Press Releases

Entergy reports third quarter earnings

Company narrows guidance and extends financial outlooks

NEW ORLEANS, Nov. 2, 2022 /PRNewswire/ — Entergy Corporation (NYSE: ETR) reported third quarter 2022 earnings per share of $2.74 on an as-reported basis and $2.84 on an adjusted basis (non-GAAP).

“We continued to make meaningful progress in the third quarter, executing our strategy across regulatory, financial, and operational paths to create sustainable value for all our stakeholders,” said Drew Marsh, Entergy chief executive officer. “We expect to deliver strong results for 2022 driven by the growth of our regulated operations. We remain laser focused on affordability and reliability for our customers, while advancing initiatives that support their growth, resilience, and clean energy goals.”

Business highlights included the following:

  • Entergy narrowed its 2022 adjusted EPS guidance range to $6.25 to $6.45.
  • The APSC approved Driver Solar, a 250 MW solar facility that will support US Steel.
  • The LPSC approved four solar projects totaling 475 MW.
  • The LPSC approved Entergy’s Geaux Green option, a new asset-based green tariff.
  • E-LA completed its longest underground distribution project in Southeast Louisiana, adding to upgrades that have increased the resilience of the electric system.
  • E-LA completed a 230kV Mississippi River transmission crossing, with key towers upgraded to withstand winds of up to 175 mph.
  • E-TX and an affiliate of New Fortress Energy Inc. signed an MOU to collaborate on the development of renewable energy and hydrogen infrastructure in Southeast Texas.
  • The CCNO approved $206 million securitization recovery for E-NO’s Hurricane Ida costs and replenishment of the company’s storm escrow.
  • Entergy’s Board of Directors declared a quarterly dividend of $1.07 per share, a six percent increase.
  • Entergy was named as one of the nation’s top utilities in economic development by Site Selection magazine for the 15th consecutive year.

 

Consolidated earnings (GAAP and non-GAAP measures)

Third quarter and year-to-date 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)


Third quarter

Year-to-date


2022

2021

Change

2022

2021

Change

(After-tax, $ in millions)







As-reported earnings

561

531

30

997

860

137

Less adjustments

(19)

37

(56)

(216)

(201)

(15)

Adjusted earnings (non-GAAP)

580

494

85

1,213

1,061

152

  Estimated weather impact

21

(9)

29

86

(1)

87








(After-tax, per share in $)







As-reported earnings

2.74

2.63

0.11

4.88

4.26

0.62

Less adjustments

(0.10)

0.18

(0.28)

(1.06)

(1.00)

(0.06)

Adjusted earnings (non-GAAP)

2.84

2.45

0.39

5.94

5.26

0.68

  Estimated weather impact

0.10

(0.04)

0.14

0.42

0.42








Calculations may differ due to rounding

Consolidated results

For third quarter 2022, the company reported earnings of $561 million, or $2.74 per share, on an as-reported basis, and earnings of $580 million, or $2.84 per share, on an adjusted basis. This compared to third quarter 2021 earnings of $531 million, or $2.63 per share, on an as-reported basis, and earnings of $494 million, or $2.45 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 third quarter 2022, the Utility business reported earnings attributable to Entergy Corporation of $672 million, or $3.29 per share, on both an as-reported and adjusted basis. This compared to third quarter 2021 earnings of $570 million, or $2.82 per share, on an as-reported basis and $559 million, or $2.77 per share, on an adjusted basis. Drivers for the change in quarterly earnings included:   

  • the net effect of regulatory actions across the operating companies;
  • higher retail sales volume, including the effects of weather; and
  • higher income from affiliate preferred investments (offset at P&O and largely earnings neutral at the consolidated level).

The drivers were partially offset by:

  • higher operating expenses including other O&M and depreciation expense, and
  • higher interest expense.

On a per share basis, third 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 third quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(92 million), or (45) cents per share, on both an as-reported and an adjusted basis. This compared to a third quarter 2021 loss of $(65 million), or (32) cents per share, on both an as-reported and an adjusted basis. The primary driver for the quarter was the impact from affiliate preferred investments (offset at Utility and largely earnings neutral at the consolidated level).

