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Entergy reports second quarter earnings
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Entergy reports second quarter earnings

Company affirms guidance and financial outlooks; expect 2022 results in top half of the range

NEW ORLEANS, Aug. 3, 2022 /PRNewswire/ — Entergy Corporation (NYSE: ETR) reported second quarter 2022 earnings per share of 78 cents on an as-reported basis and $1.78 on an adjusted basis (non-GAAP).

“We had a productive second quarter with accomplishments that made meaningful progress toward our stakeholder objectives,” said Leo Denault, Entergy chairman and chief executive officer. “Higher retail sales were driven by customer growth and hot temperatures across our region. As a result, we are implementing several initiatives to improve affordability and customer experience.”

Business highlights included the following:

  • E-TX and Sempra Infrastructure entered into a memorandum of understanding to develop options designed to accelerate the deployment of new renewable generation and to increase the resilience of power supply in E-TX’s Southeast Texas service area, where Sempra Infrastructure’s facilities are under development.
  • Construction was completed on E-MS’s 100 MW Sunflower Solar Station.
  • E-MS announced that the company selected several resources from its 2022 renewable RFP.
  • E-AR increased its 2022 renewable RFP to 1,000 MW from 500 MW.
  • E-TX completed a substation that is part of a $44 million investment in the Huntsville distribution network, improving the reliability and resiliency of the local grid.
  • The MPSC approved a settlement agreement to resolve all of the MPSC’s complaints against SERI; the proposed settlement is subject to FERC approval.
  • The MPSC approved E-MS’s annual FRP filing.
  • E-NO submitted its preliminary grid hardening and resilience plan to the CCNO.
  • E-LA, E-NO, and E-AR filed their annual FRPs, and E-TX filed its base rate case.
  • E-NO submitted its filing for certification of Hurricane Ida costs.
  • Entergy completed the sale of Palisades, EWC’s last remaining nuclear asset.
  • Edison Electric Institute announced Entergy as a recipient of its Emergency Assistance Award.
  • For the seventh 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 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)


Second quarter

Year-to-date


2022

2021

Change

2022

2021

Change

(After-tax, $ in millions)







As-reported earnings

160

(6)

166

436

329

108

Less adjustments

(204)

(275)

71

(197)

(238)

40

Adjusted earnings (non-GAAP)

364

269

95

633

566

67

  Estimated weather impact

50

(15)

65

66

8

58








(After-tax, per share in $)







As-reported earnings

0.78

(0.03)

0.81

2.13

1.63

0.50

Less adjustments

(1.00)

(1.37)

0.37

(0.97)

(1.18)

0.21

Adjusted earnings (non-GAAP)

1.78

1.34

0.44

3.10

2.81

0.29

  Estimated weather impact

0.24

(0.07)

0.31

0.32

0.04

0.28








Calculations may differ due to rounding

Consolidated results

For second quarter 2022, the company reported earnings of $160 million, or 78 cents per share, on an as-reported basis, and earnings of $364 million, or $1.78 per share, on an adjusted basis. This compared to a second quarter 2021 loss of $(6 million), or (3) cents per share, on an as-reported basis, and earnings of $269 million, or $1.34 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 2022, the Utility business reported earnings attributable to Entergy Corporation of $153 million, or 75 cents per share, on an as-reported basis, and earnings of $444 million, or $2.17 per share, on an adjusted basis. This compared to second quarter 2021 earnings of $326 million, or $1.62 per share, on both an as-reported and an adjusted basis. There were several drivers for the quarter’s results. 

In second quarter 2022, SERI recorded a regulatory charge of $(551 million) ($(413 million) after tax) to increase a regulatory liability to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC.  In June 2022, the MPSC approved a settlement for its 40 percent portion of the complaints.  The $588 million liability balance reflects potential refunds if a full settlement is reached with all parties on the same terms as the MPSC settlement.  This item was considered an adjustment and excluded from adjusted earnings.

As a result of receiving approvals for storm cost recovery and issuance of securitized debt at E-LA and E-TX, the companies recorded the following:

  • the equity portion of carrying costs on storm expenditures not previously recorded (the portions related to prior years were considered an adjustment and excluded from adjusted earnings),
  • a reduction in other income to account for LURC’s 1 percent beneficial interest in the trust established as part of E-LA’s securitization (considered an adjustment and excluded from adjusted earnings),
  • a reduction in income tax expense as a result of securitization (considered adjustments and excluded from adjusted earnings), and
  • amounts reserved to share benefits of securitization with customers (considered adjustments and excluded from adjusted earnings).

Other drivers included:

  • higher retail sales volume, including the impacts of weather;
  • the net effect of regulatory actions across the operating companies;
  • higher operating expenses including other O&M, depreciation expense, and taxes other than income taxes; and
  • regulatory provisions recorded in second quarter 2021.

On a per share basis, second quarter 2022 results reflected higher diluted average number of common shares outstanding.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other

For second quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(80 million), or (39) cents per share, on both an as-reported and an adjusted basis. This compared to a second quarter 2021 loss of $(57 million), or (28) cents per share, on both an as-reported and an adjusted basis. Income taxes contributed to the variance.

