Entergy Reports Second Quarter Earnings

·26 min read

Company affirms guidance and financial outlooks, expects results in top half of ranges

NEW ORLEANS, Aug. 4, 2021 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported a second quarter 2021 loss per share of (3) cents on an as-reported basis and earnings per share of $1.34 on an adjusted basis (non-GAAP). The as-reported loss included an impairment of $340 million ($268 million net-of-tax) resulting from the sale of Indian Point Energy Center.

Entergy Corporation logo. (PRNewsfoto/Entergy Corporation)
Entergy Corporation logo. (PRNewsfoto/Entergy Corporation)

"We executed on key deliverables and achieved solid second quarter results," said Entergy Chairman and Chief Executive Officer Leo Denault. "Our multi-year efforts to de-risk our business, as recently recognized by Moody's, have unlocked greater financial flexibility, which helps us manage risks and lower our equity needs. As a result, we expect to achieve results in the upper half of guidance and outlook ranges. Our underlying growth outlook is driven by investments that will improve customer outcomes, including those that will provide clean, sustainable energy."

Business highlights included the following:

  • The Arkansas Public Service Commission approved Entergy Arkansas' Walnut Bend Solar project.

  • Entergy Texas began the process to seek approval to construct hydrogen-capable Orange County Advanced Power Station.

  • The Mississippi Public Service Commission approved Entergy Mississippi's annual FRP filing.

  • Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans each submitted their annual FRP filings.

  • Entergy New Orleans' Green Power Option achieved Green-e® Energy Certification by the Center for Resource Solutions.

  • Entergy completed the sale of Indian Point.

  • EEI announced Entergy Corporation as a recipient of three EEI emergency response awards.

  • For the sixth 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 2021 vs. 2020 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)


Second Quarter

Year-to-Date


2021

2020

Change

2021

2020

Change

(After-tax, $ in millions)







As-reported earnings

(6)

361

(367)

329

479

(151)

Less adjustments

(275)

85

(360)

(238)

(26)

(211)

Adjusted earnings (non-GAAP)

269

276

(7)

566

506

61

Estimated weather in billed sales

(19)

(4)

(15)

5

(54)

59








(After-tax, per share in $)







As-reported earnings

(0.03)

1.79

(1.82)

1.63

2.39

(0.76)

Less adjustments

(1.37)

0.42

(1.79)

(1.18)

(0.13)

(1.05)

Adjusted earnings (non-GAAP)

1.34

1.37

(0.03)

2.81

2.52

0.29

Estimated weather in billed sales

(0.09)

(0.02)

(0.07)

0.02

(0.27)

0.29








Calculations may differ due to rounding

Consolidated Results

For second quarter 2021, the company reported a 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. This compared to second quarter 2020 earnings of $361 million, or $1.79 per share, on an as-reported basis, and earnings of $276 million, or $1.37 per share, on an adjusted basis.

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 2021, the Utility business reported earnings attributable to Entergy Corporation of $326 million, or $1.62 per share, on both an as-reported and an adjusted basis. This compared to second quarter 2020 earnings of $345 million, or $1.71 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:

  • higher other O&M primarily due to higher non-nuclear generation and nuclear expenses, higher distribution spending, as well as higher benefits costs; and

  • higher depreciation expense.

These drivers were partially offset by:

  • higher retail sales from volume, including recovery from COVID-19; and

  • the net effect of regulatory actions across the operating companies.

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

Parent & Other

For second quarter 2021, Parent & Other reported a loss attributable to Entergy Corporation of $(57 million), or (28) cents per share, on both an as-reported and an adjusted basis. This compared to a second quarter 2020 loss of $(69 million), or (34) cents per share, on both an as-reported and an adjusted basis. The primary driver was an income tax item recorded in second quarter 2021 related to the reversal of a valuation allowance for interest deductibility.

Entergy Wholesale Commodities

For second quarter 2021, EWC reported a loss attributable to Entergy Corporation of
$(275 million), or $(1.37) per share, on an as-reported basis. This compared to second quarter 2020 earnings attributable to Entergy Corporation of $85 million, or 42 cents per share, on an as-reported basis. Drivers for the quarter included:

  • a loss of $340 million ($268 million net-of-tax) as a result of the sale of Indian Point;

  • performance of decommissioning trust funds; and

  • lower revenue primarily due to the shutdown of Indian Point 2 and Indian Point 3.