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

Entergy Wholesale Commodities 

For third quarter 2022, EWC reported a loss attributable to Entergy Corporation of $(19 million), or (10) cents per share, on an as-reported basis. This compared to third quarter 2021 earnings of $26 million, or 13 cents per share, on an as-reported basis. The primary drivers for the quarter were:

  • the shutdown of Palisades in May 2022 and other items associated with the wind-down of EWC, and
  • income taxes.

On a per share basis, third 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 narrowed its 2022 adjusted EPS guidance to a range of $6.25 to $6.45. See webcast presentation for additional details.

The company has provided 2022 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP financial measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One adjustment is 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 25 cents in 2022.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, November 2, 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/BIa229a822b57a4806a2dade35096b07b8 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.

Third 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

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


Third quarter

Year-to-date


2022

2021

Change

2022

2021

Change

(After-tax, $ in millions)







As-reported earnings (loss)







Utility

672

570

102

1,166

1,253

(87)

Parent & Other

(92)

(65)

(28)

(244)

(181)

(63)

EWC

(19)

26

(45)

75

(212)

287

Consolidated

561

531

30

997

860

137








Less adjustments







Utility

11

(11)

(291)

11

(302)

Parent & Other

EWC

(19)

26

(45)

75

(212)

287

Consolidated

(19)

37

(56)

(216)

(201)

(15)








Adjusted earnings (loss) (non-GAAP)







Utility

672

559

113

1,457

1,242

215

Parent & Other

(92)

(65)

(28)

(244)

(181)

(63)

EWC

Consolidated

580

494

85

1,213

1,061

152

Estimated weather impact

21

(9)

29

86

(1)

87








Diluted average number of common shares outstanding (in millions)

205

202

3

204

202

3








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







As-reported earnings (loss)







Utility

3.29

2.82

0.47

5.70

6.21

(0.51)

Parent & Other

(0.45)

(0.32)

(0.13)

(1.19)

(0.90)

(0.29)

EWC

(0.10)

0.13

(0.23)

0.37

(1.05)

1.42

Consolidated

2.74

2.63

0.11

4.88

4.26

0.62








Less adjustments







Utility

0.05

(0.05)

(1.43)

0.05

(1.48)

Parent & Other

EWC

(0.10)

0.13

(0.23)

0.37

(1.05)

1.42

Consolidated

(0.10)

0.18

(0.28)

(1.06)

(1.00)

(0.06)








Adjusted earnings (loss) (non-GAAP)







Utility

3.29

2.77

0.52

7.13

6.16

0.97

Parent & Other

(0.45)

(0.32)

(0.13)

(1.19)

(0.90)

(0.29)

EWC

Consolidated

2.84

2.45

0.39

5.94

5.26

0.68

Estimated weather impact

0.10

(0.04)

0.14

0.42

0.42








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 detail 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)

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


Third 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

E-LA contribution to the LURC related to securitization

(32)

(32)

E-LA customer-sharing of securitization benefits

(224)

(224)

SERI litigation settlement regulatory charge

(551)

(551)

Gain on sale

15

(15)

15

(15)

Income tax effect on Utility adjustment above

(4)

4

192

(4)

196

E-LA tax benefit resulting from securitization

283

283

Total Utility

11

(11)

(291)

11

(302)








EWC







Income before income taxes

35

(35)

123

(258)

381

Income taxes

(18)

(9)

(9)

(46)

47

(94)

Preferred dividend requirements

(1)

(1)

(2)

(2)

Total EWC

(19)

26

(45)

75

(212)

287








Total adjustments

(19)

37

(56)

(216)

(201)

(15)








(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

0.17

0.17

E-LA contribution to the LURC related to securitization

(0.15)

(0.15)

E-LA customer-sharing of securitization benefits

(0.81)

(0.81)

SERI litigation settlement regulatory charge

(2.02)

(2.02)

E-LA tax benefit resulting from securitization

1.38

1.38

Gain on sale

0.05

(0.05)

0.05

(0.05)

Total Utility

0.05

(0.05)

(1.43)

0.05

(1.48)








EWC







Total EWC

(0.10)

0.13

(0.23)

0.37

(1.05)