On a per share basis, second quarter 2022 results reflected higher diluted average number of common shares outstanding.

Entergy Wholesale Commodities 

For second quarter 2022, EWC reported earnings attributable to Entergy Corporation of $87 million, or 42 cents per share, on an as-reported basis. This compared to a second quarter 2021 loss attributable to Entergy Corporation of $(275 million), or $(1.37) per share, on an as-reported basis. Drivers for the quarter included:

  • a gain of $166 million ($130 million after-tax) as a result of the sale of Palisades in second quarter 2022,
  • a loss of $340 million ($268 million after-tax) on the sale of Indian Point in second quarter 2021,
  • lower other O&M and depreciation expense due primarily to the shutdown of Indian Point 3 and Palisades, and
  • lower decommissioning expenses primarily due to the sale of Indian Point.

These drivers were partially offset by:

  • lower revenue primarily due to the shutdown of Indian Point 3 and Palisades, and
  • the absence of earnings from NDTs as a result of the sale of Indian Point.

On a per share basis, second quarter 2022 results reflected higher diluted average number of common shares outstanding.

Appendix D contains additional details on EWC operating and financial measures, including reconciliation for non-GAAP EWC adjusted EBITDA.

Earnings per share guidance

Entergy affirmed its 2022 adjusted EPS guidance range of $6.15 to $6.45, and the company expects results to be in the top half of the range. See webcast presentation for additional details.

The company has provided 2022 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP financial measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately 20 cents in 2022.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, August 3, 2022, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference and a replay of the teleconference may be accessed by visiting Entergy’s website at www.entergy.com; for participants who would like to participate via telephone, please register at https://register.vevent.com/register/BI6152b07a27274da89f66365f26ee51ee to receive the dial-in number along with a unique PIN that is required to access the call (the registration link can also be found on Entergy’s website). The webcast presentation is also being posted to Entergy’s website concurrent with this news release.

Entergy Corporation, a Fortune 500 company headquartered in New Orleans, powers life for 3 million customers through its operating companies across Arkansas, Louisiana, Mississippi, and Texas. Entergy is creating a cleaner, more resilient energy future for everyone with our diverse power generation portfolio, including increasingly carbon-free energy sources. With roots in the Gulf South region for more than a century, Entergy is a recognized leader in corporate citizenship, delivering more than $100 million in economic benefits to local communities through philanthropy and advocacy efforts annually over the last several years. Our approximately 12,000 employees are dedicated to powering life today and for future generations.

Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR”.

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.

Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.

Non-GAAP financial measures

This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s exit from the merchant power business. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, ROE is included on both an adjusted and an as-reported basis. Metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Cautionary note regarding forward-looking statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2022 earnings guidance; current financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) 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) impacts from terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (i) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (j) effects on Entergy or its customers of (1) 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; (2) the effects of changes in commodity markets, capital markets, or economic conditions; and (3) the effects of technological change, including the costs, pace of development, and commercialization of new and emerging technologies.

Second quarter 2022 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: EWC operating and financial measures

E: Consolidated financial measures

F: Definitions and abbreviations and acronyms

G: Other GAAP to Non-GAAP reconciliations

Financial statements

Consolidating balance sheets

Consolidating income statements

Consolidated cash flow statements

A: Consolidated results and adjustments

Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated earnings – reconciliation of GAAP to non-GAAP measures

Second quarter and year-to-date 2022 vs. 2021 (See Appendix A-2 and Appendix A-3 for details on adjustments)


Second quarter

Year-to-date


2022

2021

Change

2022

2021

Change

(After-tax, $ in millions)







As-reported earnings (loss)







Utility

153

326

(173)

493

682

(189)

Parent & Other

(80)

(57)

(23)

(151)

(116)

(35)

EWC

87

(275)

362

94

(238)

332

Consolidated

160

(6)

166

436

329

108








Less adjustments







Utility

(291)

(291)

(291)

(291)

Parent & Other

EWC

87

(275)

362

94

(238)

332

Consolidated

(204)

(275)

71

(197)

(238)

40








Adjusted earnings (loss) (non-GAAP)







Utility

444

326

118

784

682

102

Parent & Other

(80)

(57)

(23)

(151)

(116)

(35)

EWC

Consolidated

364

269

95

633

566

67

Estimated weather impact

50

(15)

65

66

8

58








Diluted average number of common shares outstanding (in millions)

205

201


204

201









(After-tax, per share in $) (a)







As-reported earnings (loss)







Utility

0.75

1.62

(0.87)

2.41

3.39

(0.98)

Parent & Other

(0.39)

(0.28)

(0.11)

(0.74)

(0.58)

(0.16)

EWC

0.42

(1.37)

1.79

0.46

(1.18)

1.64

Consolidated

0.78

(0.03)

0.81

2.13

1.63

0.50








Less adjustments







Utility

(1.42)

(1.42)

(1.43)

(1.43)

Parent & Other

EWC

0.42

(1.37)

1.79

0.46

(1.18)

1.64

Consolidated

(1.00)

(1.37)

0.37

(0.97)

(1.18)

0.21








Adjusted earnings (loss) (non-GAAP)







Utility

2.17

1.62

0.55

3.84

3.39

0.45

Parent & Other

(0.39)

(0.28)

(0.11)

(0.74)

(0.58)

(0.16)

EWC

Consolidated

1.78

1.34

0.44

3.10

2.81

0.29

Estimated weather impact

0.24

(0.07)

0.31

0.32

0.04

0.28








Calculations may differ due to rounding

(a)

Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.



