NEW ORLEANS, July 29, 2020 /PRNewswire/ -- Entergy
Corporation (NYSE: ETR) reported second quarter 2020 earnings of
$1.79 per share on an as-reported
basis and $1.37 per share on an
adjusted basis (non-GAAP).
"We delivered another strong quarter and remain on track to
achieve our full-year objectives. Sales were better than expected,
we're on pace to achieve our cost savings target for the year, and
our capital plan is unchanged. With these results, we are affirming
our full-year guidance, our longer-term outlooks, and our dividend
growth aspirations," said Entergy Chairman and Chief Executive
Officer Leo Denault. "The COVID-19
pandemic has placed a burden on our customers, employees, and
communities, and we continue to support our stakeholders as we all
work to recover from its effects. The foundation of our business
remains strong and sustainable. We are committed to our strategic,
operational, and financial objectives and our resolve to be the
premier utility."
Business highlights included the following:
- Western Region Phase 2 economic transmission project was
completed.
- The New Orleans Power Station was placed in service.
- E-LA issued an RFP for up to 300 megawatts of new renewable
resources.
- The MPSC approved E-MS's annual FRP filing.
- E-LA and E-AR each submitted their annual FRP filings.
- The PUCT finalized its generation rider rulemaking.
- In 2019, Entergy provided power to customers at the
second-lowest average price in the U.S., according to an S&P
Global Market Intelligence study.
- For the fifth consecutive year, Entergy was named to The Civic
50, a Points of Light initiative honoring the 50 most
community-minded companies in the U.S.
Consolidated Earnings
(GAAP and Non-GAAP Measures)
|
Second Quarter and
Year-to-Date 2020 vs. 2019 (See Appendix A for reconciliation of
GAAP to non-GAAP measures and description of
adjustments)
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
(After-tax, $ in
millions)
|
|
|
|
|
|
|
As-reported
earnings
|
361
|
236
|
124
|
479
|
491
|
(12)
|
Less
adjustments
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
Adjusted earnings
(non-GAAP)
|
276
|
262
|
14
|
506
|
420
|
85
|
Estimated
weather in billed sales
|
(4)
|
12
|
(16)
|
(54)
|
(12)
|
(42)
|
|
|
|
|
|
|
|
(After-tax, per share
in $)
|
|
|
|
|
|
|
As-reported
earnings
|
1.79
|
1.22
|
0.57
|
2.39
|
2.54
|
(0.15)
|
Less
adjustments
|
0.42
|
(0.13)
|
0.55
|
(0.13)
|
0.36
|
(0.49)
|
Adjusted earnings
(non-GAAP)
|
1.37
|
1.35
|
0.02
|
2.52
|
2.18
|
0.34
|
Estimated
weather in billed sales
|
(0.02)
|
0.06
|
(0.08)
|
(0.27)
|
(0.06)
|
(0.21)
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
Consolidated Results
For second quarter 2020, the company reported earnings of
$361 million, or $1.79 per share, on an as-reported basis, and
earnings of $276 million, or
$1.37 per share, on an adjusted
basis. This compared to second quarter 2019 earnings of
$236 million, or $1.22 per share, on an as-reported basis, and
earnings of $262 million, or
$1.35 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 and year-to-date variances by business
is provided in Appendix B.
Business Segment Results
Utility
For second quarter 2020, the Utility business reported earnings
attributable to Entergy Corporation of $345 million, or
$1.71 per share, on both an
as-reported and an adjusted basis. This compared to second quarter
2019 earnings of $331 million, or
$1.70 per share, on both an
as-reported basis and an adjusted basis. Drivers for the
quarter included:
- regulatory actions at E-AR, E-LA, E-MS, and E-TX; and
- lower non-nuclear generation expenses, including a delay in
planned outages in 2020 as a result of the COVID-19 pandemic, as
well as lower nuclear generation expenses.
These drivers were partially offset by:
- lower sales volume, including the effects of weather; and
- higher depreciation and interest expenses.
On a per share basis, second quarter 2020 results reflected
higher common shares outstanding.
Appendix C contains additional details on Utility financial and
operating measures.
Parent & Other
For second quarter 2020, Parent & Other reported a
loss attributable to Entergy Corporation of $(69 million), or (34)
cents per share, on both an as-reported basis and an
adjusted basis. This compared to a loss of $(69 million), or (35)
cents per share, on both an as-reported and an adjusted
basis in second quarter 2019.
On a per share basis, second quarter 2020 results reflected
higher common shares outstanding.
Entergy Wholesale Commodities
For second quarter 2020, EWC reported earnings attributable
to Entergy Corporation of
$85 million, or 42 cents per share, on an as-reported basis. This
compared to a second quarter 2019 loss of $(26 million), or (13)
cents per share, on an as-reported basis. Drivers for the
quarter included:
- gains on decommissioning trust funds;
- lower other O&M expense due to the shutdown of Pilgrim and
Indian Point 2, as well as lower severance and retention expense;
and
- lower decommissioning and depreciation expenses.
These drivers were partially offset by lower revenue due to the
shutdown of Pilgrim and Indian Point 2.