1.42








Total adjustments

(0.10)

0.18

(0.28)

(1.06)

(1.00)

(0.06)








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: Total adjustments by income statement line item (shown as positive/(negative) impact on earnings)

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

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


Third quarter

Year-to-date


2022

2021

Change

2022

2021

Change

Utility







Operating revenues

46

46

Other regulatory charges (credits)–net

(775)

(775)

Other income (deductions)–other

(37)

(37)

Other O&M

15

(15)

15

(15)

Income taxes

(4)

4

474

(4)

478

Total Utility

11

(11)

(291)

11

(302)








EWC







Operating revenues

62

162

(100)

301

559

(258)

Fuel and fuel-related expenses

(30)

(24)

(5)

(81)

(63)

(18)

Purchased power

(24)

(22)

(2)

(64)

(58)

(6)

Nuclear refueling outage expense

(11)

11

(18)

(34)

15

Other O&M

(10)

(51)

41

(94)

(233)

140

Asset write-off and impairments

163

(345)

509

Decommissioning expense

(14)

13

(28)

(106)

78

Taxes other than income taxes

(1)

(2)

1

(13)

(15)

1

Depreciation/amortization exp.

(1)

(9)

7

(13)

(36)

23

Other income (deductions)–other

6

9

(3)

(26)

84

(109)

Interest exp. and other charges

(2)

(3)

1

(5)

(11)

6

Income taxes

(18)

(9)

(9)

(46)

47

(94)

Preferred dividend requirements

(1)

(1)

(2)

(2)

Total EWC

(19)

26

(45)

75

(212)

287








Total adjustments

(19)

37

(56)

(216)

(201)

(15)








Calculations may differ due to rounding

 

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

Appendix A-4: Consolidated operating cash flow

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

($ in millions)


Third quarter

Year-to-date


2022

2021

Change

2022

2021

Change

Utility

1,086

1,289

(203)

1,942

2,226

(284)

Parent & Other

(36)

(68)

32

(155)

(154)

(1)

EWC

(56)

43

(100)

22

(62)

84

Consolidated

993

1,264

(271)

1,809

2,011

(202)








Calculations may differ due to rounding

 

OCF decreased quarter-over-quarter due to several drivers, including higher Utility fuel and purchased power payments, the wind-down of EWC, higher Utility other O&M spending, and higher Utility refueling outage spending.  These decreases were partially offset by higher Utility customer receipts and lower pension contributions.

B: Earnings variance analysis 

Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 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)

Third 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)

2.82

2.77


(0.32)

(0.32)


0.13


2.63

2.45

Operating revenue less:

  Fuel, fuel-related expenses and

  gas purchased for resale,

  Purchased power, and

  Regulatory charges (credits)–net

1.33

1.33

(f)


(0.42)

(g)

0.91

1.33

Nuclear refueling outage expense

(0.03)

(0.03)



0.04


0.01

(0.03)

Other O&M

(0.49)

(0.44)

(h)

(0.01)

(0.01)


0.16

(i)

(0.34)

(0.45)

Asset write-offs and impairments




Decommissioning expense

(0.01)

(0.01)



0.05

(j)

0.04

(0.01)

Taxes other than income taxes

(0.03)

(0.03)




(0.03)

(0.03)

Depreciation/amortization exp.

(0.15)

(0.15)

(k)


0.03


(0.12)

(0.15)

Other income (deductions)-other

(0.10)

(0.10)

(l)

(0.12)

(0.12)

(m)

(0.01)


(0.23)

(0.22)

Interest expense

(0.05)

(0.05)

(n)

(0.01)

(0.01)



(0.06)

(0.06)

Income taxes–other

0.04

0.04



(0.08)

(o)

(0.04)

0.04

Share effect

(0.04)

(0.04)


0.01

0.01



(0.03)

(0.03)

2022 earnings (loss)

3.29

3.29


(0.45)

(0.45)


(0.10)


2.74

2.84












 

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)

6.21

6.16


(0.90)

(0.90)


(1.05)


4.26

5.26

Operating revenue less:

  Fuel, fuel-related expenses and

  gas purchased for resale,

  Purchased power, and

  Regulatory charges (credits)–net

(0.12)