See Appendix B for detailed earnings variance analysis.

Appendix A-2 and Appendix A-3 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)

Second quarter and year-to-date 2022 vs. 2021


Second quarter

Year-to-date


2022

2021

Change

2022

2021

Change

(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)

Utility







E-LA and E-TX true-up for prior year’s portion of the equity component of carrying costs for 2020 storms

41

41

41

41

E-LA contribution to the LURC related to securitization

(32)

(32)

(32)

(32)

E-LA customer-sharing of securitization benefits

(224)

(224)

(224)

(224)

SERI litigation settlement regulatory charge

(551)

(551)

(551)

(551)

Income tax effect on Utility adjustments above

192

192

192

192

E-LA tax benefit resulting from securitization

283

283

283

283

Total Utility

(291)

(291)

(291)

(291)








EWC







Income before income taxes

113

(346)

459

123

(293)

416

Income taxes

(25)

72

(97)

(28)

56

(84)

Preferred dividend requirements

(1)

(1)

(1)

(1)

Total EWC

87

(275)

362

94

(238)

332








Total adjustments

(204)

(275)

71

(197)

(238)

40








(After-tax, per share in $) (b)







Utility







E-LA and E-TX true-up for prior year’s portion of the equity component of carrying costs for 2020 storms

0.18

0.18

0.17

0.17

E-LA contribution to the LURC related to securitization

(0.15)

(0.15)

(0.15)

(0.15)

E-LA customer-sharing of securitization benefits

(0.81)

(0.81)

(0.81)

(0.81)

SERI litigation settlement regulatory charge

(2.02)

(2.02)

(2.02)

(2.02)

E-LA tax benefit resulting from securitization

1.38

1.38

1.38

1.38

Total Utility

(1.42)

(1.42)

(1.43)

(1.43)








EWC







Total EWC

0.42

(1.37)

1.79

0.46

(1.18)

1.64








Total adjustments

(1.00)

(1.37)

0.37

(0.97)

(1.18)

0.21








Calculations may differ due to rounding

(b)

Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.



 

Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings)

Second quarter and year-to-date 2022 vs. 2021

(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)


Second quarter

Year-to-date


2022

2021

Change

2022

2021

Change

Utility







Operating revenues

46

46

46

46

Other regulatory charges (credits)–net

(775)

(775)

(775)

(775)

Other income (deductions)–other

(37)

(37)

(37)

(37)

Income taxes

474

474

474

474

Total Utility

(291)

(291)

(291)

(291)








EWC







Operating revenues

89

149

(60)

239

397

(158)

Fuel and fuel-related expenses

(25)

(17)

(7)

(51)

(39)

(12)

Purchased power

(26)

(18)

(8)

(39)

(36)

(4)

Nuclear refueling outage expense

(7)

(11)

4

(18)

(22)

4

Other O&M

(42)

(83)

41

(84)

(182)

99

Asset write-off and impairments

164

(342)

506

163

(345)

509

Decommissioning expense

(14)

(40)

26

(28)

(93)

65

Taxes other than income taxes

(3)

(6)

3

(12)

(12)

Depreciation/amortization exp.

(3)

(14)

11

(12)

(27)

15

Other income (deductions)–other

(18)

41

(59)

(31)

75

(107)

Interest exp. and other charges

(2)

(4)

2

(3)

(8)

5

Income taxes

(25)

72

(97)

(28)

56

(84)

Preferred dividend requirements

(1)

(1)

(1)

(1)

Total EWC

87

(275)

362

94

(238)

332








Total adjustments

(204)

(275)

71

(197)

(238)

40








Calculations may differ due to rounding


Appendix A-4 provides a comparative summary of OCF by business. 

Appendix A-4: Consolidated operating cash flow

Second quarter and year-to-date 2022 vs. 2021

($ in millions)


Second quarter

Year-to-date


2022

2021

Change

2022

2021

Change

Utility

361

1,014

(653)

856

937

(81)

Parent & Other

(84)

(64)

(20)

(119)

(86)

(33)

EWC

1

(154)

155

79

(105)

184

Consolidated

278

796

(518)

816

747

69








Calculations may differ due to rounding


OCF decreased for the quarter due largely to the higher fuel and purchased power cost.  Higher interest payments also contributed to the decline.  These decreases were partially offset by lower severance and retention payments at EWC, lower non-capital storm restoration expenditures, and higher utility customer receipts (including the effects of weather).

