NEW ORLEANS, April 28, 2021 /PRNewswire/ -- Entergy
Corporation (NYSE: ETR) reported first quarter 2021 earnings per
share of $1.66 on an as-reported
basis and $1.47 on an adjusted basis
(non-GAAP).
"We had a strong first quarter and our team successfully
executed on several fronts," said Entergy Chairman and Chief
Executive Officer Leo Denault. "We
reached settlements on several important issues, reducing risk,
providing long-term clarity, and solidifying a clear path for our
future growth. This enables us to continue to make investments in a
cleaner generation fleet and a more reliable delivery system that
benefit our customers and our communities, and that support the
long-term growth of our business."
Business highlights included the following:
- Entergy Louisiana, Entergy Arkansas, and Entergy Texas issued
RFPs for up to 500, 300, and 200 megawatts of renewable resources,
respectively.
- Entergy Arkansas resolved its formula rate plan, including a
five-year extension.
- Entergy Louisiana reached an agreement on a three-year
extension of its formula rate plan.
- Entergy Mississippi submitted its annual formula rate plan
filing.
- Entergy Texas reached settlements on its TCRF and DCRF
filings.
- Entergy and Holtec filed a joint settlement agreement among all
parties with the NY PSC for the sale of Indian Point.
- Entergy and five other utilities formed the Electric Highway
Coalition, a multi-state electric vehicle charging initiative.
- Entergy ranked among the top energy and utility companies on
the 2021 Corporate Equality Index by the Human Rights Campaign
Foundation.
|
Consolidated Earnings
(GAAP and Non-GAAP Measures)
|
First Quarter 2021
vs. 2020 (See Appendix A for reconciliation of GAAP to
non-GAAP measures and description of adjustments)
|
|
First
Quarter
|
|
2021
|
2020
|
Change
|
(After-tax, $ in
millions)
|
|
|
|
As-reported
earnings
|
335
|
119
|
216
|
Less
adjustments
|
38
|
(111)
|
149
|
Adjusted earnings
(non-GAAP)
|
297
|
230
|
67
|
Estimated
weather in billed sales
|
24
|
(50)
|
73
|
|
|
|
|
(After-tax, per share
in $)
|
|
|
|
As-reported
earnings
|
1.66
|
0.59
|
1.07
|
Less
adjustments
|
0.19
|
(0.55)
|
0.74
|
Adjusted earnings
(non-GAAP)
|
1.47
|
1.14
|
0.33
|
Estimated
weather in billed sales
|
0.12
|
(0.25)
|
0.37
|
|
|
|
|
Calculations may
differ due to rounding
|
Consolidated Results
For first quarter 2021, the company reported earnings of
$335 million, or $1.66 per share, on an as-reported basis, and
earnings of $297 million, or
$1.47 per share, on an adjusted
basis. This compared to first quarter 2020 earnings of $119 million, or 59
cents per share, on an as-reported basis, and earnings of
$230 million, or $1.14 per share, on an adjusted basis.
Summary discussions by business are below. Additional details,
including information on OCF by business, are provided in Appendix
A. An analysis of quarterly variances by business is provided in
Appendix B.
Business Segment Results
Utility
For first quarter 2021, the Utility business reported earnings
attributable to Entergy Corporation of $357
million, or $1.77 per share,
on both an as-reported and an adjusted basis. This compared to
first quarter 2020 earnings of $320
million, or $1.59 per share,
on both an as-reported and an adjusted basis. Drivers for the
quarter included:
- higher retail sales volume, including the net effects of
weather and COVID-19;
- the net effect of regulatory actions across the operating
companies; and
- the reversal of a regulatory provision at E-AR for its 2019
netting adjustment, originally recorded in fourth quarter
2020.
These drivers were partially offset by:
- two income tax items recorded in first quarter 2020, which was
partially offset at P&O;
- higher other O&M primarily due to higher nuclear and
non-nuclear generation expenses; and
- higher depreciation and interest expenses.
Appendix C contains additional details on Utility financial and
operating measures.
Parent & Other
For first quarter 2021, Parent & Other reported a loss
attributable to Entergy Corporation of $(60
million), or (30) cents per
share, on both an as-reported and an adjusted basis. This compared
to a first quarter 2020 loss of $(90
million), or (45) cents per
share, on both an as-reported and an adjusted basis. A primary
driver was an income tax item recorded in first quarter 2020, which
was partially offset at the Utility.
Entergy Wholesale Commodities
For first quarter 2021, EWC reported earnings attributable to
Entergy Corporation of
$38 million, or 19 cents per share, on an as-reported basis. This
compared to a first quarter 2020 loss attributable to Entergy
Corporation of $(111 million), or
(55) cents per share, on an
as-reported basis. Drivers for the quarter included:
- performance of decommissioning trust funds; and
- lower operating expenses primarily due to the shutdown of
Indian Point 2.
These drivers were partially offset by:
- lower revenue primarily due to the shutdown of Indian Point
2.
Appendix D contains additional details on EWC financial and
operating measures, including reconciliation for non-GAAP EWC
adjusted EBITDA.
Earnings Per Share Guidance
Entergy affirmed its 2021 adjusted EPS guidance range of
$5.80 to $6.10. See webcast presentation for additional
details.
The company has provided 2021 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 $(1.70) in 2021. This estimate is subject to
substantial uncertainty due to, among other things, the potential
effects of exiting the EWC business.
Earnings Teleconference
A teleconference will be held at 10:00
a.m. Central Time on Wednesday, April 28, 2021, 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 3529059, no more than
15 minutes prior to the start of the call. The webcast
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 May 5, 2021, by dialing 855-859-2056, conference
ID 3529059.