These drivers were partially offset by:

  • lower operating expenses primarily due to the shutdown of Indian Point 2 and Indian Point 3; and

  • lower decommissioning expense due to the sale of Indian Point.

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

Earnings Per Share Guidance

Entergy affirmed its 2021 adjusted EPS guidance range of $5.80 to $6.10, and the company expects results to be in the upper half of the range. See webcast presentation for additional details.

The company has provided 2021 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under "Non-GAAP Financial Measures." The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy's as-reported EPS will be approximately $(1.10) in 2021. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.

Earnings Teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, August 4, 2021, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at www.entergy.com or by dialing 844-309-6569, conference ID 9088373, no more than 15 minutes prior to the start of the call. The webcast presentation is also posted to Entergy's website concurrent with this news release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy's website at www.entergy.com and by telephone. The telephone replay will be available through August 11, 2021, by dialing 855-859-2056, conference ID 9088373.

Entergy Corporation is an integrated energy company engaged in electric power production, transmission and retail distribution operations. Entergy delivers electricity to nearly 3 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy owns and operates one of the cleanest large-scale U.S. power generating fleets with approximately 30,000 megawatts of electric generating capacity, including 7,000 megawatts of nuclear power. Headquartered in New Orleans, Louisiana, Entergy has annual revenues of $10 billion and approximately 12,500 employees.

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

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

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

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

Non-GAAP Financial Measures

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

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

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

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

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

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2021 earnings guidance; its current financial and operational outlooks; and other statements of Entergy's plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.

Second Quarter 2021 Earnings Release Appendices and Financial Statements

Appendices

A: Consolidated Results and Adjustments
B: Earnings Variance Analysis
C: Utility Financial and Operating Measures
D: EWC Financial and Operating Measures
E: Consolidated Financial Measures
F: Definitions and Abbreviations and Acronyms
G: Other GAAP to Non-GAAP Reconciliations

Financial Statements

Consolidating Balance Sheets
Consolidating Income Statements
Consolidated Cash Flow Statements

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

Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures

Second Quarter and Year-to-Date 2021 vs. 2020 (See Appendix A-3 and Appendix A-4 for details on adjustments)


Second Quarter

Year-to-Date


2021

2020

Change

2021

2020

Change

(After-tax, $ in millions)







As-reported earnings (loss)







Utility

326

345

(19)

682

665

18

Parent & Other

(57)

(69)

12

(116)

(159)

43

EWC

(275)

85

(360)

(238)

(26)

(211)

Consolidated

(6)

361

(367)

329

479

(151)








Less adjustments







Utility

-

-

-

-

-

-

Parent & Other

-

-

-

-

-

-

EWC

(275)

85

(360)

(238)

(26)

(211)

Consolidated

(275)

85

(360)

(238)

(26)

(211)








Adjusted earnings (loss) (non-GAAP)







Utility

326

345

(19)

682

665

18

Parent & Other

(57)

(69)

12

(116)

(159)

43

EWC

-

-

-

-

-

-

Consolidated

269

276

(7)

566

506

61

Estimated weather in billed sales

(19)

(4)

(15)

5

(54)

59








Diluted average number of common shares outstanding (in millions)

201

201


201

201









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







As-reported earnings (loss)







Utility

1.62

1.71

(0.09)

3.39

3.31

0.08

Parent & Other

(0.28)

(0.34)

0.06

(0.58)

(0.79)

0.21

EWC

(1.37)

0.42

(1.79)

(1.18)

(0.13)

(1.05)

Consolidated

(0.03)

1.79

(1.82)

1.63

2.39

(0.76)








Less adjustments







Utility

-

-

-

-

-

-

Parent & Other

-

-

-

-

-

-

EWC

(1.37)

0.42

(1.79)

(1.18)

(0.13)

(1.05)

Consolidated

(1.37)

0.42

(1.79)

(1.18)

(0.13)

(1.05)








Adjusted earnings (loss) (non-GAAP)







Utility

1.62

1.71

(0.09)

3.39

3.31

0.08

Parent & Other

(0.28)

(0.34)

0.06

(0.58)

(0.79)

0.21

EWC

-

-

-

-

-

-

Consolidated

1.34

1.37

(0.03)

2.81

2.52

0.29

Estimated weather in billed sales

(0.09)

(0.02)

(0.07)

0.02

(0.27)

0.29








Calculations may differ due to rounding

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

See Appendix B for detailed earnings variance analysis.