On a per share basis, second quarter 2020 results reflected
higher common shares outstanding.
Appendix D contains additional details on EWC financial and
operating measures, including a reconciliation for non-GAAP EWC
adjusted EBITDA.
Earnings per Share Guidance
Entergy affirmed its 2020 adjusted EPS guidance range of
$5.45 to $5.75. See webcast presentation slides for
additional details.
The company has provided 2020 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 $(0.55) in 2020. These estimates are 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, July 29, 2020, 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 5161259, 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 news 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 August 5, 2020, by dialing 855-859-2056,
conference ID 5161259.
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 8,000 megawatts of nuclear power. Entergy delivers
electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy has annual revenues of
$11 billion and approximately 13,600
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 and 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 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 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; 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; 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; ROIC; and ROE are included on both an adjusted
and an as-reported basis. In each case, the metrics defined as
"adjusted" (other than EWC's adjusted EBITDA) excludes 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, Entergy's
2020 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; (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; and (k) the direct and indirect impacts of the
COVID-19 pandemic on Entergy and its customers.
Second Quarter 2020 Earnings Release
Appendices and Financial Statements
Appendices
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: 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
Measures
Second Quarter and
Year-to-Date 2020 vs. 2019 (See Appendix A-3 and Appendix A-4 for
details on adjustments)
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
(After-tax, $ in
millions)
|
|
|
|
|
|
|
As-reported
earnings (loss)
|
|
|
|
|
|
|
Utility
|
345
|
331
|
14
|
665
|
562
|
103
|
Parent &
Other
|
(69)
|
(69)
|
-
|
(159)
|
(141)
|
(18)
|
EWC
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
Consolidated
|
361
|
236
|
124
|
479
|
491
|
(12)
|
|
|
|
|
|
|
|
Less
adjustments
|
|
|
|
|
|
|
Utility
|
-
|
-
|
-
|
-
|
-
|
-
|
Parent &
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
EWC
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
Consolidated
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
|
|
|
|
|
|
|
Adjusted earnings
(loss) (non-GAAP)
|
|
|
|
|
|
|
Utility
|
345
|
331
|
14
|
665
|
562
|
103
|
Parent &
Other
|
(69)
|
(69)
|
-
|
(159)
|
(141)
|
(18)
|
EWC
|
-
|
-
|
-
|
-
|
-
|
-
|
Consolidated
|
276
|
262
|
14
|
506
|
420
|
85
|
Estimated weather
in billed sales
|
(4)
|
12
|
(16)
|
(54)
|
(12)
|
(42)
|
|
|
|
|
|
|
|
Diluted average
number of common shares outstanding (in millions)
|
201
|
194
|
|
201
|
193
|
|
|
|
|
|
|
|
|
(After-tax, per share
in $) (a)
|
|
|
|
|
|
|
As-reported
earnings (loss)
|
|
|
|
|
|
|
Utility
|
1.71
|
1.70
|
0.01
|
3.31
|
2.91
|
0.40
|
Parent &
Other
|
(0.34)
|
(0.35)
|
0.01
|
(0.79)
|
(0.73)
|
(0.06)
|
EWC
|
0.42
|
(0.13)
|
0.55
|
(0.13)
|
0.36
|
(0.49)
|
Consolidated
|
1.79
|
1.22
|
0.57
|
2.39
|
2.54
|
(0.15)
|
|
|
|
|
|
|
|
Less
adjustments
|
|
|
|
|
|
|
Utility
|
-
|
-
|
-
|
-
|
-
|
-
|
Parent &
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
EWC
|
0.42
|
(0.13)
|
0.55
|
(0.13)
|
0.36
|
(0.49)
|
Consolidated
|
0.42
|
(0.13)
|
0.55
|
(0.13)
|
0.36
|
(0.49)
|
|
|
|
|
|
|
|
Adjusted earnings
(loss) (non-GAAP)
|
|
|
|
|
|
|
Utility
|
1.71
|
1.70
|
0.01
|
3.31
|
2.91
|
0.40
|
Parent &
Other
|
(0.34)
|
(0.35)
|
0.01
|
(0.79)
|
(0.73)
|
(0.06)
|
EWC
|
-
|
-
|
-
|
-
|
-
|
-
|
Consolidated
|
1.37
|
1.35
|
0.02
|
2.52
|
2.18
|
0.34
|
Estimated weather
in billed sales
|
(0.02)
|
0.06
|
(0.08)
|
(0.27)
|
(0.06)
|
(0.21)
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
(a)
|
Per share amounts are
calculated by dividing the corresponding earnings (loss) by the
diluted average number of common shares outstanding for the
period.
|
See Appendix B for detailed earnings variance analysis.
Appendix A-2 provides a comparative summary of OCF, by
business.