2.51

(f)


(1.10)

(g)

(1.22)

2.51

Nuclear refueling outage expense

(0.02)

(0.02)



0.06

(p)

0.04

(0.02)

Other O&M

(0.71)

(0.66)

(h)

(0.03)

(0.03)


0.55

(i)

(0.19)

(0.69)

Asset write-offs and impairments



1.99

(q)

1.99

Decommissioning expense

(0.03)

(0.03)



0.31

(j)

0.28

(0.03)

Taxes other than income taxes

(0.18)

(0.18)

(r)


0.01


(0.17)

(0.18)

Depreciation/amortization exp.

(0.38)

(0.38)

(k)


0.09

(s)

(0.29)

(0.38)

Other income (deductions)–other

(0.28)

(0.10)

(l)

(0.18)

(0.18)

(m)

(0.43)

(t)

(0.89)

(0.28)

Interest exp. and other charges

(0.15)

(0.15)

(n)

(0.07)

(0.07)

(u)

0.02


(0.20)

(0.22)

Income taxes–other

1.44

0.06

(v)

(0.03)

(0.03)


(0.07)

(o)

1.34

0.03

Share effect

(0.08)

(0.08)

(w)

0.02

0.02


(0.01)


(0.07)

(0.06)

2022 earnings (loss)

5.70

7.13


(1.19)

(1.19)


0.37


4.88

5.94












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 millions):

3Q22

3Q21

YTD22

YTD21

16

17

50

72

(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) ($ millions):

3Q22

3Q21

YTD22

YTD21

10

12

(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 third quarter and year-to-date variances reflected favorable volume, including the effects of weather. Variances also reflect regulatory actions including E-AR’s FRP; E-LA’s FRP, including riders; E-MS’s FRP; E-NO’s FRP; and E-TX’s TCRF and DCRF. The variances also included third quarter 2022 and third quarter 2021 regulatory credits at

E-MS and a 2021 reserve adjustment for the FERC MSS-4 ROE decision. The variances 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). The year-to-date variance included several items in second quarter 2022. A $551 million ($413 million after-tax) regulatory charge was recorded by SERI 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). A regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms was recorded, as well as $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 recorded a $224 million ($165 million after-tax) regulatory provision for sharing the benefits of E-LA’s securitization with customers (considered an adjustment and excluded from adjusted earnings). Other regulatory items are detailed in the table to the right.

(g)

The third quarter and year-to-date earnings decreases were due largely to the shutdown of Palisades in May 2022. The year-to-date variance also reflected the shutdown of Indian Point 3 in April 2021.

(h)

The third quarter and year-to-date earnings decreases from higher Utility other O&M were due primarily to higher power delivery expenses, including higher vegetation management costs, higher nuclear generation expenses, higher compensation and benefits costs, higher bad debt expense, higher energy efficiency costs, and higher customer service center support costs. Also contributing was a $15M pre-tax gain on sale recorded in third quarter 2021 (considered an adjustment and excluded from adjusted earnings). The year-to-date variance also included higher legal expenses and an increase in loss provisions, partially offset by higher nuclear insurance refunds. 

(i)

The third quarter and year-to-date earnings increases from lower EWC other O&M were due largely to the shutdown of Palisades in May 2022. The year-to-date variance was also due to the shutdown of Indian Point 3 in April 2021. 

(j)

The third quarter and year-to-date earnings increases from lower EWC decommissioning expense were due primarily to the sale of Palisades in June 2022. The year-to-date variance also reflected the sale of Indian Point in May 2021.

(k)

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

(l)

The third quarter and year-to-date earnings decreases from lower Utility other income (deductions) were largely due to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). This was partially offset by higher intercompany dividend income related to the affiliate preferred investments (offset in P&O). The year-to-date variance also reflected two items that were recorded in second quarter 2022 as a result of E-LA securitization: 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); and 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). The year-to-date variance was partially offset by the recognition of carrying costs primarily related to Hurricane Ida and deferred fuel balances.  

(m)

The third quarter and year-to-date earnings decreases from Parent & Other other income (deductions) was due largely to the effects of affiliate preferred investments (offset in Utility).