B: Earnings variance analysis 

Appendix B provides details of current quarter 2022 versus 2021 as-reported and adjusted earnings per share variances for Utility, Parent & Other, and EWC.

Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e)

Second quarter 2022 vs. 2021

(After-tax, per share in $)


Utility


Parent & Other


EWC


Consolidated


As-

reported

Adjusted


As-

reported

Adjusted


As-

reported


As-

reported

Adjusted

2021 earnings (loss)

1.62

1.62


(0.28)

(0.28)


(1.37)


(0.03)

1.34

Operating revenue less:

  Fuel, fuel-related expenses and

  gas purchased for resale,

  Purchased power, and

  Regulatory charges (credits)–net

(1.88)

0.74

(f)


(0.30)

(g)

(2.18)

0.74

Nuclear refueling outage expense

0.01

0.01



0.02


0.03

0.01

Other O&M

(0.13)

(0.13)

(h)

(0.01)

(0.01)


0.16

(i)

0.02

(0.14)

Asset write-offs and impairments



1.99

(j)

1.99

Decommissioning expense

(0.01)

(0.01)



0.10

(k)

0.09

(0.01)

Taxes other than income taxes

(0.07)

(0.07)

(l)


0.01


(0.06)

(0.07)

Depreciation/amortization exp.

(0.13)

(0.13)

(m)


0.05

(n)

(0.08)

(0.13)

Other income (deductions)-other

(0.02)

0.16

(o)

(0.04)

(0.04)


(0.23)

(p)

(0.29)

0.12

Interest expense

(0.04)

(0.04)


(0.02)

(0.02)


0.01


(0.05)

(0.06)

Income taxes–other

1.41

0.03

(q)

(0.05)

(0.05)

(r)

(0.01)


1.35

(0.02)

Share effect

(0.01)

(0.01)


0.01

0.01


(0.01)


(0.01)

2022 earnings (loss)

0.75

2.17


(0.39)

(0.39)


0.42


0.78

1.78












 

Appendix B-2: As-reported and adjusted earnings variance analysis (c), (d), (e)

Year-to-date 2022 vs. 2021

(After-tax, per share in $)


Utility


Parent & Other


EWC


Consolidated


As-

Reported

Adjusted


As-

Reported

Adjusted


As-

Reported


As-

Reported

Adjusted

2021 earnings (loss)

3.39

3.39


(0.58)

(0.58)


(1.18)


1.63

2.81

Operating revenue less:

  Fuel, fuel-related expenses and

  gas purchased for resale,

  Purchased power, and

  Regulatory charges (credits)–net

(1.46)

1.17

(f)


(0.68)

(g)

(2.14)

1.17

Nuclear refueling outage expense

0.02

0.02



0.01


0.03

0.02

Other O&M

(0.23)

(0.23)

(h)

(0.02)

(0.02)


0.39

(i)

0.14

(0.25)

Asset write-offs and impairments



2.00

(j)

2.00

Decommissioning expense

(0.02)

(0.02)



0.26

(k)

0.24

(0.02)

Taxes other than income taxes

(0.15)

(0.15)

(l)


0.00


(0.15)

(0.15)

Depreciation/amortization exp.

(0.24)

(0.24)

(m)


0.06

(n)

(0.18)

(0.24)

Other income (deductions)–other

(0.19)

(0.01)

(o)

(0.05)

(0.05)

(s)

(0.42)

(p)

(0.66)

(0.06)

Interest exp. and other charges

(0.10)

(0.10)

(t)

(0.05)

(0.05)

(u)

0.02


(0.13)

(0.15)

Income taxes–other

1.42

0.04

(q)

(0.05)

(0.05)

(r)

0.01


1.38

(0.01)

Share effect

(0.03)

(0.03)


0.01

0.01


(0.01)


(0.03)

(0.02)

2022 earnings (loss)

2.41

3.84


(0.74)

(0.74)


0.46


2.13

3.10












Calculations may differ due to rounding

(c)

Utility operating revenue / regulatory charges and Utility income taxes-other exclude the following for the return of unprotected excess ADIT to customers (net effect is neutral to earnings) (in $ million):

2Q22

2Q21

YTD22

YTD21

16

14

33

54

(d)

Utility regulatory charges (credits) and Utility preferred dividend requirements and noncontrolling interest exclude the following for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings) (in $ million):

2Q22

2Q21

YTD222

YTD21

1

2

(e)

EPS effect is calculated by multiplying the pre-tax variance 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.