Appendix A-2:
Consolidated Operating Cash Flow
|
Second Quarter and
Year-to-Date 2020 vs. 2019
|
($ in
millions)
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
Utility
|
792
|
699
|
94
|
1,395
|
1,154
|
241
|
Parent &
Other
|
(64)
|
(45)
|
(19)
|
(144)
|
(123)
|
(22)
|
EWC
|
60
|
(102)
|
163
|
198
|
22
|
176
|
Consolidated
|
789
|
552
|
237
|
1,448
|
1,053
|
395
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
OCF increased quarter-over-quarter due primarily to higher
collections for fuel and purchased power cost recovery and a lower
amount of unprotected excess ADIT returned to customers. Lower
nuclear refueling outage spending and lower severance and retention
payments at EWC also contributed. Lower collections from customers
partially offset the increase. Intercompany income tax payments
contributed to the line of business variances.
Appendix A-3 and Appendix A-4 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-3:
Adjustments by Driver (shown as positive/(negative) impact on
earnings or EPS)
|
Second Quarter and
Year-to-Date 2020 vs. 2019
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
|
|
|
|
|
|
|
(Pre-tax except for
income taxes, preferred dividend
requirements, and
totals; $ in millions)
|
|
|
|
|
|
|
EWC
|
|
|
|
|
|
|
Income before income
taxes
|
110
|
(35)
|
144
|
(31)
|
128
|
(160)
|
Income
taxes
|
(24)
|
9
|
(34)
|
6
|
(57)
|
63
|
Preferred dividend
requirements
|
(1)
|
(1)
|
-
|
(1)
|
(1)
|
-
|
Total EWC
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
|
|
|
|
|
|
|
Total
adjustments
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
|
|
|
|
|
|
|
(After-tax, per share
in $) (b)
|
|
|
|
|
|
|
EWC
|
|
|
|
|
|
|
Total EWC
|
0.42
|
(0.13)
|
0.55
|
(0.13)
|
0.36
|
(0.49)
|
|
|
|
|
|
|
|
Total
adjustments
|
0.42
|
(0.13)
|
0.55
|
(0.13)
|
0.36
|
(0.49)
|
|
|
|
|
|
|
|
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-4:
Adjustments by Income Statement Line Item (shown as
positive/(negative) impact on earnings)
|
Second Quarter and
Year-to-Date 2020 vs. 2019
|
(Pre-tax except for
income taxes, preferred dividend requirements, and totals; $ in
millions)
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
EWC
|
|
|
|
|
|
|
Operating
revenues
|
200
|
290
|
(90)
|
532
|
723
|
(191)
|
Fuel and fuel-related
expenses
|
(17)
|
(26)
|
9
|
(37)
|
(51)
|
14
|
Purchased
power
|
(10)
|
(15)
|
5
|
(21)
|
(31)
|
10
|
Nuclear refueling
outage expense
|
(12)
|
(12)
|
-
|
(24)
|
(24)
|
-
|
Other
O&M
|
(140)
|
(188)
|
47
|
(271)
|
(376)
|
105
|
Asset write-off and
impairments
|
(7)
|
(16)
|
10
|
(12)
|
(90)
|
79
|
Decommissioning
expense
|
(51)
|
(64)
|
13
|
(102)
|
(128)
|
26
|
Taxes other than
income taxes
|
(14)
|
(20)
|
6
|
(34)
|
(33)
|
(1)
|
Depreciation/amortization exp.
|
(25)
|
(38)
|
13
|
(60)
|
(76)
|
16
|
Other income
(deductions)–other
|
194
|
64
|
130
|
10
|
232
|
(222)
|
Interest exp. and
other charges
|
(7)
|
(9)
|
2
|
(12)
|
(18)
|
6
|
Income
taxes
|
(24)
|
9
|
(34)
|
6
|
(57)
|
63
|
Preferred dividend
requirements
|
(1)
|
(1)
|
-
|
(1)
|
(1)
|
-
|
Total EWC
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
|
|
|
|
|
|
|
Total
adjustments
|
85
|
(26)
|
111
|
(26)
|
71
|
(97)
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
B: Earnings Variance Analysis
Appendix B-1 and
Appendix B-2 provide details of current quarter and year-to-date
2020 versus 2019 as-reported and adjusted earnings variance
analysis for Utility, Parent & Other, and EWC.
Appendix B-1:
As-Reported and Adjusted Earnings Variance Analysis (c),
(d)
|
Second Quarter 2020
vs. 2019
|
(After-tax, per share
in $)
|
|
Utility
|
|
Parent &
Other
|
|
EWC
|
|
Consolidated
|
|
As-Reported
|
Adjusted
|
|
As-Reported
|
Adjusted
|
|
As-
Reported
|
|
As-
Reported
|
Adjusted
|
2019
earnings
|
1.70
|
1.70
|
|
(0.35)
|
(0.35)
|
|
(0.13)
|
|
1.22
|
1.35
|
Operating revenue
less:
Fuel,
fuel-related expenses and
gas purchased
for resale,
Purchased
power, and
Regulatory
charges (credits)
|
0.14
|
0.14
|
(e)
|
-
|
-
|
|
(0.31)
|
(f)
|
(0.17)
|
0.14
|
Nuclear refueling
outage expense
|
0.02
|
0.02
|
|
-
|
-
|
|
-
|
|
0.02
|
0.02
|
Other
O&M
|
0.23
|
0.23
|
(g)
|
(0.01)
|
(0.01)
|
|
0.19
|
(h)
|
0.41
|
0.22
|
Asset write-offs and
impairments
|
-
|
-
|
|
-
|
-
|
|
0.04
|
|
0.04
|
-
|
Decommissioning
expense
|
(0.01)
|
(0.01)
|
|
-
|
-
|
|
0.05
|
(i)
|
0.04
|
(0.01)
|
Taxes other than
income taxes
|
(0.01)
|
(0.01)
|
|
-
|
-
|
|
0.02
|
|
0.01
|
(0.01)
|
Depreciation/amortization exp.