(n)

The third quarter and year-to-date earnings decreases from higher Utility interest expense was due primarily to higher debt balances.

(o)

The third quarter and year-to-date earnings decreases from EWC income taxes were due largely to the accrual of an uncertain tax position as a result of a state tax audit in third quarter 2022. 

(p)

The year-to-date earnings increase from lower EWC nuclear refueling outage expense was due to the shutdown of Indian Point 3 in April 2021 and Palisades in May 2022.

(q)

The year-to-date earnings increase from lower EWC asset write-offs and impairments was 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.

(r)

The year-to-date earnings decrease from higher Utility taxes other than income taxes was due to increases in ad valorem, franchise, and employment taxes. 

(s)

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

(t)

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

(u)

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

(v)

The year-to-date earnings increase from Utility income taxes was 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). Various smaller income tax items also contributed.

(w)

The year-to-date earnings per share impacts from share effect were due to shares sold under the company’s ATM program.

 

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)


3Q

YTD

Volume/weather

0.34

0.80

Retail electric price

0.41

0.98

2Q21 reg. credit for E-MS lookback / true up

(0.07)

3Q22 reg. credit for E-MS lookback / true up

0.08

0.08

3Q21 MSS-4 ROE reserve adj.

(0.02)

(0.07)

E-LA TRAM true-up and tax deferral

0.04

0.04

E-TX MCPS relate back

0.02

0.02

2Q22 increase in provision for potential refunds in SERI complaints

(2.02)

2Q22 provision for customer sharing of securitization benefits

(0.81)

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

0.26

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

0.07

1Q21 reversal of reg. provision for

E-AR’s FRP 2019 netting adj.

(0.16)

Reg. provisions for decommissioning items

0.25

0.47

Grand Gulf recovery

0.08

0.16

Other

0.13

0.13

Total

1.33

(0.12)

 

C: Utility operating and financial measures

Appendix C provides a comparative summary of Utility operating and financial measures.




Appendix C: Utility operating and financial measures


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



Third quarter

Year-to-date




2022

2021

%

Change

% Weather

adjusted (x)

2022

2021

%

Change

% Weather

adjusted (x)


GWh sold










Residential

11,272

10,545

6.9

3.9

29,218

27,695

5.5

0.5


Commercial

8,223

7,649

7.5

5.8

21,697

20,490

5.9

5.3


Governmental

702

648

8.3

9.4

1,928

1,845

4.4

4.5


Industrial

13,926

13,020

7.0

7.0

39,903

37,399

6.7

6.7


Total retail sales

34,123

31,862

7.1

5.7

92,746

87,429

6.1

4.3


Wholesale

4,809

4,350

10.6


12,371

13,365

(7.4)



Total sales

38,932

36,212

7.5


105,117

100,794

4.3













Number of electric retail customers










Residential





2,561,441

2,548,865

0.5




Commercial





366,351

365,364

0.3



Governmental





18,055

17,922

0.7



Industrial





50,721

50,579

0.3



Total retail customers





2,996,568

2,982,730

0.5













Other O&M and refueling outage expense per MWh

$20.95

$18.67

12.2


$21.23

$20.19

5.2

































Calculations may differ due to rounding

(x)

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, largely due to prior year Hurricane Ida impacts. The increase in industrial usage was due to an increase in demand from new and expansion projects, primarily in the chemicals, petroleum refining, and transportation industries, and an increase in demand from small industrial and cogeneration customers. 

D: EWC operating and financial measures 

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

Appendix D-1: EWC operating and financial measures

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


Third quarter

Year-to-date


2022

2021

% Change

2022

2021

% Change

Owned capacity (MW) (y)

394

1,205

(67)

394

1,205

(67)

GWh billed

577

2,166

(73)

4,172

9,265

(55)








EWC Nuclear Fleet







Capacity factor

97 %

(100)

93 %

97 %

(4)

GWh billed

1,702

(100)

2,741

8,046

(66)

Production cost per MWh

$28.91

(100)

$26.93

$23.32

15

Average energy/capacity revenue per MWh

$69.35

(100)

$49.00

$54.79

(11)








Calculations may differ due to rounding           

(y)

2022 excludes the Palisades plant (811 MW) which was shut down on 5/20/22.