Entergy Corporation is an integrated energy company engaged in
electric power production, transmission and retail distribution
operations. Entergy delivers electricity to nearly 3 million
utility customers in Arkansas,
Louisiana, Mississippi and Texas. Entergy owns and operates one of the
cleanest large-scale U.S. power generating fleets with
approximately 30,000 megawatts of electric generating capacity,
including 8,000 megawatts of nuclear power. Headquartered in
New Orleans, Louisiana, Entergy
has annual revenues of $10 billion
and 13,400 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 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 ROE, excluding affiliate preferred; 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 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 and
FFO 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) exclude the effect of adjustments as defined
above. EWC's adjusted EBITDA represents EWC's earnings before
interest, taxes, and depreciation and amortization, and also
excludes decommissioning expense.
These non-GAAP financial measures reflect an additional way of
viewing aspects of Entergy's operations that, when viewed with
Entergy's GAAP results and the accompanying reconciliations to
corresponding GAAP financial measures, provide a more complete
understanding of factors and trends affecting Entergy's business.
These non-GAAP financial measures should not be used to the
exclusion of GAAP financial measures. Investors are strongly
encouraged to review Entergy's consolidated financial statements
and publicly filed reports in their entirety and not to rely on any
single financial measure. Although certain of these measures are
intended to assist investors in comparing Entergy's performance to
other companies in the utility sector, non-GAAP financial measures
are not standardized; therefore, it might not be possible to
compare these financial measures with other companies' non-GAAP
financial measures having the same or similar names.
Cautionary Note Regarding Forward-Looking
Statements
In this news release, and from time to time, Entergy Corporation
makes certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, among other things, statements
regarding Entergy's 2021 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 executing
on business strategies, including strategic transactions that
Entergy or its subsidiaries may undertake and the risk that any
such transaction may not be completed as and when expected and the
risk that the anticipated benefits of the transaction may not be
realized; (h) effects of changes in federal, state, or local laws
and regulations and other governmental actions or policies,
including changes in monetary, fiscal, tax, environmental, or
energy policies; (i) the effects of changes in commodity markets,
capital markets, or economic conditions; (j) impacts from a
terrorist attack, cybersecurity threats, data security breaches, or
other attempts to disrupt Entergy's business or operations, and/or
other catastrophic events; (k) the direct and indirect impacts of
the COVID-19 pandemic on Entergy and its customers; and (l) the
effects of technological change, including the costs, pace of
development and commercialization of new and emerging
technologies.
First Quarter 2021 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
First Quarter 2021
vs. 2020 (See Appendix A-3 and Appendix A-4 for details on
adjustments)
|
|
First
Quarter
|
|
2021
|
2020
|
Change
|
(After-tax, $ in
millions)
|
|
|
|
As-reported
earnings (loss)
|
|
|
|
Utility
|
357
|
320
|
37
|
Parent &
Other
|
(60)
|
(90)
|
30
|
EWC
|
38
|
(111)
|
149
|
Consolidated
|
335
|
119
|
216
|
|
|
|
|
Less
adjustments
|
|
|
|
Utility
|
-
|
-
|
-
|
Parent &
Other
|
-
|
-
|
-
|
EWC
|
38
|
(111)
|
149
|
Consolidated
|
38
|
(111)
|
149
|
|
|
|
|
Adjusted earnings
(loss) (non-GAAP)
|
|
|
|
Utility
|
357
|
320
|
37
|
Parent &
Other
|
(60)
|
(90)
|
30
|
EWC
|
-
|
-
|
-
|
Consolidated
|
297
|
230
|
67
|
Estimated weather
in billed sales
|
24
|
(50)
|
73
|
|
|
|
|
Diluted average
number of common shares outstanding (in millions)
|
201
|
201
|
|
|
|
|
|
(After-tax, per share
in $) (a)
|
|
|
|
As-reported
earnings (loss)
|
|
|
|
Utility
|
1.77
|
1.59
|
0.18
|
Parent &
Other
|
(0.30)
|
(0.45)
|
0.15
|
EWC
|
0.19
|
(0.55)
|
0.74
|
Consolidated
|
1.66
|
0.59
|
1.07
|
|
|
|
|
Less
adjustments
|
|
Utility
|
-
|
-
|
-
|
Parent &
Other
|
-
|
-
|
-
|
EWC
|
0.19
|
(0.55)
|
0.74
|
Consolidated
|
0.19
|
(0.55)
|
0.74
|
|
|
|
|
Adjusted earnings
(loss) (non-GAAP)
|
|
|
|
Utility
|
1.77
|
1.59
|
0.18
|
Parent &
Other
|
(0.30)
|
(0.45)
|
0.15
|
EWC
|
-
|
-
|
-
|
Consolidated
|
1.47
|
1.14
|
0.33
|
Estimated weather
in billed sales
|
0.12
|
(0.25)
|
0.37
|
Calculations may
differ due to rounding
(a) Per
share amounts are calculated by dividing the corresponding earnings
(loss) by the diluted average number of common shares outstanding
for the period.
|
See Appendix B for detailed earnings variance analysis.
Appendix A-2 provides a comparative summary of OCF, by
business.