|
(0.20)
|
(0.20)
|
(j)
|
-
|
-
|
|
0.05
|
(k)
|
(0.15)
|
(0.20)
|
Other income
(deductions)–other
|
(0.02)
|
(0.02)
|
|
0.03
|
0.03
|
|
0.53
|
(l)
|
0.54
|
0.01
|
Interest exp. and
other charges
|
(0.08)
|
(0.08)
|
(m)
|
(0.01)
|
(0.01)
|
|
0.01
|
|
(0.08)
|
(0.09)
|
Income
taxes–other
|
-
|
-
|
|
(0.01)
|
(0.01)
|
|
(0.02)
|
|
(0.03)
|
(0.01)
|
Preferred dividend
requirements
|
-
|
-
|
|
-
|
-
|
|
-
|
|
-
|
-
|
Share
effect
|
(0.06)
|
(0.06)
|
(n)
|
0.01
|
0.01
|
|
(0.01)
|
|
(0.06)
|
(0.05)
|
2020
earnings
|
1.71
|
1.71
|
|
(0.34)
|
(0.34)
|
|
0.42
|
|
1.79
|
1.37
|
|
|
|
|
|
|
|
|
|
|
|
Appendix B-2:
As-Reported and Adjusted Earnings Variance Analysis (c),
(d)
|
Year-to-date 2020 vs.
2019
|
(After-tax, per share
in $)
|
|
Utility
|
|
Parent &
Other
|
|
EWC
|
|
Consolidated
|
|
As-Reported
|
Adjusted
|
|
As-Reported
|
Adjusted
|
|
As-
Reported
|
|
As-
Reported
|
Adjusted
|
2019
earnings
|
2.91
|
2.91
|
|
(0.73)
|
(0.73)
|
|
0.36
|
|
2.54
|
2.18
|
Operating revenue
less:
Fuel,
fuel-related expenses and
gas purchased
for resale,
Purchased
power, and
Regulatory
charges (credits)
|
0.41
|
0.41
|
(e)
|
-
|
-
|
|
(0.68)
|
(f)
|
(0.27)
|
0.41
|
Nuclear refueling
outage expense
|
0.02
|
0.02
|
|
-
|
-
|
|
-
|
|
0.02
|
0.02
|
Other
O&M
|
0.31
|
0.31
|
(g)
|
-
|
-
|
|
0.43
|
(h)
|
0.74
|
0.31
|
Asset write-offs and
impairments
|
-
|
-
|
|
-
|
-
|
|
0.32
|
(o)
|
0.32
|
-
|
Decommissioning
expense
|
(0.03)
|
(0.03)
|
|
-
|
-
|
|
0.11
|
(i)
|
0.08
|
(0.03)
|
Taxes other than
income taxes
|
(0.02)
|
(0.02)
|
|
-
|
-
|
|
(0.01)
|
|
(0.03)
|
(0.02)
|
Depreciation/amortization exp.
|
(0.38)
|
(0.38)
|
(j)
|
-
|
-
|
|
0.06
|
(k)
|
(0.32)
|
(0.38)
|
Other income
(deductions)–other
|
(0.04)
|
(0.04)
|
|
0.03
|
0.03
|
|
(0.91)
|
(l)
|
(0.92)
|
(0.01)
|
Interest exp. and
other charges
|
(0.13)
|
(0.13)
|
(m)
|
-
|
-
|
|
0.03
|
|
(0.10)
|
(0.13)
|
Income
taxes–other
|
0.39
|
0.39
|
(p)
|
(0.12)
|
(0.12)
|
(q)
|
0.15
|
(r)
|
0.42
|
0.27
|
Preferred dividend
requirements
|
-
|
-
|
|
-
|
-
|
|
-
|
|
-
|
-
|
Share
effect
|
(0.13)
|
(0.13)
|
(n)
|
0.03
|
0.03
|
|
0.01
|
|
(0.09)
|
(0.10)
|
2020
earnings
|
3.31
|
3.31
|
|
(0.79)
|
(0.79)
|
|
(0.13)
|
|
2.39
|
2.52
|
|
|
|
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
(c)
|
Utility
operating revenue / regulatory charges and Utility
income taxes-other exclude $15 million in second quarter
2020 and $61 million in second quarter 2019 for the return of
unprotected excess ADIT to customers (net effect is neutral to
earnings). On a year-to-date basis, Utility operating revenue /
regulatory charges and Utility income taxes-other
exclude $45 million in 2020 and $122 million in 2019 (net effect is
neutral to earnings).