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

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

($ in millions)

Third quarter

Year-to-date


2022

2021

Change

2022

2021

Change

Net income (loss)

(19)

26

(45)

77

(210)

287

Add back: interest expense

2

3

(1)

5

11

(6)

Add back: income taxes

18

9

9

46

(47)

94

Add back: depreciation and amortization

1

9

(7)

13

36

(23)

Subtract: interest and investment income

3

3

(38)

100

(139)

Add back: decommissioning expense

14

(13)

28

106

(78)

Adjusted EBITDA (non-GAAP)

57

(58)

207

(205)

412








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

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

For 12 months ending September 30

2022

2021

Change

GAAP measure




As-reported ROE

10.8 %

11.3 %

(0.5) %





Non-GAAP measure




Adjusted ROE

11.7 %

10.9 %

0.8 %





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

2022

2021

Change

GAAP measures




Cash and cash equivalents

1,003

1,000

3

Available revolver capacity 

4,191

3,925

266

Commercial paper

1,386

1,006

380

Total debt

27,677

25,695

1,982

Securitization debt

311

90

221

Debt to capital

69 %

69 %

Off-balance sheet liabilities:




  Debt of joint ventures – Entergy’s share

9

(9)

Total off-balance sheet liabilities

9

(9)





Storm escrows

325

33

291





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




Debt to capital, excluding securitization debt

69 %

69 %

Net debt to net capital, excluding securitization debt

68 %

68 %

Gross liquidity

5,195

4,925

270

Net liquidity

3,809

3,919

(110)

Net liquidity, including storm escrow balances

4,133

3,952

181

Parent debt to total debt, excluding securitization debt

20.3 %

23.4 %

(3.1) %

FFO to debt, excluding securitization debt

12.2 %

9.7 %

2.6 %

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

12.6 %

10.6 %

2.0 %





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

Accumulated deferred income taxes

IPEC or

Indian Point Energy Center (nuclear)

AFUDC

Allowance for funds used during construction

Indian Point

(sold 5/28/21)

AFUDC –  borrowed funds

Allowance for borrowed funds used during construction

IRAR

Interim rate adjustment rider

ALJ

Administrative law judge

ISES 2

Unit 2 of Independence Steam Electric Station (coal)

AMI

Advanced metering infrastructure

LMP

Locational marginal price

APSC

Arkansas Public Service Commission

LNG

Liquified natural gas

ARO

Asset retirement obligation

LPSC

Louisiana Public Service Commission

ATM

At the market equity issuance program

LTM

Last twelve months

bbl

Barrels

LURC

Louisiana Utility Restoration Corporation

Bcf/D

Billion cubic feet per day 

MISO

Midcontinent Independent System Operator, Inc.

bps

Basis points

MMBtu

Million British thermal units

CAMT

Corporate alternative minimum tax

Moody’s

Moody’s Investor Service 

CCCT

Combined cycle combustion turbine

MPSC

Mississippi Public Service Commission

CCGT

Combined cycle gas turbine

MTEP

MISO Transmission Expansion Plan

CCNO

Council of the City of New Orleans

NBP

National Balancing Point

CFO

Cash from operations

NDT

Nuclear decommissioning trust

COD

Commercial operation date

Nelson 6

Unit 6 of Roy S. Nelson plant (coal)

DCRF

Distribution cost recovery factor

NRC

U.S. Nuclear Regulatory Commission

DOE

U.S. Department of Energy

NYSE

New York Stock Exchange

DSM

Demand side management

OCAPS

Orange County Advanced Power Station

E-AR

Entergy Arkansas, LLC

OCF

Net cash flow provided by operating activities

E-LA

Entergy Louisiana, LLC

OpCo

Utility operating company

E-MS

Entergy Mississippi, LLC

OPEB

Other post-employment benefits

E-NO

Entergy New Orleans, LLC

Other O&M

Other non-fuel operation and maintenance expense

E-TX

Entergy Texas, Inc.