Appendix A-2 provides a comparative summary of OCF, by business.

Appendix A-2: Consolidated Operating Cash Flow

Second Quarter and Year-to-Date 2021 vs. 2020

($ in millions)


Second Quarter

Year-to-Date


2021

2020

Change

2021

2020

Change

Utility

1,014

792

222

937

1,395

(458)

Parent & Other

(64)

(64)

(1)

(86)

(144)

59

EWC

(154)

60

(214)

(105)

198

(302)

Consolidated

796

789

7

747

1,448

(702)








Calculations may differ due to rounding

OCF increased quarter-over-quarter due primarily to higher collections from Utility customers. This was largely offset by the timing of fuel and purchased power cost recovery, primarily related to increased fuel costs; higher severance and retention payouts at EWC; payments related to storm restoration (non-capital portion); and lower DOE proceeds. Intercompany income tax payments contributed to the line of business variances but were immaterial at the consolidated level.

Appendix A-3 and Appendix A-4 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS)

Second Quarter and Year-to-Date 2021 vs. 2020


Second Quarter

Year-to-Date


2021

2020

Change

2021

2020

Change








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

EWC







Income before income taxes

(346)

110

(455)

(293)

(31)

(261)

Income taxes

72

(24)

96

56

6

50

Preferred dividend requirements

(1)

(1)

-

(1)

(1)

-

Total EWC

(275)

85

(360)

(238)

(26)

(211)








Total adjustments

(275)

85

(360)

(238)

(26)

(211)








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







EWC







Total EWC

(1.37)

0.42

(1.79)

(1.18)

(0.13)

(1.05)








Total adjustments

(1.37)

0.42

(1.79)

(1.18)

(0.13)

(1.05)








Calculations may differ due to rounding

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

Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings)

Second Quarter and Year-to-Date 2021 vs. 2020

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


Second Quarter

Year-to-Date


2021

2020

Change

2021

2020

Change

EWC







Operating revenues

149

200

(51)

397

532

(135)

Fuel and fuel-related expenses

(17)

(17)

-

(39)

(37)

(1)

Purchased power

(18)

(10)

(8)

(36)

(21)

(15)

Nuclear refueling outage expense

(11)

(12)

1

(22)

(24)

2

Other O&M

(83)

(140)

57

(182)

(271)

89

Asset write-off and impairments

(342)

(7)

(335)

(345)

(12)

(333)

Decommissioning expense

(40)

(51)

12

(93)

(102)

9

Taxes other than income taxes

(6)

(14)

8

(12)

(34)

22

Depreciation/amortization exp.

(14)

(25)

11

(27)

(60)

33

Other income (deductions)–other

41

194

(153)

75

10

65

Interest exp. and other charges

(4)

(7)

3

(8)

(12)

4

Income taxes

72

(24)

96

56

6

50

Preferred dividend requirements

(1)

(1)

-

(1)

(1)

-

Total EWC

(275)

85

(360)

(238)

(26)

(211)








Total adjustments

(275)

85

(360)

(238)

(26)

(211)








Calculations may differ due to rounding

B: Earnings Variance Analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2021 versus 2020 as-reported and adjusted earnings variance analysis for Utility, Parent & Other, and EWC.

