1)
|
67
|
|
Add back:
depreciation and amortization
|
38
|
38
|
-
|
|
Subtract: interest
and investment income
|
181
|
(1)
|
182
|
|
Add back:
decommissioning expense
|
63
|
58
|
5
|
|
Adjusted EBITDA
(non-GAAP)
|
92
|
86
|
6
|
|
|
|
|
|
Calculations may
differ due to rounding
|
Appendix D-2 provides a comparative summary of EWC operating and
financial measures.
|
Appendix D-2: EWC
Operational and Financial Measures
|
|
First Quarter 2019
vs. 2018 (See Appendix G for reconciliation of GAAP to non-GAAP
measures)
|
|
First
Quarter
|
|
2019
|
2018
|
% Change
|
|
Owned capacity
(MW)
|
3,962
|
3,962
|
-
|
|
GWh billed
|
7,203
|
6,996
|
3.0
|
|
Net revenue ($ in
millions)
|
393
|
382
|
2.9
|
|
|
|
|
|
EWC Nuclear
Fleet
|
|
|
|
|
Capacity
factor
|
85%
|
83%
|
2.4
|
|
GWh billed
|
6,690
|
6,408
|
4.4
|
|
Production cost per
MWh
|
$20.04
|
$18.75
|
6.9
|
|
Average
energy/capacity revenue per MWh
|
$57.99
|
$56.96
|
1.8
|
|
Net revenue ($ in
millions)
|
389
|
379
|
2.6
|
|
Refueling outage
days
|
|
|
|
|
Indian Point
2
|
-
|
13
|
|
|
Indian Point
3
|
21
|
-
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
See appendix in the webcast slide presentation for EWC hedging
and price disclosures.
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 2019
vs. 2018 (See Appendix G for reconciliation of GAAP to non-GAAP
financial measures)
|
|
|
|
For 12 months ending
March 31
|
2019
|
2018
|
Change
|
|
GAAP
Measures
|
|
|
|
|
As-reported
ROIC
|
5.6%
|
3.9%
|
1.7%
|
|
As-reported
ROE
|
11.4%
|
5.8%
|
5.6%
|
|
|
|
|
|
Non-GAAP
Measures
|
|
|
|
|
Adjusted
ROIC
|
5.5%
|
5.0%
|
0.5%
|
|
Adjusted
ROE
|
11.5%
|
9.4%
|
2.1%
|
|
|
|
|
|
As of March 31 ($ in
millions)
|
2019
|
2018
|
Change
|
|
GAAP
Measures
|
|
|
|
|
Cash and cash
equivalents
|
983
|
1,206
|
(223)
|
|
Revolver
capacity
|
3,950
|
3,010
|
940
|
|
Commercial
paper
|
1,942
|
655
|
1,287
|
|
Total debt
|
19,325
|
17,680
|
1,645
|
|
Securitization
debt
|
398
|
520
|
(122)
|
|
Debt to
capital
|
67.8%
|
68.4%
|
(0.6%)
|
|
Off-balance sheet
liabilities:
|
|
|
|
|
Debt of joint
ventures – Entergy's share
|
59
|
66
|
(7)
|
|
Leases
– Entergy's share (j)
|
-
|
429
|
(429)
|
|
Power purchase
agreements accounted for as leases (j)
|
-
|
136
|
(136)
|
|
Total off-balance
sheet liabilities
|
59
|
631
|
(572)
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
|
|
|
|
Debt to capital,
excluding securitization debt
|
67.3%
|
67.7%
|
(0.4%)
|
|
Gross
liquidity
|
4,933
|
4,216
|
717
|
|
Net debt to net
capital, excluding securitization debt
|
66.1%
|
66.1%
|
0.0%
|
|
Parent debt to total
debt, excluding securitization debt
|
21.7%
|
21.1%
|
0.6%
|
|
FFO to debt,
excluding securitization debt
|
11.1%
|
14.8%
|
(3.7%)
|
|
FFO to debt,
excluding securitization debt, return of unprotected excess ADIT,
and severance and retention payments associated with exit of
EWC
|
15.0%
|
15.3%
|
(0.3%)
|
|
|
|
|
|
|
|
(j)
|
As of January 1,
2019, Entergy adopted ASC 842, the new lease accounting standard.