|
(d)
|
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.
|
(e)
|
The second quarter
and year-to-date earnings increases were primarily driven by E-AR's
FRP; E-LA's FRP, including recovery of the J. Wayne Leonard Power
Station and the Lake Charles Power Station; E-MS's FRP; E-MS's
vegetation rider; recovery of E-MS's Choctaw County Generating
Station; and E-TX's TCRF. Partially offsetting was volume/weather
and E-NO's rate case. The year-to date variance also reflected a
first quarter 2019 regulatory reserve at E-AR and a regulatory
liability for tax sharing with E-LA customers (this partially
offsets the Hurricane Isaac Act 55 income tax item discussed in
footnote p).
|
(f)
|
The second quarter
and year-to-date earnings decreases were due largely to lower
revenues from the shutdown of Pilgrim (May 2019) and Indian Point 2
(April 2020). The year-to-date variance also reflected lower
capacity and energy prices, partially offset by higher energy
volume at Indian Point 3.
|
(g)
|
The second quarter
and year-to-date earnings increases from lower Utility other
O&M were due largely to lower non-nuclear generation
expenses due to the timing and scope of outages including a delay
in planned outages in 2020 as a result of the COVID-19 pandemic,
lower nuclear generation expenses, and lower spending on
initiatives to explore new customer products. The year-to-date
variance also reflected higher nuclear insurance refunds, partially
offset by higher pension and benefits expenses and higher E-MS
storm damage provisions (offset in operating revenue).
|
(h)
|
The second quarter
and year-to-date earnings increases from lower EWC other
O&M were due largely to the shutdown of Pilgrim in May 2019
and Indian Point 2 in April 2020, as well as a decrease in
severance and retention expense.
|
(i)
|
The second quarter
and year-to-date earnings increases from lower EWC
decommissioning expense were due to the sale of Pilgrim in
2019.
|
(j)
|
The second quarter
and year-to-date earnings decreases from higher Utility
depreciation expense were due primarily to higher plant in
service, including the J. Wayne Leonard Power Station, the Lake
Charles Power Station, and the Choctaw County Generating Station,
as well as higher depreciation rates at E-MS.
|
(k)
|
The second quarter
and year-to-date earnings increases from lower EWC depreciation
expense were due primarily to the shutdown of Pilgrim in May
2019 and Indian Point 2 in April 2020.
|
(l)
|
The second quarter
earnings increase from higher EWC other income
(deductions)–other was due largely to higher gains on
decommissioning trust fund investments in 2020 as compared to 2019.
The year-to-date earnings decrease was due largely to performance
of nuclear decommissioning trust fund investments in 2020 as
compared to 2019.
|
(m)
|
The second quarter
and year-to-date earnings decreases from higher Utility interest
expense were due primarily to higher debt balances at E-LA and
E-TX. The year-to-date variance also reflected higher debt
balances at E-AR.
|
(n)
|
The earnings per
share impacts from share effect were due to settlement of
the equity forward (8.4 million shares settled in May
2019).
|
(o)
|
The year-to-date
earnings increase from lower EWC asset write-offs and
impairments was due primarily to higher impairment charges in
first quarter 2019, largely refueling outage costs at Indian Point.
This was partially offset by a gain on the sale of a switchyard at
Pilgrim in second quarter 2019.
|
(p)
|
The year-to-date
earnings increase from Utility effective income tax rate reflected
two first quarter 2020 items. A $55 million tax benefit was
recorded as a result of an IRS settlement related to Act 55
financing of Hurricane Isaac costs (partly offset by customer
sharing, recorded as a regulatory charge discussed in footnote e).
In addition, an annual tax deduction related to stock-based
compensation resulted in an income tax benefit of $22 million, $20
million greater than first quarter 2019.
|
(q)
|
The
year-to-date earnings decrease from Parent & Other effective
income tax rate was due to an increase in income tax expense of $23
million as a result of the IRS settlement related to the Hurricane
Isaac Act 55 financing (discussed in footnote p).
|
(r)
|
The year-to-date
earnings increase from EWC effective income tax rate is primarily
due to a first quarter 2019 accrual of $29 million of tax expense,
which resulted from the sale of Vermont Yankee in January
2019.
|
Utility
as-reported operating revenue less fuel, fuel-related expenses and
gas purchased for resale; purchased power; and regulatory charges
(credits) variance analysis
2020 vs. 2019 ($
EPS)
|
|
2Q
|
YTD
|
Volume/weather
|
(0.21)
|
(0.24)
|
Retail electric
price
|
0.36
|
0.70
|
Reg. provision for
E-AR FRP
|
-
|
0.05
|
Reg. liability for
tax sharing
|
-
|
(0.10)
|
Other
|
(0.01)
|
-
|
Total
|
0.14
|
0.41
|
C: Utility Financial and Operating Measures
Appendix
C-1 and Appendix C-2 provide comparative summaries of Utility
operating and financial measures.