Appendix B-1: As-Reported and Adjusted Earnings Variance Analysis (c), (d)

Second Quarter 2021 vs. 2020

(After-tax, per share in $)


Utility


Parent & Other


EWC


Consolidated


As-
Reported

Adjusted


As-
Reported

Adjusted


As-
Reported


As-
Reported

Adjusted

2020 earnings (loss)

1.71

1.71


(0.34)

(0.34)


0.42


1.79

1.37

Operating revenue less:

Fuel, fuel-related expenses and

gas purchased for resale,

Purchased power, and

Regulatory charges (credits)–net

0.64

0.64

(e)

-

-


(0.23)

(f)

0.41

0.64

Nuclear refueling outage expense

-

-


-

-


-


-

-

Other O&M

(0.38)

(0.38)

(g)

-

-


0.23

(h)

(0.15)

(0.38)

Asset write-offs and impairments

-

-


-

-


(1.32)

(i)

(1.32)

-

Decommissioning expense

(0.01)

(0.01)


-

-


0.05

(j)

0.04

(0.01)

Taxes other than income taxes

(0.02)

(0.02)


-

-


0.03


0.01

(0.02)

Depreciation/amortization exp.

(0.10)

(0.10)

(k)

-

-


0.04


(0.06)

(0.10)

Other income (deductions)–other

(0.17)

(0.17)

(l)

0.02

0.02


(0.60)

(m)

(0.75)

(0.15)

Interest exp. and other charges

(0.04)

(0.04)


(0.01)

(0.01)


0.01


(0.04)

(0.05)

Income taxes–other

(0.01)

(0.01)


0.05

0.05

(n)

-


0.04

0.04

Preferred dividend requirements

-

-


-

-


-


-

-

Share effect

-

-


-

-


-


-

-

2021 earnings (loss)

1.62

1.62


(0.28)

(0.28)


(1.37)


(0.03)

1.34












Appendix B-2: As-Reported and Adjusted Earnings Variance Analysis (c), (d)

Year-to-date 2021 vs. 2020

(After-tax, per share in $)


Utility


Parent & Other


EWC


Consolidated


As-
Reported

Adjusted


As-
Reported

Adjusted


As-
Reported


As-
Reported

Adjusted

2020 earnings (loss)

3.31

3.31


(0.79)

(0.79)


(0.13)


2.39

2.52

Operating revenue less:

Fuel, fuel-related expenses and

gas purchased for resale,

Purchased power, and

Regulatory charges (credits)–net

1.43

1.43

(e)

-

-


(0.60)

(f)

0.83

1.43

Nuclear refueling outage expense

0.02

0.02


-

-


0.01


0.03

0.02

Other O&M

(0.52)

(0.52)

(g)

-

-


0.35

(h)

(0.17)

(0.52)

Asset write-offs and impairments

-

-


-

-


(1.31)

(i)

(1.31)

-

Decommissioning expense

(0.02)

(0.02)


-

-


0.03


0.01

(0.02)

Taxes other than income taxes

(0.02)

(0.02)


-

-


0.09

(o)

0.07

(0.02)

Depreciation/amortization exp.

(0.24)

(0.24)

(k)

-

-


0.13

(p)

(0.11)

(0.24)

Other income (deductions)–other

(0.06)

(0.06)

(l)

0.04

0.04


0.26

(m)

0.24

(0.02)

Interest exp. and other charges

(0.09)

(0.09)

(q)

0.01

0.01


0.01


(0.07)

(0.08)

Income taxes–other

(0.42)

(0.42)

(r)

0.16

0.16

(n)

(0.02)


(0.28)

(0.26)

Preferred dividend requirements

-

-


-

-


-


-

-

Share effect

-

-


-

-


-


-

-

2021 earnings (loss)

3.39

3.39


(0.58)

(0.58)


(1.18)


1.63

2.81












Calculations may differ due to rounding


(c)

Utility operating revenue / regulatory charges and Utility income taxes–other exclude $14 million in second quarter 2021 and $15 million in second quarter 2020 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings). On a year-to-date basis, Utility operating revenue / regulatory charges and Utility income taxes–other exclude $54 million in 2021 and $45 million in 2020 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).

(d)

EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes–other represents income tax differences other than the tax effect of individual line items.