As a result, Entergy re-evaluated all agreements and put all
agreements that qualified as operating leases on the balance sheet,
and there are no longer any off-balance sheet liabilities for
leases.
|
F: Definitions and Abbreviations and Acronyms
Appendix F-1 provides definitions of certain operating measures,
as well as GAAP and non-GAAP financial measures. Non-GAAP financial
measures remove the effects of financial events that are not
routine from commonly used financial measures.
|
Appendix F-1:
Definitions
|
|
Utility Operating
and Financial Measures
|
|
GWh billed
|
Total number of GWh
billed to retail and wholesale customers
|
|
Net
revenue
|
Operating revenues
less fuel, fuel related expenses and gas purchased for resale;
purchased power and other regulatory charges (credits) –
net
|
|
Non-fuel
O&M
|
Operation and
maintenance expenses excluding fuel, fuel-related expenses and gas
purchased for resale and purchased power
|
|
Non-fuel O&M per
MWh
|
Non-fuel O&M per
MWh of billed sales
|
|
Number of retail
customers
|
Number of customers
at the end of the prior year
|
|
|
|
EWC Operating and
Financial Measures
|
|
Average revenue under
contract per kW-month (applies to capacity contracts
only)
|
Revenue on a per unit
basis at which capacity is expected to be sold to third parties,
given existing contract prices and/or auction awards
|
|
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 market price
changes affecting revenue received on puts, collars and call
options, positive or negative basis differentials, option premiums
and market prices at the time of option expiration, costs to
convert firm LD to unit-contingent and other risk management
costs
|
|
Bundled capacity and
energy contracts
|
A contract for the
sale of installed capacity and related energy, priced per MWh
sold
|
|
Capacity
contracts
|
A contract for the
sale of the installed capacity product in regional markets managed
by ISO New England, NYISO and MISO
|
|
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
estimates for market price changes affecting revenue received on
puts, collars and call options, positive or negative basis
differentials, option premiums and market prices at time of option
expiration, costs to convert Firm LD to unit-contingent 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
|
|
Firm LD
|
Transaction that
requires receipt or delivery of energy at a specified delivery
point (usually at a market hub not associated with a specific
asset) or settles financially on notional quantities; if a party
fails to deliver or receive energy, defaulting party must
compensate the other party as specified in the contract, a portion
of which may be capped through the use of risk management
products
|
|
|
|
Appendix F-1:
Definitions
|
|
EWC Operating and
Financial Measures (continued)
|
|
GWh billed
|
Total number of GWh
billed to customers and financially-settled instruments
|
|
Net
revenue
|
Operating revenues
less fuel and fuel-related expenses and purchased power
|
|
Offsetting
positions
|
Transactions for the
purchase of energy, generally to offset a Firm LD
transaction
|
|
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
|
Percent of planned
generation output sold or purchased forward under contracts,
forward physical contracts, forward financial contracts or options
that mitigate price uncertainty that may or may not require
regulatory approval or approval of transmission rights or other
conditions precedent; positions that are no longer classified as
hedges are netted in the planned generation under
contract
|
|
Planned net MW in
operation
|
Amount of installed
capacity to generate power and/or sell capacity, assuming intent to
shutdown Pilgrim (May 31, 2019), Indian Point 2 (April 30, 2020),
Indian Point 3 (April 30, 2021) and Palisades (May 31,
2022)
|
|
Planned TWh of
generation
|
Amount of output
expected to be generated by EWC resources considering plant
operating characteristics and outage schedules, assuming intent to
shutdown Pilgrim (May 31, 2019), Indian Point 2 (April 30, 2020),
Indian Point 3 (April 30, 2021) and Palisades (May 31,
2022)
|
|
Production cost per
MWh
|
Fuel and non-fuel