Appendix C-1: Utility
Operating and Financial Measures
|
Second Quarter and
Year-to-Date 2020 vs. 2019
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
%
Change
|
% Weather Adjusted
(s)
|
2020
|
2019
|
%
Change
|
% Weather Adjusted
(s)
|
GWh billed
|
|
|
|
|
|
|
|
|
Residential
|
7,759
|
7,652
|
1.4
|
5.1
|
15,885
|
16,123
|
(1.5)
|
3.1
|
Commercial
|
6,070
|
6,841
|
(11.3)
|
(10.8)
|
12,315
|
13,264
|
(7.2)
|
(6.8)
|
Governmental
|
570
|
626
|
(8.9)
|
(9.5)
|
1,165
|
1,227
|
(5.1)
|
(5.6)
|
Industrial
|
11,847
|
11,965
|
(1.0)
|
(1.0)
|
23,662
|
23,648
|
0.1
|
0.1
|
Total retail
sales
|
26,246
|
27,084
|
(3.1)
|
(2.0)
|
53,027
|
54,262
|
(2.3)
|
(0.8)
|
Wholesale
|
3,111
|
3,170
|
(1.9)
|
|
6,228
|
6,984
|
(10.8)
|
|
Total sales
|
29,357
|
30,254
|
(3.0)
|
|
59,255
|
61,246
|
(3.3)
|
|
|
|
|
|
|
|
|
|
|
Number of electric
retail customers
|
|
|
|
|
|
|
|
|
Residential
|
2,517,718
|
2,489,842
|
1.1
|
|
|
|
|
|
Commercial
|
362,812
|
358,545
|
1.2
|
|
|
|
|
|
Governmental
|
17,940
|
17,906
|
0.2
|
|
|
|
|
|
Industrial
|
42,033
|
41,416
|
1.5
|
|
|
|
|
|
Total retail
customers
|
2,940,503
|
2,907,709
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other O&M and
refueling outage expense per MWh
|
$21.19
|
$22.79
|
(7.0)
|
|
$20.69
|
$21.44
|
(3.5)
|
|
Appendix C-2: Utility
Operating Measures
|
Twelve Months Ended
June 30, 2020 vs. 2019
|
|
Twelve Months Ended
June 30
|
|
2020
|
2019
|
%
Change
|
% Weather
Adjusted (s)
|
GWh billed
|
|
|
|
|
Residential
|
35,856
|
36,194
|
(0.9)
|
0.2
|
Commercial
|
27,806
|
29,015
|
(4.2)
|
(4.7)
|
Governmental
|
2,517
|
2,588
|
(2.7)
|
(3.2)
|
Industrial
|
48,497
|
48,408
|
0.2
|
0.2
|
Total retail
sales
|
114,676
|
116,205
|
(1.3)
|
(1.1)
|
|
|
|
|
|
Calculations may
differ due to rounding
|
(s)
|
The effects of
weather were estimated using heating degree days and cooling degree
days for the billing cycles from certain locations within each
jurisdiction and comparing to "normal" weather based on 20-year
historical data. The models used to estimate weather are updated
periodically and are subject to change.
|
On a weather-adjusted basis for second quarter 2020, billed
retail sales decreased (2.0) percent. Residential billed sales
increased 5.1 percent and commercial billed sales decreased (10.8)
percent driven by impacts from the COVID-19 pandemic. Industrial
billed sales volume decreased (1.0) percent primarily driven by
lower sales to existing large and small customers, partially offset
by continued growth from new/expansion customers.
D: EWC Financial and Operating Measures
Appendix D-1
provides a comparative summary of EWC adjusted EBITDA
(non-GAAP).
Appendix D-1: EWC
Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP
Measures
|
Second Quarter and
Year-to-Date 2020 vs. 2019
|
($ in
millions)
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
Change
|
2020
|
2019
|
Change
|
Net income
(loss)
|
85
|
(25)
|
110
|
(25)
|
72
|
(97)
|
Add back: interest
expense
|
7
|
9
|
(2)
|
12
|
18
|
(6)
|
Add back: income
taxes
|
24
|
(9)
|
34
|
(6)
|
57
|
(63)
|
Add back:
depreciation and amortization
|
25
|
38
|
(13)
|
60
|
76
|
(16)
|
Subtract: interest
and investment income
|
207
|
75
|
132
|
35
|
257
|
(222)
|
Add back:
decommissioning expense
|
51
|
64
|
(13)
|
102
|
128
|
(26)
|
Adjusted EBITDA
(non-GAAP)
|
(15)
|
2
|
(17)
|
108
|
94
|
14
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
Appendix D-2 provides a comparative summary of EWC operating and
financial measures.