Appendix A-2:
Consolidated Operating Cash Flow
|
First Quarter 2021
vs. 2020
|
($ in
millions)
|
|
First
Quarter
|
|
2021
|
2020
|
Change
|
Utility
|
(77)
|
603
|
(680)
|
Parent &
Other
|
(22)
|
(81)
|
59
|
EWC
|
49
|
137
|
(88)
|
Consolidated
|
(50)
|
659
|
(709)
|
|
|
|
|
Calculations may
differ due to rounding
|
OCF decreased quarter-over-quarter due primarily to the timing
of fuel and purchased power cost recovery, primarily related to
increased fuel costs from Winter Storm
Uri, payments related to hurricane restoration (non-capital
portion), and higher pension funding. Intercompany income tax
payments contributed to the line of business variances but were
immaterial at the consolidated level.
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)
|
First Quarter 2021
vs. 2020
|
|
First
Quarter
|
|
2021
|
2020
|
Change
|
(Pre-tax except for
income taxes, preferred dividend requirements, and totals; $ in
millions)
|
|
|
|
EWC
|
|
|
|
Income before income
taxes
|
54
|
(141)
|
195
|
Income
taxes
|
(16)
|
31
|
(46)
|
Preferred dividend
requirements
|
(1)
|
(1)
|
-
|
Total EWC
|
38
|
(111)
|
149
|
|
|
|
|
Total
adjustments
|
38
|
(111)
|
149
|
|
|
|
|
(After-tax, per share
in $) (b)
|
|
|
|
EWC
|
|
|
|
Total EWC
|
0.19
|
(0.55)
|
0.74
|
|
|
|
|
Total
adjustments
|
0.19
|
(0.55)
|
0.74
|
|
|
|
|
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)
|
First Quarter 2021
vs. 2020
|
(Pre-tax except for
income taxes, preferred dividend requirements, and totals; $ in
millions)
|
|
|
First
Quarter
|
|
|
2021
|
2020
|
Change
|
|
EWC
|
|
|
|
|
Operating
revenue
|
248
|
333
|
(84)
|
|
Fuel and fuel-related
expenses
|
(21)
|
(20)
|
(1)
|
|
Purchased
power
|
(18)
|
(11)
|
(7)
|
|
Nuclear refueling
outage expenses
|
(11)
|
(12)
|
1
|
|
Other
O&M
|
(99)
|
(131)
|
32
|
|
Asset write-off and
impairments
|
(3)
|
(5)
|
2
|
|
Decommissioning
expense
|
(53)
|
(50)
|
(3)
|
|
Taxes other than
income taxes
|
(6)
|
(20)
|
14
|
|
Depreciation/amortization exp.
|
(13)
|
(35)
|
22
|
|
Other income
(deductions)–other
|
34
|
(184)
|
218
|
|
Interest exp. and
other charges
|
(4)
|
(5)
|
1
|
|
Income
taxes
|
(16)
|
31
|
(46)
|
|
Preferred dividend
requirements
|
(1)
|
(1)
|
-
|
|
Total EWC
|
38
|
(111)
|
149
|
|
|
|
|
|
|
Total adjustments
(after-tax)
|
38
|
(111)
|
149
|
|
|
|
|
|
Calculations may
differ due to rounding
|
B: Earnings Variance Analysis
Appendix B-1
provides details of current quarter 2021 versus 2020 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)
|
First Quarter 2021
vs. 2020
|
(After-tax, per share
in $)
|
|
Utility
|
|
Parent &
Other
|
|
EWC
|
|
Consolidated
|
|
As-
Reported
|
Adjusted
|
|
As-
Reported
|
Adjusted
|
|
As-
Reported
|
|
As-
Reported
|
Adjusted
|
2020 earnings
(loss)
|
1.59
|
1.59
|
|
(0.45)
|
(0.45)
|
|
(0.55)
|
|
0.59
|
1.14
|
Operating revenue
less:
Fuel,
fuel-related expenses and
gas purchased
for resale,
Purchased
power, and
Regulatory
charges (credits)
|
0.80
|
0.80
|
(e)
|
-
|
-
|
|
(0.36)
|
(f)
|
0.44
|
0.80
|
Nuclear refueling
outage expense
|
0.02
|
0.02
|
|
-
|
-
|
|
-
|
|
0.02
|
0.02
|
Other
O&M
|
(0.14)
|
(0.14)
|
(g)
|
-
|
-
|
|
0.13
|
(h)
|
(0.01)
|
(0.14)
|
Asset write-offs and
impairments
|
-
|
-
|
|
-
|
-
|
|
0.01
|
|
0.01
|
-
|
Decommissioning
expense
|
(0.01)
|
(0.01)
|
|
-
|
-
|
|
(0.01)
|
|
(0.02)
|
(0.01)
|
Taxes other than
income taxes
|
-
|
-
|
|
-
|
-
|
|
0.05
|
(i)
|
0.05
|
-
|
Depreciation/amortization exp.