O&M expenses according to accounting standards that directly
relate to the production of electricity per MWh (based on net
generation)
|
|
Refueling outage
days
|
Number of days lost
for a scheduled refueling and maintenance outage during the
period
|
|
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 average
common equity
|
|
As-reported
ROIC
|
12-months rolling net
income attributable to Entergy Corporation adjusted for preferred
dividends and tax-effected interest expense divided by average
invested capital
|
|
Book value per
share
|
End of period common
equity divided by end of period shares outstanding
|
|
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
|
|
Leases – Entergy's
share
|
Operating leases held
by subsidiaries capitalized at implicit interest rate
|
|
Revolver
capacity
|
Amount of undrawn
capacity remaining on corporate and subsidiary revolvers
|
|
Securitization
debt
|
Debt associated with
securitization bonds issued to recover storm costs from hurricanes
Rita, Ike and Gustav at E-TX and Hurricane Isaac at E-NO; the 2009
ice storm at E-AR and investment recovery of costs associated with
the cancelled Little Gypsy repowering project at E-LA
|
|
Total debt
|
Sum of short-term and
long-term debt, notes payable and commercial paper and capital
leases on the balance sheet
|
|
|
|
|
|
|
Appendix F-1:
Definitions
|
|
Financial Measures
- Non-GAAP
|
|
Adjusted
EBITDA
|
Earnings before
interest, depreciation and amortization and income taxes and
excluding decommissioning expense; for Entergy consolidated, also
excludes AFUDC-equity funds and subtracts securitization
proceeds
|
|
Adjusted
EPS
|
As-reported EPS
excluding adjustments
|
|
Adjusted
ROE
|
12-months rolling
adjusted net income attributable to Entergy Corporation divided by
average common equity
|
|
Adjusted
ROIC
|
12-months rolling
adjusted net income attributable to Entergy Corporation adjusted
for preferred dividends and tax-effected interest expense divided
by average invested capital
|
|
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, prepaid taxes and taxes accrued,
interest accrued and other working capital accounts) and
securitization regulatory charges
|
|
FFO to debt,
excluding securitization debt
|
12-months rolling
adjusted FFO as a percentage of end of period total debt excluding
securitization debt
|
|
FFO to debt,
excluding securitization debt, return of unprotected excess ADIT,
and severance and retention payments associated with exit of
EWC
|
12-months rolling
adjusted FFO as a percentage of end of period total debt excluding
securitization debt, return of unprotected excess ADIT, and
severance and retention payments associated with exit of
EWC
|
|
Gross
liquidity
|
Sum of cash and
revolver capacity
|
|
Net debt to net
capital, excluding securitization debt
|
Total debt less cash
and cash equivalents divided by total capitalization less cash and
cash equivalents, excluding securitization debt
|
|
Parent debt to total
debt, excluding securitization debt
|
End of period Entergy
Corporation debt, including amounts drawn on credit revolver and
commercial paper facilities, as a percent of consolidated total
debt, excluding securitization debt
|
|
|
Appendix F-2 explains abbreviations and acronyms used in the
quarterly earnings materials.
|
Appendix F-2:
Abbreviations and Acronyms
|
|
ADIT
|
Accumulated deferred
income taxes
|
ISO
|
Independent system
operator
|
|
AFUDC – borrowed
funds
|
Allowance for
borrowed funds used during construction
|
IT
|
Information
technology
|
|
AFUDC – equity
funds
|
Allowance for equity
funds used during construction
|
LPSC
|
Louisiana Public
Service Commission
|
|
ALJ
|
Administrative law
judge
|
LTM
|
Last twelve
months
|
|
AMI
|
Advanced metering
infrastructure
|
LTSA
|
Long-term service
agreement
|
|
ANO
|
Units 1 and 2 of
Arkansas Nuclear One owned by E-AR (nuclear)
|
MISO
|
Midcontinent
Independent System Operator, Inc.
|
|
APSC
|
Arkansas Public
Service Commission
|
Moody's
|
Moody's Investor
Service
|
|
ARO
|
Asset retirement
obligation
|
MPSC
|
Mississippi Public
Service Commission
|
|
bps
|
Basis
points
|
MTEP
|
MISO Transmission
Expansion Planning
|
|
CCGT
|
Combined cycle gas
turbine
|
Nelson 6
|
Unit 6 of Roy S.