(e)

The second quarter and year-to-date earnings increases were driven by higher volume/weather, including recovery from COVID-19; E-LA's FRP; E-TX's GCRR, TCRF and DCRF; E-NO NOPS recovery; and E-MS's FRP. The variance also reflected a regulatory credit for E-MS, primarily for its 2020 lookback evaluation, a reserve adjustment for the FERC MSS-4 ROE decision, higher Grand Gulf revenue due primarily to improved capacity factors (earnings neutral), as well as regulatory credits for the difference between decommissioning expenses and decommissioning trust earnings plus decommissioning costs collected in revenue (largely earnings neutral, offset in Utility other income (deductions)–other). The year-to-date variance also reflected recovery of the Lake Charles Power Station, the reversal of a regulatory provision for E-AR's 2019 netting adjustment (which was subsequently adjusted), and a first quarter 2020 regulatory liability for tax sharing with E-LA customers (partially offsets the Hurricane Isaac Act 55 income tax item discussed in footnote r).

(f)

The second quarter and year-to-date earnings decreases were due largely to lower revenues from the shutdown of Indian Point 2 in April 2020 and Indian Point 3 in April 2021.

(g)

The second quarter and year-to-date earnings decreases from higher Utility other O&M were due primarily to higher non-nuclear generation expenses related to timing and scope of outages and new plants placed in service, higher nuclear generation expenses; higher distribution expenses, including higher reliability and vegetation costs; higher benefits costs, primarily health claims activity; and the impact of DOE awards recorded in second quarter 2020. Higher information technology costs as well as higher contract costs related to new customer initiatives also contributed. The year-to-date decrease also reflects lower nuclear insurance refunds.

(h)

The second quarter and year-to-date earnings increases from lower EWC other O&M were due largely to the shutdown of Indian Point 2 in April 2020 and Indian Point 3 in April 2021, as well as lower severance and retention expenses.

(i)

The second quarter and year-to-date earnings decreases from higher EWC asset write-offs and impairments were due primarily to a $340 million ($268 million net-of-tax) loss which resulted from the sale of Indian Point in May 2021.

(j)

The second quarter earnings increase from lower EWC decommissioning expense was due to the sale of Indian Point in May 2021.

(k)

The second quarter and year-to-date earnings decreases from higher Utility depreciation expense were due primarily to higher plant in service, including MCPS. The year-to-date decrease also reflected LCPS.

(l)

The second quarter and year-to-date earnings decreases from lower Utility other income (deductions)–other were due largely to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral), as well as lower AFUDC as a result of higher construction work in progress in 2020.

(m)

The second quarter earnings decrease from lower EWC other income (deductions)–other and the year-to-date earnings increase from higher EWC other income (deductions)–other were due largely to the performance of nuclear decommissioning trust fund investments. The transfer of investments in May 2021 as part of the sale of Indian Point also contributed to the variances.

(n)

The second quarter earnings increase from Parent & Other income taxes–other reflected a reversal of a $9 million valuation allowance related to the interest expense limitation. The year-to-date increase also reflected $23 million of income tax expense recorded in first quarter 2020 as a result of the IRS settlement related to the Hurricane Isaac Act 55 financing (discussed in footnote r).

(o)

The year-to-date earnings increase from lower EWC taxes other than income taxes was due primarily to the shutdown of Indian Point 2 in April 2020 and Indian Point 3 in April 2021.

(p)

The year-to-date earnings increase from lower EWC depreciation expense was due primarily to the shutdown of Indian Point 2 in April 2020 and Indian Point 3 in April 2021.

(q)

The year-to-date earnings decrease from higher Utility interest expense was due primarily to higher debt balances at E-LA and E-MS.

(r)

The year-to-date earnings decrease from Utility income taxes–other primarily relates to two first quarter 2020 items. First, a $55 million tax benefit was recorded in first quarter 2020 as a result of an IRS settlement related to Act 55 financing of Hurricane Isaac costs (partly offset by customer sharing, discussed in footnote e); and second, an annual tax accrual related to stock-based compensation resulted in a $22 million income tax benefit in first quarter 2020.