|
(0.14)
|
(0.14)
|
(j)
|
-
|
-
|
|
0.09
|
(k)
|
(0.05)
|
(0.14)
|
Other income
(deductions)–other
|
0.11
|
0.11
|
(l)
|
0.02
|
0.02
|
|
0.86
|
(m)
|
0.99
|
0.13
|
Interest exp. and
other charges
|
(0.05)
|
(0.05)
|
(n)
|
0.01
|
0.01
|
|
-
|
|
(0.04)
|
(0.04)
|
Income
taxes–other
|
(0.41)
|
(0.41)
|
(o)
|
0.12
|
0.12
|
(p)
|
(0.03)
|
|
(0.32)
|
(0.29)
|
Preferred dividend
requirements
|
-
|
-
|
|
-
|
-
|
|
-
|
|
-
|
-
|
Share
effect
|
-
|
-
|
|
-
|
-
|
|
-
|
|
-
|
-
|
2021 earnings
(loss)
|
1.77
|
1.77
|
|
(0.30)
|
(0.30)
|
|
0.19
|
|
1.66
|
1.47
|
|
|
|
|
|
|
|
|
|
|
|
Calculations may
differ due to rounding
|
(c)
|
Utility
operating revenue / regulatory charges and Utility
income taxes-other exclude $41 million, in first quarter
2021 and $30 million in first quarter 2020 for the return of
unprotected excess ADIT to customers (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 earnings increase
was primarily driven by higher volume/weather, including the net
effects of COVID-19; E-LA's FRP, including recovery of LCPS; E-TX's
GCRR, TCRF and DCRF; E-NO NOPS recovery; and E-MS's FRP and
vegetation rider. The variance also reflected the reversal of a
regulatory provision for E-AR's 2019 netting adjustment (which was
subsequently adjusted) and a first quarter 2020 regulatory
liability for tax sharing with E-LA customers (partially offsets
the Hurricane Isaac Act 55 income tax item discussed in footnote
o). Partially offsetting was lower regulatory credits for the
difference between decommissioning expenses and decommissioning
trust earnings plus decommissioning costs collected in revenue
(largely earnings neutral, offset in Utility other income
(deductions)-other).
|
(f)
|
The earnings decrease
was due largely to lower revenues from the shutdown of Indian Point
2 in April 2020.
|
(g)
|
The earnings decrease
from higher Utility other O&M was due primarily to
higher non-nuclear generation expenses related to new plants in
service, primarily LCPS, higher vegetation costs, higher nuclear
generation expense, and lower nuclear insurance refunds.
|
(h)
|
The earnings increase
from lower EWC other O&M was due largely to the shutdown
of Indian Point 2 in April 2020.
|
(i)
|
The earnings increase
from lower EWC taxes other than income taxes was due
primarily to lower payroll taxes and lower ad valorem
taxes.
|
(j)
|
The earnings decrease
from higher Utility depreciation expense was due primarily
to higher plant in service, including LCPS and
MCPS.
|
(k)
|
The earnings increase
from lower EWC depreciation expense was due primarily to the
shutdown of Indian Point 2 in April 2020.
|
(l)
|
The earnings increase
from higher Utility other income (deductions)–other was due
largely to changes in decommissioning trust fund returns (based on
regulatory treatment, decommissioning-related variances are largely
earnings neutral), partially offset by lower AFUDC as a result of
lower construction work in progress.
|
(m)
|
The earnings increase
from higher EWC other income (deductions)–other was due
largely to performance of nuclear decommissioning trust fund
investments.
|
(n)
|
The earnings decrease
from higher Utility interest expense was due primarily to
higher debt balances at E-LA and lower AFUDC as a result of lower
construction work in progress.
|
(o)
|
The earnings decrease
from Utility income taxes-other primarily relates to two
first quarter 2020 items. First, a $55 million tax benefit was
recorded in first quarter 2020 as a result of an IRS settlement
related to Act 55 financing of Hurricane Isaac costs (partly offset
by customer sharing, discussed in footnote e); and second, an
annual tax accrual related to stock-based compensation resulted in
a $22 million income tax benefit in first quarter
2020.
|
(p)
|
The earnings increase
from Parent & Other income taxes-other reflected $23
million of income tax expense recorded in first quarter 2020 as a
result of the IRS settlement related to the Hurricane Isaac Act 55
financing (discussed in footnote o).
|
Utility
as-reported operating revenue less fuel,
fuel-related expenses and gas purchased for resale;
purchased power; and regulatory charges (credits)
variance analysis 2021 vs.
2020 ($ EPS)
|
|
1Q
|
Volume/weather
|
0.36
|
Retail electric
price
|
0.27
|
Reg. provision for
E-AR FRP
|
0.16
|
Reg. liability for
tax sharing
|
0.10
|
Other, including reg.
credit for decommissioning items
|
(0.09)
|
Total
|
0.80
|
C: Utility Financial and Operating
Measures
Appendix C provides comparative summaries of
Utility operating and financial measures.
Appendix C: Utility
Operating and Financial Measures
|
First Quarter 2021
vs. 2020
|
|
First
Quarter
|
|
2021
|
2020
|
%
Change
|
% Weather
Adjusted (q)
|
GWh billed
|
|
|
|
|
Residential
|
9,599
|
8,126
|
18.1
|
2.2
|
Commercial
|
6,134
|
6,244
|
(1.8)
|
(4.2)
|
Governmental
|
579
|
595
|
(2.7)
|
(1.9)
|
Industrial
|
11,458
|
11,815
|
(3.0)
|
(3.0)
|
Total retail
sales
|
27,770
|
26,780
|
3.7
|
(1.6)
|
Wholesale
|
4,299
|
3,117
|
37.9
|
|
Total sales
|
32,069
|
29,897
|
7.3
|
|
|
|
|
|
|
Number of electric
retail customers
|
|
|
|
|
Residential
|
2,532,172
|
2,504,243
|
1.1
|
|
Commercial
|
360,323
|
356,303
|
1.1
|
|
Governmental
|
17,811
|
17,724
|
0.5
|
|
Industrial
|
44,622
|
44,443
|
0.4
|
|
Total retail
customers
|
2,954,928
|
2,922,713
|
1.1
|
|
|
|
|
|
|
Other O&M and
refueling outage expense per MWh
|
$19.80
|
$20.20
|
(2.0)
|
|
|
|
|
|
|
Calculations may
differ due to rounding
(q) The
effects of weather were estimated using heating degree days and
cooling degree days for the billing cycles from certain locations
within each jurisdiction and comparing to "normal" weather based on
20-year historical data. The models used to estimate weather are
updated periodically and are subject to change.
|
On a weather-adjusted basis billed retail sales decreased (1.6)
percent, including the impacts from COVID-19. Residential
billed sales increased 2.2 percent and commercial billed sales
decreased (4.2) percent. Industrial billed sales volume decreased
(3.0) percent reflecting lower sales to existing large and small
customers, partially offset by continued growth from new/expansion
customers.