Nelson plant (coal)
|
|
CCN
|
Certificate of
convenience & necessity
|
NEPOOL
|
New England Power
Pool
|
|
CCNO
|
Council of the City
of New Orleans, Louisiana
|
Ninemile 6
|
Ninemile Point Unit 6
(CCGT)
|
|
COD
|
Commercial operation
date
|
Non-fuel
O&M
|
Non-fuel operation
and maintenance expense
|
|
CT
|
Simple cycle
combustion turbine
|
NDT
|
Nuclear
decommissioning trust
|
|
CWIP
|
Construction work in
progress
|
NOPS
|
New Orleans Power
Station (RICE/natural gas)
|
|
DCRF
|
Distribution cost
recovery factor
|
NorthStar
|
NorthStar
Decommissioning Holdings, LLC
|
|
E-AR
|
Entergy Arkansas,
LLC
|
NRC
|
Nuclear Regulatory
Commission
|
|
E-LA
|
Entergy Louisiana,
LLC
|
NYISO
|
New York Independent
System Operator, Inc.
|
|
E-MS
|
Entergy Mississippi,
LLC
|
NYPA
|
New York Power
Authority
|
|
E-NO
|
Entergy New Orleans,
LLC
|
NYSE
|
New York Stock
Exchange
|
|
E-TX
|
Entergy Texas,
Inc.
|
O&M
|
Operation and
maintenance expense
|
|
EBITDA
|
Earnings before
interest, income taxes, depreciation and amortization
|
OCF
|
Net cash flow
provided by operating activities
|
|
ENGC
|
Entergy Nuclear
Generation Company
|
OpCo
|
Operating
Company
|
|
ENP
|
Entergy Nuclear
Palisades, LLC
|
OPEB
|
Other post-employment
benefits
|
|
EPS
|
Earnings per
share
|
P&O
|
Parent &
Other
|
|
ETR
|
Entergy
Corporation
|
Palisades
|
Palisades Power Plant
(nuclear)
|
|
EWC
|
Entergy Wholesale
Commodities
|
Pilgrim
|
Pilgrim Nuclear Power
Station (nuclear)
|
|
FERC
|
Federal Energy
Regulatory Commission
|
PPA
|
Power purchase
agreement or purchased power agreement
|
|
FFO
|
Funds from
operations
|
PUCT
|
Public Utility
Commission of Texas
|
|
FitzPatrick
|
James A. FitzPatrick
Nuclear Power Plant (nuclear, sold March 31, 2017)
|
RICE
|
Reciprocating
Internal Combustion Engine
|
|
FRP
|
Formula rate
plan
|
RFP
|
Request for
proposals
|
|
GAAP
|
U.S. generally
accepted accounting principles
|
ROE
|
Return on
equity
|
|
Grand Gulf or
GGNS
|
Unit 1 of Grand Gulf
Nuclear Station (nuclear), 90% owned or leased by SERI
|
ROIC
|
Return on invested
capital
|
|
Indian Point 1 or
IP1
|
Indian Point Energy
Center Unit 1 (nuclear) (shut down in 1974)
|
RS Cogen
|
RS Cogen facility
(CCGT cogeneration)
|
|
Indian Point 2 or
IP2
|
Indian Point Energy
Center Unit 2 (nuclear)
|
RSP
|
Rate Stabilization
Plan (E-LA Gas)
|
|
Indian Point 3 or
IP3
|
Indian Point Energy
Center Unit 3 (nuclear)
|
S&P
|
Standard &
Poor's
|
|
IPEC
|
Indian Point Energy
Center (nuclear)
|
SCPS
|
St. Charles Power
Station (CCGT)
|
|
ISES 2
|
Unit 2 of
Independence Steam Electric Station (coal)
|
SEC
|
U.S. Securities and
Exchange Commission
|
|
IRS
|
Internal Revenue
Service
|
SERI
|
System Energy
Resources, Inc.