(f)

The second quarter and year-to-date variances included a $551 million ($413 million after-tax) regulatory charge recorded by SERI in second quarter 2022; the provision was recorded to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC (this item was considered an adjustment and excluded from adjusted earnings). The variances also reflected items resulting from E-LA and E-TX storm cost approval and securitization. The companies recorded $59 million in revenues ($54 million after-tax) for the equity component of carrying charges on those storm costs ($46 million ($42 million after tax) associated with prior years was considered an adjustment and excluded from adjusted earnings). E-LA also recorded a $224 million ($117 million after-tax) regulatory provision for sharing the benefits of E-LA’s securitization with customers (considered an adjustment and excluded from adjusted earnings). Regulatory actions that affected variances included E-AR’s FRP; E-LA’s FRP; E-MS’s FRP and ad valorem rider; E-NO’s FRP; and E-TX’s GCRR, TCRF, and DCRF. Volume / weather was also a driver. The variance also reflected a change in regulatory provisions for decommissioning items (the difference between expense and trust earnings plus costs collected in revenue, largely earnings neutral). Two items recorded in second quarter 2021 contributed to the variances: a regulatory credit for E-MS, primarily for its 2020 lookback evaluation, and a reserve adjustment for the FERC MSS-4 ROE decision. The year-to-date variance also included the first quarter 2021 reversal of an E-AR regulatory provision; partially offsetting was a regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms.

(g)

The second quarter and year-to-date earnings decreases were due largely to the shutdown of Palisades in May 2022 and Indian Point 3 in April 2021 and lower realized wholesale energy and capacity prices.

(h)

The second quarter and year-to-date earnings decreases from higher Utility other O&M was due primarily to higher power delivery expenses, higher energy efficiency costs, higher customer service center support costs, higher bad debt expense, and an increase in loss provisions. The year-to-date variance also included higher nuclear and non-nuclear generation expenses and higher legal expenses, partially offset by higher nuclear insurance refunds.

(i)

The second quarter and year-to-date earnings increases from lower EWC other O&M were due largely to the shutdown of Indian Point 3 in April 2021 and Palisades in May 2022. The second quarter variance was partially offset by higher severance and retention expenses. 

(j)

The second quarter and year-to-date earnings increases from lower asset write-offs and impairments were due largely to two items. In second quarter 2022, a $166 million gain ($130 million after-tax) was recorded as a result of the sale of Palisades. In second quarter 2021, a $340 million loss ($268 million after-tax) was recorded as a result of the sale of Indian Point.

(k)

The second quarter and year-to-date earnings increases from lower EWC decommissioning expense were due primarily to the sale of Indian Point in May 2021.

(l)

The second quarter and year-to-date earnings decreases from higher Utility taxes other than income taxes were due to increases in ad valorem and franchise taxes. The year-to-date variance also reflected higher employment taxes.

(m)

The second quarter and year-to-date earnings decreases from higher Utility depreciation expense were due primarily to higher plant in service. 

(n)

The second quarter and year-to-date earnings increases from lower EWC depreciation expense were due primarily to the shutdown of Indian Point 3 in April 2021 and Palisades in May 2022.

(o)

The second quarter and year-to-date as-reported earnings decreases from lower Utility other income (deductions) reflected a few drivers. In second quarter 2022, three items were recorded as a result of E-LA securitization: (a) a $32 million reduction to interest and investment income (loss) was recorded to account for LURC’s 1% beneficial interest in the trust established as part of the securitization (considered an adjustment and excluded from adjusted earnings); (b) an adjustment to AFUDC-equity for the approved equity component of carrying costs on 2020 storms not previously recorded (the portion relating to prior years was considered an adjustment and excluded from adjusted earnings), and (c) higher intercompany dividend income related to the new intercompany investment in preferred stock resulting from E-LA’s securitization compared to the previous affiliate preferred investment that was liquidated (offset in P&O). The variances also reflected lower non-service pension costs. The year-to-date variance also reflected changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). 

(p)

The second quarter and year-to-date earnings decreases from lower EWC other income (deductions) were due largely to the absence of earnings from nuclear decommissioning trust funds that were transferred in the sale of Indian Point in May 2021 and the performance of Palisades decommissioning trust investments. The decrease was partially offset by lower non-service pension costs. 

(q)

The second quarter and year-to-date as-reported increases from Utility income taxes were due largely to a second quarter 2022 $283 million income tax benefit related to securitization financing of Hurricane Laura, Hurricane Delta, Hurricane Zeta, Winter Storm Uri, and a portion of Hurricane Ida (this item was considered an adjustment and excluded from adjusted earnings).

(r)

The second quarter and year-to-date earnings decreases from Parent & Other income taxes reflected a reversal of a $9 million valuation allowance related to the interest expense limitation recorded in second quarter 2021.

(s)

The year-to-date earnings decrease from Parent & Other other income (deductions) was largely due to lower intercompany dividend income related to the new intercompany investment in preferred stock resulting from E-LA’s securitization compared to the previous affiliate preferred investment that was liquidated (offset in Utility).

(t)

The year-to-date earnings decrease from higher Utility interest expense was due primarily to higher debt balances. 

(u)

The year-to-date earnings decrease from higher Parent & Other interest expense was due primarily to higher debt balances and intercompany guarantee activity.

 

Utility as-reported operating revenue less fuel, fuel-related

expenses and gas purchased for resale; purchased power; and

regulatory charges (credits)-net variance analysis

2022 vs. 2021 ($ EPS)


2Q

YTD

Volume/weather

0.52

0.47

Retail electric price

0.25

0.57

2Q22 increase in provision for potential refunds in SERI complaints

(2.02)

(2.02)

2Q22 provision for customer sharing of securitization benefits

(0.81)

(0.81)

2Q22 reg. provisions for true-up of E-LA and E-TX equity carrying costs on 2020 storms

0.26

0.26

1Q22 reg. provisions for true-up of E-LA and E-TX cost of debt from 2020 storms

0.02

0.07

2Q21 reg. credit for E-MS

(0.07)

(0.07)

2Q21 MSS-4 ROE reserve adj.