Utility as-reported operating revenue less fuel, fuel-related
expenses and gas purchased for resale; purchased power;
and regulatory charges (credits) variance analysis

2021 vs. 2020 ($ EPS)


2Q

YTD

Volume/weather

0.04

0.40

Retail electric price

0.20

0.48

Reg. provision for E-AR FRP

-

0.16

Reg. liability for tax sharing

-

0.10

Reg. credit for E-MS

0.07

0.07

MSS-4 ROE reserve adjustment

0.05

0.05

Other, including reg. credit for decommissioning
items and Grand Gulf recovery

0.28

0.17

Total

0.64

1.43


C: Utility Financial and Operating 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 2021 vs. 2020



Second Quarter

Year-to-Date




2021

2020

%
Change

% Weather Adjusted (s)

2021

2020

%
Change

% Weather Adjusted (s)



GWh billed











Residential

7,361

7,759

(5.1)

(2.9)

16,961

15,885

6.8

(0.2)



Commercial

6,370

6,070

4.9

6.4

12,504

12,315

1.5

1.0



Governmental

602

570

5.6

6.9

1,181

1,165

1.4

2.4



Industrial

12,690

11,847

7.1

7.1

24,148

23,662

2.1

...2.1



Total retail sales

27,023

26,246

3.0

4.0

54,794

53,027

3.3

1.1



Wholesale

4,716

3,111

51.6


9,016

6,228

44.8




Total sales

31,739

29,357

8.1


63,810

59,255

7.7















Number of electric retail customers











Residential





2,542,264

2,517,718

1.0



Commercial





362,681

362,812

(0.0)




Governmental





17,867

17,940

(0.4)




Industrial





43,282

42,033

3.0




Total retail customers





2,966,094

2,940,503

0.9















Other O&M and refueling outage expense per MWh

$22.81

$21.19

7.6


$21.29

$20.69

2.9















Calculations may differ due to rounding

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

















On a weather-adjusted basis billed retail sales increased 4.0 percent driven by reduced impacts from COVID-19. Residential billed sales decreased (2.9) percent and commercial billed sales increased 6.4 percent. Industrial billed sales volume increased 7.1 percent reflecting continued growth from new/expansion customers, higher sales to cogeneration customers, and higher sales to existing large and small customers partially due to reduced COVID-19 impacts and economic recovery.

D: EWC Financial and Operating Measures
Appendix D-1 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).


Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures

Second Quarter and Year-to-Date 2021 vs. 2020

($ in millions)

Second Quarter

Year-to-Date


2021

2020

Change

2021

2020

Change

Net income (loss)

(275)

85

(360)

(237)

(25)

(211)

Add back: interest expense

4

7

(3)

8

12

(4)

Add back: income taxes

(72)

24

(96)

(56)

(6)

(50)

Add back: depreciation and amortization

14

25

(11)

27

60

(33)

Subtract: interest and investment income

50

207

(157)

97

35

63

Add back: decommissioning expense

40

51

(12)

93

102

(9)

Adjusted EBITDA (non-GAAP)

(338)

(15)

(323)

(262)

108

(370)








Calculations may differ due to rounding

Appendix D-2 provides a comparative summary of EWC operating and financial measures.

Appendix D-2: EWC Operating and Financial Measures

Second Quarter and Year-to-Date 2021 vs. 2020


Second Quarter

Year-to-Date


2021

2020

% Change

2021

2020

% Change

Owned capacity (MW) (t)

1,205

2,246

(46.3)

1,205

2,246

(46.3)

GWh billed

2,687

4,958

(45.8)

7,099

11,714

(39.4)








EWC Nuclear Fleet







Capacity factor

94%

96%

(2.1)

97%

98%

(0.6)

GWh billed

2,356

4,580

(48.5)

6,344

10,839

(41.5)

Production cost per MWh

$27.51

$19.45

41.4

$21.82

$17.13

27.4

Average energy/capacity revenue per MWh

$48.89

$37.55

30.2

$50.87

$43.84

16.0








Calculations may differ due to rounding

(t) 2021 is lower due to the shutdown of IP3 (1,041MW) on April 30, 2021.

See the appendix in the webcast presentation for EWC hedging and price disclosures.