|
|
|
TCRF
|
Transmission cost
recovery factor
|
|
|
Union
|
Union Power Station
(CCGT)
|
|
|
UPSA
|
Unit Power Sales
Agreement
|
|
|
VPUC
|
Vermont Public
Utility Commission
|
|
|
VY or Vermont
Yankee
|
Vermont Yankee
Nuclear Power Station (nuclear)
|
|
|
WACC
|
Weighted-average cost
of capital
|
|
|
WPEC
|
Washington Parish
Energy Center (CT/natural gas)
|
G: GAAP to Non-GAAP Reconciliations
Appendix G-1 and Appendix G-2 provide reconciliations of various
non-GAAP financial measures disclosed in this release to their most
comparable GAAP measure.
|
Appendix G-1:
Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC,
ROE
|
|
($ in millions except
where noted)
|
|
First
Quarter
|
|
|
2019
|
2018
|
|
As-reported net
income (loss) attributable to Entergy Corporation, rolling 12
months
|
(A)
|
970
|
462
|
|
Preferred
dividends
|
|
15
|
14
|
|
Tax effected interest
expense
|
|
539
|
499
|
|
As-reported net
income (loss) attributable to Entergy Corporation, rolling 12
months adjusted for preferred dividends and tax effected interest
expense
|
(B)
|
1,524
|
975
|
|
|
|
|
|
Adjustments in prior
quarters
|
|
(103)
|
(276)
|
|
EWC
adjustments
|
|
97
|
(18)
|
|
Total
adjustments
|
(C)
|
(6)
|
(294)
|
|
EWC preferred
dividends and tax-effected interest expense, rolling 12
months
|
|
30
|
22
|
|
|
|
|
|
Total adjustments,
including preferred dividends and tax effected interest expense
(non-GAAP)
|
(D)
|
24
|
(272)
|
|
|
|
|
|
Adjusted earnings,
rolling 12 months (non-GAAP)
|
(A-C)
|
976
|
756
|
|
Adjusted earnings,
rolling 12 months including preferred dividends and tax- effected
interest expense (non-GAAP)
|
(B-D)
|
1,501
|
1,247
|
|
|
|
|
|
Average invested
capital
|
(E)
|
27,184
|
24,862
|
|
|
|
|
|
Average common
equity
|
(F)
|
8,473
|
8,016
|
|
|
|
|
|
As-reported
ROIC
|
(B/E)
|
5.6%
|
3.9%
|
|
Adjusted ROIC
(non-GAAP)
|
[(B-D)/E]
|
5.5%
|
5.0%
|
|
As-reported
ROE
|
(A/F)
|
11.4%
|
5.8%
|
|
Adjusted ROE
(non-GAAP)
|
[(A-C)/F]
|
11.5%
|
9.4%
|
|
|
|
|
|
Calculations may
differ due to rounding
|
|
|
|
|
Appendix G-2:
Reconciliation of GAAP to Non-GAAP Financial Measures – Debt Ratios
excluding Securitization Debt; Gross Liquidity; FFO to Debt,
excluding Securitization Debt; FFO to Debt, excluding
Securitization Debt, Return of Unprotected Excess ADIT, and
Severance and Retention Payments Associated with Exit of
EWC
|
|
($ in millions except
where noted)
|
|
First
Quarter
|
|
|
2019
|
2018
|
|
Total debt
|
(A)
|
19,325
|
17,680
|
|
Less securitization
debt
|
(B)
|
398
|
520
|
|
Total debt, excluding
securitization debt
|
(C)
|
18,927
|
17,160
|
|
Less cash and cash
equivalents
|
(D)
|
983
|
1,206
|
|
Net debt, excluding
securitization debt
|
(E)
|
17,944
|
15,954
|
|
|
|
|
|
Total
capitalization
|
(F)
|
28,515
|
25,853
|
|
Less securitization
debt
|
(B)
|
398
|
520
|
|
Total capitalization,
excluding securitization debt