(0.05)

(0.05)

1Q21 reversal of reg. provision for

E-AR’s FRP 2019 netting adj.

(0.16)

Reg. provisions for decommissioning items

0.02

0.23

Other, including Grand Gulf recovery

0.05

Total

(1.88)

(1.46)

 

C: Utility operating and financial measures 

Appendix C provides comparative summaries of Utility operating and financial measures.







Appendix C: Utility operating and financial measures


Second quarter and year-to-date 2022 vs. 2021



Second quarter

Year-to-date




2022

2021

%

Change

% Weather

adjusted (v)

2022

2021

%

Change

% Weather

adjusted (v)


GWh sold










Residential

9,493

8,487

11.9

0.2

17,946

17,150

4.6

(1.7)


Commercial

7,203

6,731

7.0

4.7

13,474

12,842

4.9

5.0


Governmental

641

616

4.1

3.1

1,226

1,197

2.4

1.8


Industrial

13,480

12,640

6.6

6.6

25,976

24,378

6.6

6.6


Total retail sales

30,817

28,474

8.2

4.2

58,622

55,567

5.5

3.6


Wholesale

3,920

4,716

(16.9)


7,562

9,016

(16.1)



Total sales

34,737

33,190

4.7


66,184

64,583

2.5













Number of electric retail customers










Residential





2,554,001

2,542,264

0.5




Commercial





366,044

362,681

0.9



Governmental





18,054

17,867

1.0



Industrial





43,490

43,282

0.5



Total retail customers





2,981,589

2,966,094

0.5













Other O&M and refueling outage expense per MWh

$21.74

$21.81

(0.3)


$21.39

$21.04

1.7

































Calculations may differ due to rounding

(v)

The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.



For the quarter, retail sales volume increased across all customer classes, including the effect of hotter weather on residential and commercial sales. The increase in industrial usage was due to an increase in demand from expansion projects, primarily in the chemicals, transportation, and petroleum refining industries, an increase in demand from cogeneration customers, and an increase in demand from existing customers, primarily in the chemicals and pulp and paper industries as a result of prior year temporary plant shutdowns. The increase in weather-adjusted commercial usage was primarily due to an increase in customers and the effect of the COVID-19 pandemic on businesses in second quarter 2021.

D: EWC operating and financial measures 

Appendix D-1 provides a comparative summary of EWC operating and financial measures.

Appendix D-1: EWC operating and financial measures

Second quarter and year-to-date 2022 vs. 2021


Second quarter

Year-to-date


2022

2021

% Change

2022

2021

% Change

Owned capacity (MW) (w)

394

1,205

(67)

394

1,205

(67)

GWh billed

1,371

2,687

(49)

3,595

7,099

(49)








EWC Nuclear Fleet







Capacity factor

81 %

94 %

(14)

93 %

97 %

(4)

GWh billed

975

2,356

(59)

2,741

6,344

(57)

Production cost per MWh

$29.61

$27.51

8

$26.93

$21.82

23

Average energy/capacity revenue per MWh

$30.50

$48.89

(38)

$49.00

$50.87

(4)








Calculations may differ due to rounding

(w)

2022 excludes the Palisades plant (811 MW) which was shut down on May 20, 2022.



Appendix D-2 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-2: EWC adjusted EBITDA – reconciliation of GAAP to Non-GAAP measures

Second quarter and year-to-date 2022 vs. 2021

($ in millions)

Second quarter

Year-to-date


2022

2021

Change

2022

2021

Change

Net income (loss)

87

(275)

362

95

(237)

332

Add back: interest expense

2

4

(2)

3

8

(5)

Add back: income taxes

25

(72)

97

28

(56)

84

Add back: depreciation and amortization

3

14

(11)

12

27

(15)

Subtract: interest and investment income

(24)

50

(74)

(41)

97

(139)

Add back: decommissioning expense

14

40

(26)

28

93

(65)

Adjusted EBITDA (non-GAAP)

156

(338)

494

207

(262)

469








Calculations may differ due to rounding


E: Consolidated financial measures

Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix E: GAAP and non-GAAP financial measures

Second quarter 2022 vs. 2021 (See appendix G for reconciliation of GAAP to non-GAAP financial measures)

For 12 months ending June 30

2022

2021

Change

GAAP measure




As-reported ROE

10.8 %

11.6 %

(0.8) %





Non-GAAP measure




Adjusted ROE

11.3 %

11.3 %





As of June 30 ($ in millions, except where noted)

2022

2021

Change

GAAP measures




Cash and cash equivalents

580

687

(107)