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

Appendix E: GAAP and Non-GAAP Financial Measures

Second Quarter 2021 vs. 2020 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures)



For 12 months ending June 30

2021

2020

Change

GAAP Measures




As-reported ROIC

5.4%

5.9%

(0.5%)

As-reported ROE

11.6%

12.2%

(0.6%)





Non-GAAP Financial Measures




Adjusted ROIC

5.3%

5.6%

(0.3%)

Adjusted ROE

11.3%

11.4%

(0.1%)





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

2021

2020

Change

GAAP Measures




Cash and cash equivalents

687

935

(249)

Available revolver capacity

4,125

4,110

16

Commercial paper

866

1,946

(1,080)

Total debt

25,435

21,493

3,942

Securitization debt

114

232

(118)

Debt to capital

69.5%

66.8%

2.7%

Off-balance sheet liabilities:




Debt of joint ventures – Entergy's share

12

51

(39)

Total off-balance sheet liabilities

12

51

(39)





Storm escrow balances

72

373

(301)





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




Debt to capital, excluding securitization debt

69.4%

66.6%

2.8%

Net debt to net capital, excluding securitization debt

68.9%

65.6%

3.3%

Gross liquidity

4,812

5,045

(233)

Net liquidity

3,946

3,099

847

Net liquidity, including storm escrow balances

4,018

3,472

546

Parent debt to total debt, excluding securitization debt

22.4%

22.0%

0.4%

FFO to debt, excluding securitization debt

8.3%

14.6%

(6.3%)

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

9.3%

16.0%

(6.7%)





Calculations may differ due to rounding

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

Appendix F-1: Definitions

Utility Financial and Operating Measures

GWh billed

Total number of GWh billed to retail and wholesale customers

Number of electric retail customers

Average number of electric customers over the period

Other O&M and refueling outage expense per MWh

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



EWC Financial and Operating Measures

Adjusted EBITDA (non-GAAP)

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

Average revenue per MWh on contracted volumes

Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades (revenue will fluctuate due to factors including positive or negative basis differentials and other risk management costs)

Average revenue under contract per kW-month (applies to capacity contracts only)

Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards

Bundled capacity and energy contracts

A contract for the sale of installed capacity and related energy, priced per MWh sold

Capacity factor

Normalized percentage of the period that the nuclear plants generate power

Expected sold and market total revenue per MWh

Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including positive or negative basis differentials and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA

GWh billed

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

Owned capacity (MW)

Installed capacity owned by EWC

Percent of capacity sold forward

Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions

Percent of planned generation under contract (unit contingent)

Percent of planned generation output sold under unit-contingent contracts

Planned net MW in operation (average)

Average installed nuclear capacity to generate power and/or sell capacity, reflecting the shutdown of Palisades (May 31, 2022)

Planned TWh of generation

Amount of output expected to be generated by EWC nuclear resources considering plant operating characteristics, reflecting the shutdown of Palisades (May 31, 2022)

Production cost per MWh

Fuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation)




Appendix F-1: Definitions (continued)

EWC Financial and Operating Measures (continued)

Unit contingent

Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee



Financial Measures – GAAP


As-reported ROE

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

As-reported ROIC

12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital

Debt of joint ventures – Entergy's share

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

Debt to capital

Total debt divided by total capitalization

Available revolver capacity

Amount of undrawn capacity remaining on corporate and subsidiary revolvers

Securitization debt

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

Total debt

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

Financial Measures – Non-GAAP

Adjusted EPS

As-reported EPS excluding adjustments

Adjusted ROE

12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity

Adjusted ROIC

12-months rolling adjusted net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital

Adjustments

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

Debt to capital, excluding securitization debt

Total debt divided by total capitalization, excluding securitization debt

FFO

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

FFO to debt, excluding securitization debt

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

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

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

Gross liquidity

Sum of cash and available revolver capacity

Net debt to net capital, excl. securitization debt

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

Net liquidity

Sum of cash and available revolver capacity less commercial paper borrowing

Net liquidity, including storm escrows

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

Parent debt to total debt, excl. securitization debt

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




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


Appendix F-2: Abbreviations and Acronyms

ADIT

Accumulated deferred income taxes

IRP

Integrated resource plan

AFUDC

Allowance for funds used during construction

IRS

Internal Revenue Service

AFUDC – borrowed funds

Allowance for borrowed funds used during construction

ISES 2

Unit 2 of Independence Steam Electric Station (coal)