|
(G)
|
28,117
|
25,333
|
|
Less cash and cash
equivalents
|
(D)
|
983
|
1,206
|
|
Net capital,
excluding securitization debt
|
(H)
|
27,134
|
24,127
|
|
|
|
|
|
Debt to
capital
|
(A/F)
|
67.8%
|
68.4%
|
|
Debt to capital,
excluding securitization debt (non-GAAP)
|
(C/G)
|
67.3%
|
67.7%
|
|
Net debt to net
capital, excluding securitization debt (non-GAAP)
|
(E/H)
|
66.1%
|
66.1%
|
|
|
|
|
|
Revolver
capacity
|
(I)
|
3,950
|
3,010
|
|
|
|
|
|
Gross liquidity
(non-GAAP)
|
(D+I)
|
4,933
|
4,216
|
|
|
|
|
|
Entergy Corporation
notes:
|
|
|
|
|
Due September
2020
|
|
450
|
450
|
|
Due July
2022
|
|
650
|
650
|
|
Due September
2026
|
|
750
|
750
|
|
Total parent long-term
debt
|
(J)
|
1,850
|
1,850
|
|
Revolver
draw
|
(K)
|
320
|
1,125
|
|
Commercial
paper
|
(L)
|
1,942
|
655
|
|
Unamortized debt
issuance and discounts
|
(M)
|
(9)
|
(11)
|
|
Total parent
debt
|
(J+K+L+M)
|
4,103
|
3,619
|
|
|
|
|
|
Parent debt to total
debt, excluding securitization debt (non-GAAP)
|
[(J+K+L+M)/C]
|
21.7%
|
21.1%
|
|
|
|
|
|
|
Appendix G-2:
Reconciliation of GAAP to Non-GAAP Financial Measures – Debt Ratios
excluding Securitization Debt; Gross Liquidity; FFO to Debt,
excluding Securitization Debt; FFO to Debt, excluding
Securitization Debt, Return of Unprotected Excess ADIT, and
Severance and Retention Payments Associated with Exit of EWC
(continued)
|
|
($ in millions except
where noted)
|
|
First
Quarter
|
|
|
2019
|
2018
|
|
Total debt
|
(A)
|
19,325
|
17,680
|
|
Less securitization
debt
|
(B)
|
398
|
520
|
|
Total debt, excluding
securitization debt
|
(C)
|
18,927
|
17,160
|
|
|
|
|
|
Net cash flow
provided by operating activities, rolling 12 months
|
(D)
|
2,329
|
2,652
|
|
|
|
|
|
AFUDC – borrowed
funds, rolling 12 months
|
(E)
|
(65)
|
(49)
|
|
|
|
|
|
Working capital items
in net cash flow provided by operating activities (rolling 12
months):
|
|
|
|
|
Receivables
|
|
7
|
(123)
|
|
Fuel
inventory
|
|
58
|
(26)
|
|
Accounts
payable
|
|
103
|
81
|
|
Taxes
accrued
|
|
51
|
36
|
|
Interest
accrued
|
|
(5)
|
5
|
|
Other working capital
accounts
|
|
(178)
|
(25)
|
|
Securitization
regulatory charges
|
|
121
|
121
|
|
Total
|
(F)
|
157
|
69
|
|
|
|
|
|
FFO, rolling 12
months (non-GAAP)
|
(G)=(D+E-F)
|
2,107
|
2,534
|
|
|
|
|
|
FFO to debt,
excluding securitization debt (non-GAAP)
|
(G/C)
|
11.1%
|
14.8%
|
|
|
|
|
|
Estimated return of
unprotected excess ADIT (rolling 12 months pre-tax)
|
(H)
|
692
|
-
|
|
Severance and
retention payments associated with exit of EWC (rolling 12 months
pre-tax)
|
(I)
|
43
|
100
|
|
|
|
|
|
FFO to debt,
excluding securitization debt, return of unprotected excess ADIT,
and severance and retention payments associated with exit of EWC
(non-GAAP)
|
[(G+H+I)/(C)]
|
15.0%
|
15.3%
|
|
|
|
|
|
Calculations may
differ due to rounding
|
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SOURCE Entergy Corporation