D: EWC Financial and Operating Measures
Appendix D-1
provides a comparative summary of EWC adjusted EBITDA
(non-GAAP).
|
Appendix D-1: EWC
Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP
Measures
|
First Quarter 2021
vs. 2020
|
($ in
millions)
|
First
Quarter
|
|
2021
|
2020
|
Change
|
Net income
(loss)
|
38
|
(110)
|
148
|
Add back: interest
expense
|
4
|
5
|
(1)
|
Add back: income
taxes
|
16
|
(31)
|
47
|
Add back:
depreciation and amortization
|
13
|
35
|
(22)
|
Subtract: interest
and investment income
|
48
|
(172)
|
220
|
Add back:
decommissioning expense
|
53
|
50
|
3
|
Adjusted EBITDA
(non-GAAP)
|
76
|
122
|
(46)
|
|
|
|
|
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
|
First Quarter 2021
vs. 2020
|
|
First
Quarter
|
|
2021
|
2020
|
% Change
|
Owned capacity (MW)
(r)
|
2,246
|
3,274
|
(31.4)
|
GWh billed
|
4,413
|
6,757
|
(34.7)
|
|
|
|
|
EWC Nuclear
Fleet
|
|
|
|
Capacity
factor
|
99%
|
99%
|
-
|
GWh billed
|
3,988
|
6,259
|
(36.3)
|
Production cost per
MWh
|
$18.46
|
$15.42
|
19.7
|
Average
energy/capacity revenue per MWh
|
$52.04
|
$48.44
|
7.4
|
|
|
|
|
Calculations may
differ due to rounding
(r) 2020
excludes IP2 (1,028MW), shut down April 30, 2020.
|
See the appendix in the webcast presentation for EWC hedging and
price disclosures.
E: Consolidated Financial Measures
Appendix E provides
comparative financial measures. Financial measures in this table
include those calculated and presented in accordance with GAAP, as
well as those that are considered non-GAAP financial measures.
Appendix E: GAAP
and Non-GAAP Financial Measures
|
First Quarter 2021
vs. 2020 (See Appendix G for reconciliation of GAAP to non-GAAP
financial measures)
|
|
|
For 12 months ending
March 31
|
2021
|
2020
|
Change
|
GAAP
Measures
|
|
|
|
As-reported
ROIC
|
6.4%
|
5.6%
|
0.8%
|
As-reported
ROE
|
15.1%
|
11.5%
|
3.6%
|
|
|
|
|
Non-GAAP Financial
Measures
|
|
|
|
Adjusted
ROIC
|
5.2%
|
5.6%
|
(0.4%)
|
Adjusted ROE
|
11.3%
|
11.8%
|
(0.5%)
|
|
|
|
|
As of March 31 ($ in
millions, except where noted)
|
2021
|
2020
|
Change
|
GAAP
Measures
|
|
|
|
Cash and
cash equivalents
|
1,743
|
1,464
|
279
|
Available revolver
capacity
|
4,220
|
3,348
|
872
|
Commercial
paper
|
1,028
|
1,942
|
(914)
|
Total debt
|
25,803
|
21,465
|
4,338
|
Securitization
debt
|
147
|
271
|
(124)
|
Debt to
capital
|
69.6%
|
67.2%
|
(2.4%)
|
Off-balance sheet
liabilities:
|
|
|
|
Debt of
joint ventures – Entergy's share
|
15
|
53
|
(38)
|
Total off-balance
sheet liabilities
|
15
|
53
|
(38)
|
|
|
|
|
Storm escrow
balances
|
72
|
373
|
(301)
|
|
|
|
|
Non-GAAP Financial
Measures ($ in millions, except where noted)
|
|
|
|
Debt to capital,
excluding securitization debt
|
69.5%
|
66.9%
|
2.6%
|
Net debt to net
capital, excluding securitization debt
|
68.0%
|
65.3%
|
2.7%
|
Gross
liquidity
|
5,963
|
4,811
|
1,152
|
Net
liquidity
|
4,935
|
2,870
|
2,065
|
Net liquidity,
including storm escrow balances
|
5,007
|
3,242
|
1,765
|
Parent debt to total
debt, excluding securitization debt
|
22.3%
|
22.2%
|
0.1%
|
FFO to debt, excluding
securitization debt
|
8.2%
|
14.3%
|
(6.1%)
|
FFO to debt, excluding
securitization debt, return of unprotected excess ADIT, and
severance and retention payments associated with exit of
EWC
|
8.7%
|
16.0%
|
(7.3%)
|
|
|
|
|
Calculations may
differ due to rounding
|
F: Definitions and Abbreviations and Acronyms
Appendix
F-1 provides definitions of certain operating measures, as well as
GAAP and non-GAAP financial measures.