Available revolver capacity 

4,191

4,125

66

Commercial paper

1,398

866

532

Total debt

26,923

25,435

1,488

Securitization debt

336

114

222

Debt to capital

69.1 %

69.5 %

(0.4) %

Off-balance sheet liabilities:




  Debt of joint ventures – Entergy’s share

3

12

(9)

Total off-balance sheet liabilities

3

12

(9)





Storm escrow balances

323

72

251





Non-GAAP measures ($ in millions, except where noted)




Debt to capital, excluding securitization debt

68.8 %

69.4 %

(0.6) %

Net debt to net capital, excluding securitization debt

68.4 %

68.9 %

(0.5) %

Gross liquidity

4,771

4,812

(41)

Net liquidity

3,373

3,946

(573)

Net liquidity, including storm escrow balances

3,697

4,018

(322)

Parent debt to total debt, excluding securitization debt

20.9 %

22.4 %

(1.5) %

FFO to debt, excluding securitization debt

10.9 %

9.8 %

1.1 %

FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC

11.1 %

10.8 %

0.4 %





Calculations may differ due to rounding


F: Definitions and abbreviations and acronyms

Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix F-1: Definitions

Utility operating and financial measures

GWh sold

Total number of GWh sold to retail and wholesale customers

Number of electric retail customers

Average number of electric customers over the period

Other O&M and refueling outage expense per MWh

Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales



EWC operating and financial measures

Adjusted EBITDA (non-GAAP)

Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense

Capacity factor

Normalized percentage of the period that the nuclear plants generate power

GWh billed

Total number of GWh billed to customers and financially-settled instruments

Owned capacity (MW)

Installed capacity owned by EWC

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)



Financial measures – GAAP

As-reported ROE

12-months rolling net income attributable to Entergy Corp. divided by avg. common equity

Debt of joint ventures –  Entergy’s share

Entergy’s share of debt issued by business joint ventures at EWC

Debt to capital

Total debt divided by total capitalization

Available revolver capacity

Amount of undrawn capacity remaining on corporate and subsidiary revolvers

Securitization debt

Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections

Total debt

Sum of short-term and long-term debt, notes payable and commercial paper, and finance leases on the balance sheet


Financial measures – non-GAAP

Adjusted EPS

As-reported EPS excluding adjustments

Adjusted ROE

12-months rolling adjusted net income attributable to Entergy Corp. divided by avg. common equity

Adjustments

Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items

Debt to capital, excluding securitization debt

Total debt divided by total capitalization, excluding securitization debt

FFO

OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, and other working capital accounts), and securitization regulatory charges

FFO to debt, excluding securitization debt

12-months rolling FFO as a percentage of end of period total debt excl. securitization debt

FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC

12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with the exit of EWC as a percentage of end of period total debt excluding securitization debt

Gross liquidity

Sum of cash and available revolver capacity

Net debt to net capital, excl. securitization debt

Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt

Net liquidity

Sum of cash and available revolver capacity less commercial paper borrowing

Net liquidity, including storm escrows

Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing

Parent debt to total debt, excl. securitization debt

Entergy Corp. debt, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt

Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix F-2: Abbreviations and acronyms

ADIT

AFUDC

AFUDC –  borrowed funds

ALJ

AMI

APSC

ARO

ATM

bps

CCCT

CCGT

CCNO

CFO

COD

DCRF

DOE

DSM

E-AR

E-LA

E-MS

E-NO

E-TX

EBITDA

EPC

EPS

ETR

EWC

FERC

FFO

FIN 48

FRP

GAAP

GCRR

Grand Gulf or GGNS

HLBV

IIRR-G

Accumulated deferred income taxes

Allowance for funds used during construction

Allowance for borrowed funds used during construction

Administrative law judge

Advanced metering infrastructure

Arkansas Public Service Commission

Asset retirement obligation

At the market equity issuance program

Basis points

Combined cycle combustion turbine

Combined cycle gas turbine

Council of the City of New Orleans

Cash from operations

Commercial operation date

Distribution cost recovery factor

U.S. Department of Energy

Demand side management

Entergy Arkansas, LLC

Entergy Louisiana, LLC

Entergy Mississippi, LLC

Entergy New Orleans, LLC

Entergy Texas, Inc.

Earnings before interest, income taxes, and depreciation and amortization

Engineering, procurement, and construction

Earnings per share

Entergy Corporation

Entergy Wholesale Commodities

Federal Energy Regulatory Commission

Funds from operations

FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”

Formula rate plan

U.S. generally accepted accounting principles

Generation Cost Recovery Rider

Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI

Hypothetical liquidation at book value

Infrastructure investment recovery rider – gas

Indian Point 3

or IP3

IPEC or

Indian Point

IRAR

ISES 2

LPSC

LTM

LURC

MISO

Moody’s

MPSC

MTEP

Nelson 6

NDT

NRC

NYSE

OCAPS

OCF

OpCo

OPEB

Other O&M

P&O

Palisades

PMR

PPA

PUCT

RFP

ROE

RS Cogen

RSP

S&P

SEC

SERI

TCRF

UPSA

WACC

Indian Point Energy Center Unit 3 (nuclear)

(shut down April 2021, sold May 2021)

Indian Point Energy Center (nuclear)

(sold May 28, 2021)

Interim rate adjustment rider

Unit 2 of Independence Steam Electric Station (coal)

Louisiana Public Service Commission

Last twelve months

Louisiana Utility Restoration Corporation

Midcontinent Independent System Operator, Inc.