Appendix D-2: EWC
Operating and Financial Measures
|
Second Quarter and
Year-to-Date 2020 vs. 2019
|
|
Second
Quarter
|
Year-to-Date
|
|
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
Owned capacity (MW)
(t)
|
2,246
|
3,274
|
(31.4)
|
2,246
|
3,274
|
(31.4)
|
GWh billed
|
4,958
|
7,258
|
(31.7)
|
11,714
|
14,461
|
(19.0)
|
|
|
|
|
|
|
|
EWC Nuclear
Fleet
|
|
|
|
|
|
|
Capacity
factor
|
96%
|
92%
|
4.3
|
98%
|
89%
|
10.1
|
GWh billed
|
4,580
|
6,703
|
(31.7)
|
10,839
|
13,392
|
(19.1)
|
Production cost per
MWh
|
$19.45
|
$19.93
|
(2.4)
|
$17.13
|
$19.49
|
(12.1)
|
Average
energy/capacity revenue per MWh
|
$37.55
|
$37.85
|
(0.8)
|
$43.84
|
$48.55
|
(9.7)
|
Refueling outage
days
|
|
|
|
|
|
|
Indian Point
3
|
-
|
8
|
|
-
|
29
|
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
(t)
|
2020 excludes IP2
(1,028MW) that was shut down April 30, 2020.
|
See the appendix in the webcast slide presentation for EWC
hedging and price disclosures.
E: Consolidated Financial Measures
Appendix E provides
comparative financial measures. Financial measures in this table
include those calculated and presented in accordance with GAAP, as
well as those that are considered non-GAAP financial measures.
Appendix E: GAAP
and Non-GAAP Financial Measures
|
Second Quarter 2020
vs. 2019 (See Appendix G for reconciliation of GAAP to non-GAAP
financial measures)
|
|
|
For 12 months ending
June 30
|
2020
|
2019
|
Change
|
GAAP
Measures
|
|
|
|
As-reported
ROIC
|
5.9%
|
5.5%
|
0.4%
|
As-reported
ROE
|
12.2%
|
10.8%
|
1.4%
|
|
|
|
|
Non-GAAP Financial
Measures
|
|
|
|
Adjusted
ROIC
|
5.6%
|
5.5%
|
0.2%
|
Adjusted ROE
|
11.4%
|
11.0%
|
0.4%
|
|
|
|
|
As of June 30 ($ in
millions, except where noted)
|
2020
|
2019
|
Change
|
GAAP
Measures
|
|
|
|
Cash and
cash equivalents
|
935
|
636
|
300
|
Available revolver
capacity
|
4,110
|
4,120
|
(10)
|
Commercial
paper
|
1,946
|
1,635
|
311
|
Total debt
|
21,493
|
19,054
|
2439
|
Securitization
debt
|
232
|
360
|
(128)
|
Debt to
capital
|
66.8%
|
65.5%
|
1.3%
|
Off-balance sheet
liabilities:
|
|
|
|
Debt of
joint ventures – Entergy's share
|
51
|
58
|
(7)
|
Total off-balance
sheet liabilities
|
51
|
58
|
(7)
|
|
|
|
|
Storm escrow
balances
|
373
|
407
|
(34)
|
|
|
|
|
Non-GAAP Financial
Measures ($ in millions, except where noted)
|
|
|
|
Debt to capital,
excluding securitization debt
|
66.6%
|
65.1%
|
1.5%
|
Net debt to net
capital, excluding securitization debt
|
65.6%
|
64.3%
|
1.2%
|
Gross
liquidity
|
5,045
|
4,756
|
289
|
Net
liquidity
|
3,099
|
3,121
|
(22)
|
Net liquidity,
including storm escrows
|
3,472
|
3,528
|
(56)
|
Parent debt to total
debt, excluding securitization debt
|
22.0%
|
19.4%
|
2.6%
|
FFO to debt, excluding
securitization debt
|
14.6%
|
11.8%
|
2.8%
|
FFO to debt, excluding
securitization debt, return of unprotected excess ADIT, and
severance and retention payments associated with exit of
EWC
|
16.0%
|
15.8%
|
0.2%
|
|
|
|
|
Calculations may
differ due to rounding
|
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 - ROIC,
ROE
|
($ in millions except
where noted)
|
|
Second
Quarter
|
|
|
2020
|
2019
|
As-reported net
income (loss) attributable to Entergy Corporation, rolling 12
months
|
(A)
|
1,230
|
961
|
Preferred
dividends
|
|
18
|
15
|
Tax-effected interest
expense
|
|
574
|
543
|
As-reported net
income (loss) attributable to Entergy Corporation, rolling 12
months adjusted for preferred dividends and tax-effected interest
expense
|
(B)
|
1,822
|
1,519
|
|
|
|
|
Adjustments in prior
three quarters
|
|
(5)
|
8
|
Adjustments in
current quarter
|
|
85
|
(26)
|
Total
adjustments, last 12 months
|
(C)
|
80
|
(18)
|
EWC preferred
dividends and tax-effected interest expense, rolling 12
months
|
|
21
|
30
|
|
|
|
|
Total adjustments,
adding back EWC preferred dividends and tax-effected interest