Appendix F-1:
Definitions
|
Utility Financial
and Operating Measures
|
GWh billed
|
Total number of GWh
billed to retail and wholesale customers
|
Number of electric
retail customers
|
Average number of
electric customers over the period
|
Other O&M and
refueling outage expense per MWh
|
Other operation and
maintenance expense plus nuclear refueling outage expense per MWh
of billed sales
|
|
|
EWC Financial and
Operating Measures
|
Adjusted EBITDA
(non-GAAP)
|
Earnings before
interest, income taxes, and depreciation and amortization, and
excluding decommissioning expense
|
Average revenue per
MWh on contracted volumes
|
Revenue on a per unit
basis at which generation output reflected in contracts is expected
to be sold to third parties (including offsetting positions) at the
minimum contract prices and at forward market prices at a point in
time, given existing contract or option exercise prices based on
expected dispatch or capacity, excluding the revenue associated
with the amortization of the below-market PPA for Palisades
(revenue will fluctuate due to factors including positive or
negative basis differentials and other risk management
costs)
|
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
|
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
|
Capacity
factor
|
Normalized percentage
of the period that the nuclear plants generate power
|
Expected sold and
market total revenue per MWh
|
Total energy and
capacity revenue on a per unit basis at which total planned
generation output and capacity is expected to be sold given
contract terms and market prices at a point in time, including
positive or negative basis differentials and other risk management
costs, divided by total planned MWh of generation, excluding the
revenue associated with the amortization of the Palisades
below-market PPA
|
GWh billed
|
Total number of GWh
billed to customers and financially-settled instruments
|
Owned capacity
(MW)
|
Installed capacity
owned by EWC
|
Percent of capacity
sold forward
|
Percent of planned
qualified capacity sold to mitigate price uncertainty under
physical or financial transactions
|
Percent of planned
generation under contract (unit contingent)
|
Percent of planned
generation output sold under contracts
|
Planned net MW in
operation (average)
|
Average installed
capacity to generate power and/or sell capacity, reflecting the
shutdown of 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, reflecting the shutdown of Indian Point
3 (April 30, 2021) and Palisades (May 31, 2022)
|
Production cost per
MWh
|
Fuel and other
O&M expenses according to accounting standards that directly
relate to the production of electricity per MWh (based on net
generation)
|
Refueling outage
days
|
Number of days lost
for a scheduled refueling and maintenance outage during the
period
|
|
|
Appendix F-1:
Definitions (continued)
|
EWC Financial and
Operating Measures (continued)
|
Unit
contingent
|
Transaction under
which power is supplied from a specific generation asset; if the
asset is in operational outage, seller is generally not liable to
buyer for any damages, unless the contract specifies certain
conditions such as an availability guarantee
|
Financial Measures
– GAAP
|
As-reported
ROE
|
12-months rolling net
income attributable to Entergy Corporation divided by avg. common
equity
|
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
|
Debt of joint
ventures – Entergy's share
|
Entergy's share of
debt issued by business joint ventures at EWC
|
Debt to
capital
|
Total debt divided by
total capitalization
|
Available revolver
capacity
|
Amount of undrawn
capacity remaining on corporate and subsidiary revolvers
|
Securitization
debt
|
Debt on the balance
sheet associated with securitization bonds that is secured by
certain future customer collections
|
Total debt
|
Sum of short-term and
long-term debt, notes payable and commercial paper, and finance
leases on the balance sheet
|
Financial Measures
– Non-GAAP
|
Adjusted
EPS
|
As-reported EPS
excluding adjustments
|
Adjusted
ROE
|
12-months rolling
adjusted net income attributable to Entergy Corporation divided by
average common equity
|
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, taxes accrued, interest accrued,
and other working capital accounts), and securitization regulatory
charges
|
FFO to debt,
excluding securitization debt
|
12-months rolling FFO
as a percentage of end of period total debt excluding
securitization debt
|
FFO to debt, excl.
securitization debt, return of unprotected excess ADIT, and
severance and retention payments associated with exit of
EWC
|
12-months rolling FFO
excluding return of unprotected excess ADIT and severance and
retention payments associated with exit of EWC as a percentage
of end of period total debt excluding securitization
debt
|
Gross
liquidity
|
Sum of cash and
available revolver capacity
|
Net debt to net
capital, excl. securitization debt
|
Total debt less cash
and cash equivalents divided by total capitalization less cash and
cash equivalents, excluding securitization debt
|
Net
liquidity
|
Sum of cash and
available revolver capacity less commercial paper
borrowing
|
Net liquidity,
including storm escrows
|
Sum of cash,
available revolver capacity, and escrow accounts available for
certain storm expenses, less commercial paper borrowing
|
Parent debt to total
debt, excl. securitization debt
|
Entergy Corp. debt,
incl. amounts drawn on credit revolver and commercial paper
facilities, as a percent of consolidated total debt, excl.
securitization debt
|
|
|
|
Appendix F-2 explains abbreviations and acronyms used in the
quarterly earnings materials.
|
Appendix F-2:
Abbreviations and Acronyms
|
ADIT
|
Accumulated deferred
income taxes
|
IRS
|
Internal Revenue
Service
|
AFUDC
|
Allowance for funds
used during construction
|
ISES 2
|
Unit 2 of
Independence Steam Electric Station (coal)
|
AFUDC – borrowed
funds
|
Allowance for
borrowed funds used during construction
|
ISO
|
Independent system
operator
|
AG
|
Attorney
General
|
LCPS
|
Lake Charles Power
Station (CCGT)
|
ALJ
|
Administrative law
judge
|
LPSC
|
Louisiana Public
Service Commission
|
AMI
|
Advanced metering
infrastructure
|
LTM
|
Last twelve
months
|
ANO
|
Units 1 and 2 of
Arkansas Nuclear One owned by E-AR (nuclear)
|
MCPS
|
Montgomery County
Power Station (CCGT)
|
APSC
|
Arkansas Public
Service Commission
|
MISO
|
Midcontinent
Independent System Operator, Inc.