P&O

Parent & Other

EBITDA

Earnings before interest, income taxes, and depreciation and amortization

Palisades

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

EPC

Engineering, procurement, and construction

PMR

Performance Management Rider

EPS

Earnings per share

PPA

Power purchase agreement or purchased power agreement

ETR

Entergy Corporation

PCT

Production tax credit

EWC

Entergy Wholesale Commodities

PUCT

Public Utility Commission of Texas

FERC

Federal Energy Regulatory Commission

RFP

Request for proposals

FFO

Funds from operations

ROE

Return on equity

FIN 48

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

RS Cogen

RS Cogen facility (CCGT cogeneration) (sold 10/31/22)

FRP

Formula rate plan

RSP

Rate Stabilization Plan (E-LA Gas)

GAAP

U.S. generally accepted accounting principles

S&P

Standard & Poor’s

GCRR

Generation Cost Recovery Rider

SEC

U.S. Securities and Exchange Commission

Grand Gulf or GGNS

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

SERI

System Energy Resources, Inc.

HLBV

Hypothetical liquidation at book value 

TCRF

Transmission cost recovery factor

IIRR-G 

Infrastructure investment recovery rider – gas

TRAM

Tax reform adjustment mechanism

Indian Point 3 or IP3

Indian Point Energy Center Unit 3 (nuclear) (shut down April 2021, sold May 2021)

UPSA

Unit Power Sales Agreement



WACC

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)


Third quarter



2022

2021

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

(A)

1,256

1,248

Adjustments

(B)

(112)

45





Adjusted earnings (non-GAAP)

(A-B)

1,368

1,202





Average common equity (average of beginning and ending balances)

(C)

11,674

11,012





As-reported ROE

(A/C)

10.8 %

11.3 %

Adjusted ROE (non-GAAP)

[(A-B)/C]

11.7 %

10.9 %





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)


Third quarter



2022

2021

Total debt

(A)

27,677

25,695

Less securitization debt

(B)

311

90

Total debt, excluding securitization debt

(C)

27,366

25,606

Less cash and cash equivalents

(D)

1,003

1,000

Net debt, excluding securitization debt

(E)

26,362

24,605





Commercial paper

(F)

1,386

1,006





Total capitalization

(G)

40,091

37,202

Less securitization debt

(B)

311

90

Total capitalization, excluding securitization debt

(H)

39,780

37,112

Less cash and cash equivalents

(D)

1,003

1,000

Net capital, excluding securitization debt

(I)

38,776

36,112





Debt to capital

(A/G)

69 %

69 %

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

(C/H)

69 %

69 %

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

(E/I)

68 %

68 %





Available revolver capacity

(J)

4,191

3,925





Storm escrows

(K)

325

33





Gross liquidity (non-GAAP)

(D+J)

5,195

4,925

Net liquidity (non-GAAP)

(D+J-F)

3,809

3,919

Net liquidity, including storm escrows (non-GAAP)

(D+J-F+K)

4,133

3,952





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

325

Unamortized debt issuance costs and discounts

(N)

(44)

(51)

Total parent debt

(F+L+M+N)

5,542

5,981

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

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

20.3 %

23.4 %





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)


Third quarter



2022

2021

Total debt

(A)

27,677

25,695

Less securitization debt

(B)

311

90

Total debt, excluding securitization debt

(C)

27,366

25,606





Net cash flow provided by operating activities, LTM

(D)

2,099

2,331





AFUDC – borrowed funds, LTM

(E)

(28)

(34)





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




Receivables


(208)

(183)

Fuel inventory


(9)

20

Accounts payable


(153)

326

Taxes accrued


49

20

Interest accrued


(2)

26

Deferred fuel costs


(931)

(358)

Other working capital accounts


(84)

(124)

Securitization regulatory charges, LTM


67

98

Total

(F)

(1,271)

(175)





FFO, LTM (non-GAAP)

(G)=(D+E-F)

3,342

2,472





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

(G/C)

12.2 %

9.7 %





Estimated return of unprotected excess ADIT, LTM

(H)

68

85

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

(I)

40

158





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)]

12.6 %

10.6 %





Calculations may differ due to rounding

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/entergy-reports-third-quarter-earnings-301665834.html

SOURCE Entergy Corporation

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​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
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