Moody’s Investor Service

Mississippi Public Service Commission

MISO Transmission Expansion Plan

Unit 6 of Roy S. Nelson plant (coal)

Nuclear decommissioning trust

U.S. Nuclear Regulatory Commission

New York Stock Exchange

Orange County Advanced Power Station

Net cash flow provided by operating activities

Utility operating company

Other post-employment benefits

Other non-fuel operation and maintenance expense

Parent & Other

Palisades Power Plant (nuclear) (shut down May 2022, sold June 2022)

Performance Management Rider

Power purchase agreement or purchased power agreement

Public Utility Commission of Texas

Request for proposals

Return on equity

RS Cogen facility (CCGT cogeneration)

Rate Stabilization Plan (E-LA Gas)

Standard & Poor’s

U.S. Securities and Exchange Commission

System Energy Resources, Inc.

Transmission cost recovery factor

Unit Power Sales Agreement

Weighted-average cost of capital

G: Other GAAP to non-GAAP reconciliations

Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to non-GAAP financial measures – ROE

(LTM $ in millions except where noted)


Second quarter



2022

2021

As-reported net income (loss) attributable to Entergy Corporation

(A)

1,226

1,238

Adjustments

(B)

(56)

32





Adjusted earnings (non-GAAP)

(A-B)

1,282

1,206





Average common equity (average of beginning and ending balances)

(C)

11,300

10,657





As-reported ROE

(A/C)

10.8 %

11.6 %

Adjusted ROE (non-GAAP)

[(A-B)/C]

11.3 %

11.3 %





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)


Second quarter



2022

2021

Total debt

(A)

26,923

25,435

Less securitization debt

(B)

336

114

Total debt, excluding securitization debt

(C)

26,587

25,321

Less cash and cash equivalents

(D)

580

687

Net debt, excluding securitization debt

(E)

26,007

24,634





Commercial paper

(F)

1,398

866





Total capitalization

(G)

38,961

36,577

Less securitization debt

(B)

336

114

Total capitalization, excluding securitization debt

(H)

38,625

36,463

Less cash and cash equivalents

(D)

580

687

Net capital, excluding securitization debt

(I)

38,045

35,777





Debt to capital

(A/G)

69.1 %

69.5 %

Debt to capital, excluding securitization debt (non-GAAP)

(C/H)

68.8 %

69.4 %

Net debt to net capital, excluding securitization debt (non-GAAP)

(E/I)

68.4 %

68.9 %





Available revolver capacity

(J)

4,191

4,125





Storm escrows

(K)

323

72





Gross liquidity (non-GAAP)

(D+J)

4,771

4,812

Net liquidity (non-GAAP)

(D+J-F)

3,373

3,946

Net liquidity, including storm escrows (non-GAAP)

(D+J-F+K)

3,697

4,018





Entergy Corporation notes:




Due July 2022


650

Due September 2025


800

800

Due September 2026


750

750

Due June 2028


650

650

Due June 2030


600

600

Due June 2031


650

650

Due June 2050


600

600

Total Entergy Corporation notes

(L)

4,050

4,700

Revolver draw

(M)

150

150

Unamortized debt issuance costs and discounts

(N)

(46)

(52)

Total parent debt

(F+L+M+N)

5,552

5,664

Parent debt to total debt, excluding securitization debt (non-GAAP)

[(F+L+M+N)/C]

20.9 %

22.4 %





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 the exit of EWC

($ in millions except where noted)


Second quarter



2022

2021

Total debt

(A)

26,923

25,435

Less securitization debt

(B)

336

114

Total debt, excluding securitization debt

(C)

26,587

25,321





Net cash flow provided by operating activities, LTM

(D)

2,370

1,988





AFUDC – borrowed funds, LTM

(E)

(27)

(38)





Working capital items in net cash flow provided by operating activities, LTM:




Receivables


(155)

(263)

Fuel inventory


18

9

Accounts payable


444

45

Taxes accrued


48

93

Interest accrued


(22)

3

Deferred fuel costs


(847)

(369)

Other working capital accounts


(104)

(166)

Securitization regulatory charges, LTM


67

119

Total

(F)

(551)

(529)





FFO, LTM (non-GAAP)

(G)=(D+E-F)

2,894

2,479





FFO to debt, excluding securitization debt (non-GAAP)

(G/C)

10.9 %

9.8 %





Estimated return of unprotected excess ADIT, LTM

(H)

62

83

Severance and retention payments associated with exit of EWC, LTM pre-tax

(I)

160





FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC (non-GAAP)

[(G+H+I)/(C)]

11.1 %

10.8 %





Calculations may differ due to rounding


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/entergy-reports-second-quarter-earnings-301598740.html

SOURCE Entergy Corporation

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