|
ARO
|
Asset retirement
obligation
|
Moody's
|
Moody's Investor
Service
|
bps
|
Basis
points
|
MPSC
|
Mississippi Public
Service Commission
|
CCGT
|
Combined cycle gas
turbine
|
MTEP
|
MISO Transmission
Expansion Plan
|
CCN
|
Certificate of
convenience and necessity
|
Nelson 6
|
Unit 6 of Roy
S. Nelson plant (coal)
|
CCNO
|
Council of the City
of New Orleans
|
NDT
|
Nuclear
decommissioning trust
|
Choctaw
|
Choctaw County
Generating Station (CCGT)
|
NGO
|
Non-governmental
organization
|
COD
|
Commercial operation
date
|
NOPA
|
IRS Notice of
Proposed Adjustment
|
CT
|
Simple cycle
combustion turbine
|
NOPS
|
New Orleans Power
Station
|
CWIP
|
Construction work in
progress
|
NOSS
|
New Orleans Solar
Station
|
DCRF
|
Distribution cost
recovery factor
|
NRC
|
U.S. Nuclear
Regulatory Commission
|
DOE
|
U.S. Department of
Energy
|
NY PSC
|
New York Public
Service Commission
|
DSM
|
Demand side
management
|
NYS AG
|
New York State
Attorney General
|
E-AR
|
Entergy Arkansas,
LLC
|
NYS DEC
|
New York State
Department of Environmental Conservation
|
E-LA
|
Entergy Louisiana,
LLC
|
NYS DPS
|
New York State
Department of Public Service
|
E-MS
|
Entergy Mississippi,
LLC
|
NYISO
|
New York Independent
System Operator, Inc.
|
E-NO
|
Entergy New Orleans,
LLC
|
NYSE
|
New York Stock
Exchange
|
E-TX
|
Entergy Texas,
Inc.
|
OCF
|
Net cash flow
provided by operating activities
|
EBITDA
|
Earnings before
interest, income taxes, and depreciation and
amortization
|
OCPS
|
Orange County Power
Station
|
ENP
|
Entergy Nuclear
Palisades, LLC
|
OpCo
|
Utility operating
company
|
EPS
|
Earnings per
share
|
OPEB
|
Other post-employment
benefits
|
ETR
|
Entergy
Corporation
|
Other
O&M
|
Other non-fuel
operation and maintenance expense
|
EWC
|
Entergy Wholesale
Commodities
|
P&O
|
Parent &
Other
|
FERC
|
Federal Energy
Regulatory Commission
|
Palisades
|
Palisades Power Plant
(nuclear)
|
FFO
|
Funds from
operations
|
PMR
|
Performance
Management Rider
|
FIN 48
|
FASB Interpretation
No.48, "Accounting for Uncertainty in Income Taxes"
|
PPA
|
Power purchase
agreement or purchased power agreement
|
FRP
|
Formula rate
plan
|
PSC
|
Public service
commission
|
GAAP
|
U.S. generally
accepted accounting principles
|
PUCT
|
Public Utility
Commission of Texas
|
GCRR
|
Generation Cost
Recovery Rider
|
RICE
|
Reciprocating
internal combustion engine
|
Grand Gulf or
GGNS
|
Unit 1 of Grand Gulf
Nuclear Station (nuclear), 90% owned or leased by SERI
|
RFP
|
Request for
proposals
|
IIRR-G
|
Infrastructure
investment recovery rider - gas
|
ROE
|
Return on
equity
|
Indian Point
1
|
Indian Point Energy
Center Unit 1 (nuclear) (shut down in 1974)
|
ROIC
|
Return on invested
capital
|
Indian Point 2 or
IP2
|
Indian Point Energy
Center Unit 2 (nuclear) (shut down April 30, 2020)
|
RS Cogen
|
RS Cogen facility
(CCGT cogeneration)
|
Indian Point 3 or
IP3
|
Indian Point Energy
Center Unit 3 (nuclear)
|
RSP
|
Rate Stabilization
Plan (E-LA Gas)
|
IPEC or Indian
Point
|
Indian Point Energy
Center (nuclear)
|
S&P
|
Standard &
Poor's
|
IRP
|
Integrated resource
plan
|
SEC
|
U.S. Securities and
Exchange Commission
|
|
|
SERI
|
System Energy
Resources, Inc.