expense (non-GAAP)
|
(D)
|
101
|
12
|
|
|
|
|
Adjusted earnings,
rolling 12 months (non-GAAP)
|
(A-C)
|
1,150
|
979
|
Adjusted earnings,
rolling 12 months including preferred dividends and tax- effected
interest expense (non-GAAP)
|
(B-D)
|
1,720
|
1,507
|
|
|
|
|
Average invested
capital
|
(E)
|
30,622
|
27,586
|
|
|
|
|
Average common
equity
|
(F)
|
10,112
|
8,910
|
|
|
|
|
As-reported
ROIC
|
(B/E)
|
5.9%
|
5.5%
|
Adjusted ROIC
(non-GAAP)
|
[(B-D)/E]
|
5.6%
|
5.5%
|
As-reported
ROE
|
(A/F)
|
12.2%
|
10.8%
|
Adjusted ROE
(non-GAAP)
|
[(A-C)/F]
|
11.4%
|
11.0%
|
|
|
|
|
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 escrow balances
|
($ in millions except
where noted)
|
|
Second
Quarter
|
|
|
2020
|
2019
|
Total debt
|
(A)
|
21,493
|
19,054
|
Less securitization
debt
|
(B)
|
232
|
360
|
Total debt, excluding
securitization debt
|
(C)
|
21,261
|
18,694
|
Less cash and cash
equivalents
|
(D)
|
935
|
636
|
Net debt, excluding
securitization debt
|
(E)
|
20,326
|
18,058
|
|
|
|
|
Commercial
paper
|
(F)
|
1,946
|
1,635
|
|
|
|
|
Total
capitalization
|
(G)
|
32,173
|
29,071
|
Less securitization
debt
|
(B)
|
232
|
360
|
Total capitalization,
excluding securitization debt
|
(H)
|
31,941
|
28,711
|
Less cash and cash
equivalents
|
(D)
|
935
|
636
|
Net capital,
excluding securitization debt
|
(I)
|
31,006
|
28,075
|
|
|
|
|
Debt to
capital
|
(A/G)
|
66.8%
|
65.5%
|
Debt to capital,
excluding securitization debt (non-GAAP)
|
(C/H)
|
66.6%
|
65.1%
|
Net debt to net
capital, excluding securitization debt (non-GAAP)
|
(E/I)
|
65.6%
|
64.3%
|
|
|
|
|
Available revolver
capacity
|
(J)
|
4,110
|
4,120
|
|
|
|
|
Storm
escrows
|
(K)
|
373
|
407
|
|
|
|
|
Gross liquidity
(non-GAAP)
|
(D+J)
|
5,045
|
4,756
|
Net liquidity
(non-GAAP)
|
(D+J-F)
|
3,099
|
3,121
|
Net liquidity,
including storm escrows (non-GAAP)
|
(D+J-F+K)
|
3,472
|
3,528
|
|
|
|
|
Entergy Corporation
notes:
|
|
|
|
Due September
2020
|
|
-
|
450
|
Due July
2022
|
|
650
|
650
|
Due September
2026
|
|
750
|
750
|
Due June
2030
|
|
600
|
-
|
Due June
2050
|
|
600
|
-
|
Total parent long-term
debt
|
(L)
|
2,600
|
1,850
|
Revolver
draw
|
(M)
|
160
|
150
|
Unamortized debt
issuance costs and discounts
|
(N)
|
(32)
|
(9)
|
Total parent
debt
|
(F+L+M+N)
|
4,675
|
3,626
|
|
|
|
|
Parent debt to total
debt, excluding securitization debt (non-GAAP)
|
[(F+L+M+N)/C]
|
22.0%
|
19.4%
|
|
|
|
|
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 exit of
EWC
|
($ in millions except
where noted)
|
|
Second
Quarter
|
|
|
2020
|
2019
|
Total debt
|
(A)
|
21,493
|
19,054
|
Less securitization
debt
|
(B)
|
232
|
360
|
Total debt, excluding
securitization debt
|
(C)
|
21,261
|
18,694
|
|
|
|
|
Net cash flow
provided by operating activities, rolling 12 months
|
(D)
|
3,212
|
2,358
|
|
|
|
|
AFUDC – borrowed
funds, rolling 12 months
|
(E)
|
(58)
|
(67)
|
|
|
|
|
Working capital items
in net cash flow provided by operating activities (rolling 12
months):
|
|
|
|
Receivables
|
|
(5)
|
17
|
Fuel
inventory
|
|
(35)
|
24
|
Accounts
payable
|
|
(92)
|
(19)
|
Taxes
accrued
|
|
62
|
9
|
Interest
accrued
|
|
5
|
7
|
Other working capital
accounts
|
|
(15)
|
(81)
|
Securitization
regulatory charges
|
|
123
|
121
|
Total
|
(F)
|
43
|
78
|
|
|
|
|
FFO, rolling 12
months (non-GAAP)
|
(G)=(D+E-F)
|
3,110
|
2,213
|
|
|
|
|
FFO to debt,
excluding securitization debt (non-GAAP)
|
(G/C)
|
14.6%
|
11.8%
|
|
|
|
|
Estimated return of
unprotected excess ADIT (rolling 12 months pre-tax)
|
(H)
|
189
|
651
|
Severance and
retention payments associated with exit of EWC (rolling 12 months
pre-tax)
|
(I)
|
102
|
97
|
|
|
|
|
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)]
|
16.0%
|
15.8%
|
|
|
|
|
Calculations may
differ due to rounding
|
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SOURCE Entergy Corporation