|
|
|
TCRF
|
Transmission cost
recovery factor
|
|
|
UPSA
|
Unit Power Sales
Agreement
|
|
|
WACC
|
Weighted-average cost
of capital
|
|
|
WPEC
|
Washington Parish
Energy Center
|
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
|
(LTM $ in millions
except where noted)
|
|
First
Quarter
|
|
|
2021
|
2020
|
As-reported net
income (loss) attributable to Entergy Corporation
|
(A)
|
1,604
|
1,105
|
Preferred
dividends
|
|
18
|
17
|
Tax-effected interest
expense
|
|
594
|
559
|
As-reported net
income (loss) attributable to Entergy Corporation adjusted for
preferred dividends and tax-effected interest expense
|
(B)
|
2,216
|
1,681
|
|
|
|
|
Adjustments
|
(C)
|
399
|
(31)
|
EWC preferred
dividends and tax-effected interest expense included in
adjustments
|
|
19
|
22
|
|
|
|
|
Total adjustments,
excluding EWC preferred dividends and tax-effected interest expense
(non-GAAP)
|
(D)
|
418
|
(9)
|
|
|
|
|
Adjusted earnings
(non-GAAP)
|
(A-C)
|
1,205
|
1,136
|
Adjusted earnings,
excluding preferred dividends and tax- effected interest expense
(non-GAAP)
|
(B-D)
|
1,798
|
1,690
|
|
|
|
|
Average invested
capital (average of beginning and ending balances)
|
(E)
|
34,509
|
30,229
|
|
|
|
|
Average common equity
(average of beginning and ending balances)
|
(F)
|
10,621
|
9,597
|
|
|
|
|
As-reported
ROIC
|
(B/E)
|
6.4%
|
5.6%
|
Adjusted ROIC
(non-GAAP)
|
[(B-D)/E]
|
5.2%
|
5.6%
|
As-reported
ROE
|
(A/F)
|
15.1%
|
11.5%
|
Adjusted ROE
(non-GAAP)
|
[(A-C)/F]
|
11.3%
|
11.8%
|
|
|
|
|
Calculations may
differ due to rounding
|
Appendix G-2:
Reconciliation of GAAP to Non-GAAP Financial Measures – Debt ratios
excluding securitization debt; gross liquidity; net liquidity; net
liquidity, including storm escrows
|
($ in millions except
where noted)
|
|
First
Quarter
|
|
|
2021
|
2020
|
Total debt
|
(A)
|
25,803
|
21,465
|
Less securitization
debt
|
(B)
|
147
|
271
|
Total debt, excluding
securitization debt
|
(C)
|
25,656
|
21,193
|
Less cash and cash
equivalents
|
(D)
|
1,743
|
1,464
|
Net debt, excluding
securitization debt
|
(E)
|
23,914
|
19,730
|
|
|
|
|
Commercial
paper
|
(F)
|
1,028
|
1,942
|
|
|
|
|
Total
capitalization
|
(G)
|
37,075
|
31,943
|
Less securitization
debt
|
(B)
|
147
|
271
|
Total capitalization,
excluding securitization debt
|
(H)
|
36,928
|
31,672
|
Less cash and cash
equivalents
|
(D)
|
1,743
|
1,464
|
Net capital,
excluding securitization debt
|
(I)
|
35,185
|
30,208
|
|
|
|
|
Debt to
capital
|
(A/G)
|
69.6%
|
67.2%
|
Debt to capital,
excluding securitization debt (non-GAAP)
|
(C/H)
|
69.5%
|
66.9%
|
Net debt to net
capital, excluding securitization debt (non-GAAP)
|
(E/I)
|
68.0%
|
65.3%
|
|
|
|
|
Available revolver
capacity
|
(J)
|
4,220
|
3,348
|
|
|
|
|
Storm
escrows
|
(K)
|
72
|
373
|
|
|
|
|
Gross liquidity
(non-GAAP)
|
(D+J)
|
5,963
|
4,811
|
Net liquidity
(non-GAAP)
|
(D+J-F)
|
4,935
|
2,870
|
Net liquidity,
including storm escrows (non-GAAP)
|
(D+J-F+K)
|
5,007
|
3,242
|
|
|
|
|
Entergy Corporation
notes:
|
|
|
|
Due September
2020
|
|
-
|
450
|
Due July
2022
|
|
650
|
650
|
Due September
2025
|
|
800
|
-
|
Due September
2026
|
|
750
|
750
|
Due June
2028
|
|
650
|
-
|
Due June
2030
|
|
600
|
-
|
Due June
2031
|
|
650
|
-
|
Due June
2050
|
|
600
|
-
|
Total Entergy
Corporation notes
|
(L)
|
4,700
|
1,850
|
Revolver
draw
|
(M)
|
55
|
922
|
Unamortized debt
issuance costs and discounts
|
(N)
|
(54)
|
(8)
|
Total parent
debt
|
(F+L+M+N)
|
5,728
|
4,706
|
|
|
|
|
Parent debt to total
debt, excluding securitization debt (non-GAAP)
|
[(F+L+M+N)/C]
|
22.3%
|
22.2%
|
|
|
|
|
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)
|
|
First
Quarter
|
|
|
2021
|
2020
|
Total debt
|
(A)
|
25,803
|
21,465
|
Less securitization
debt
|
(B)
|
147
|
271
|
Total debt, excluding
securitization debt
|
(C)
|
25,656
|
21,193
|
|
|
|
|
Net cash flow
provided by operating activities, LTM
|
(D)
|
1,981
|
2,974
|
|
|
|
|
AFUDC – borrowed
funds, LTM
|
(E)
|
(43)
|
(63)
|
|
|
|
|
Working capital items
in net cash flow provided by operating activities, LTM:
|
|
|
|
Receivables
|
|
(262)
|
(71)
|
Fuel
inventory
|
|
15
|
(39)
|
Accounts
payable
|
|
90
|
(136)
|
Taxes
accrued
|
|
21
|
(21)
|
Interest
accrued
|
|
9
|
17
|
Other working capital
accounts
|
|
(165)
|
17
|
Securitization
regulatory charges, LTM
|
|
124
|
122
|
Total
|
(F)
|
(170)
|
(111)
|
|
|
|
|
FFO, LTM
(non-GAAP)
|
(G)=(D+E-F)
|
2,109
|
3,023
|
|
|
|
|
FFO to debt,
excluding securitization debt (non-GAAP)
|
(G/C)
|
8.2%
|
14.3%
|
|
|
|
|
Estimated return of
unprotected excess ADIT, LTM
|
(H)
|
80
|
236
|
Severance and
retention payments associated with exit of EWC, LTM
pre-tax
|
(I)
|
55
|
141
|
|
|
|
|
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)]
|
8.7%
|
16.0%
|
|
|
|
|
Calculations may
differ due to rounding
|
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SOURCE Entergy Corporation