AG

Attorney General

ISO

Independent system operator

ALJ

Administrative law judge

LCPS

Lake Charles Power Station (CCGT)

AMI

Advanced metering infrastructure

LLS

Light Louisiana Sweet crude

ANO

Units 1 and 2 of Arkansas Nuclear One owned by E-AR (nuclear)

LPSC

Louisiana Public Service Commission

APSC

Arkansas Public Service Commission

LTM

Last twelve months

ARO

Asset retirement obligation

MCPS

Montgomery County Power Station (CCGT)

bps

Basis points

MISO

Midcontinent Independent System Operator, Inc.

CCGT

Combined cycle gas turbine

Moody's

Moody's Investor Service

CCN

Certificate of convenience and necessity

MPSC

Mississippi Public Service Commission

CCNO

Council of the City of New Orleans

MT

Metric tons

Choctaw

Choctaw County Generating Station (CCGT)

MTEP

MISO Transmission Expansion Plan

COD

Commercial operation date

Nelson 6

Unit 6 of Roy S. Nelson plant (coal)

CT

Simple cycle combustion turbine

NDT

Nuclear decommissioning trust

CWIP

Construction work in progress

NGO

Non-governmental organization

DCRF

Distribution cost recovery factor

NOPA

IRS Notice of Proposed Adjustment

DOE

U.S. Department of Energy

NOPS

New Orleans Power Station

DSM

Demand side management

NOSS

New Orleans Solar Station

E-AR

Entergy Arkansas, LLC

NRC

U.S. Nuclear Regulatory Commission

E-LA

Entergy Louisiana, LLC

NYSE

New York Stock Exchange

E-MS

Entergy Mississippi, LLC

OCAPS

Orange County Advanced Power Station

E-NO

Entergy New Orleans, LLC

OCF

Net cash flow provided by operating activities

E-TX

Entergy Texas, Inc.

OpCo

Utility operating company

EBITDA

Earnings before interest, income taxes, and depreciation and amortization

OPEB

Other post-employment benefits

EEI

Edison Electric Institute

Other O&M

Other non-fuel operation and maintenance expense

ENP

Entergy Nuclear Palisades, LLC

P&O

Parent & Other

EPS

Earnings per share

Palisades

Palisades Power Plant (nuclear)

ETR

Entergy Corporation

PMR

Performance Management Rider

EWC

Entergy Wholesale Commodities

PPA

Power purchase agreement or purchased power agreement

FERC

Federal Energy Regulatory Commission

PSC

Public service commission

FFO

Funds from operations

PUCT

Public Utility Commission of Texas

FIN 48

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

PVC

Polyvinyl chloride

FRP

Formula rate plan

RICE

Reciprocating internal combustion engine

GAAP

U.S. generally accepted accounting principles

RFP

Request for proposals

GCRR

Generation Cost Recovery Rider

ROE

Return on equity

Grand Gulf or GGNS

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

ROIC

Return on invested capital

IIRR-G

Infrastructure investment recovery rider - gas

RS Cogen

RS Cogen facility (CCGT cogeneration)

Indian Point 2 or IP2

Indian Point Energy Center Unit 2 (nuclear) (shut down April 30, 2020, sold May 28,2021)

RSP

Rate Stabilization Plan (E-LA Gas)

Indian Point 3 or IP3

Indian Point Energy Center Unit 3 (nuclear) (shut down April 30, 2021, sold May 28, 2021)

S&P

Standard & Poor's

IPEC or Indian Point

Indian Point Energy Center (nuclear) (sold May 28, 2021)

SEC

U.S. Securities and Exchange Commission



SERI

System Energy Resources, Inc.



TCRF

Transmission cost recovery factor



UPSA

Unit Power Sales Agreement



WACC

Weighted-average cost of capital



WPEC

Washington Parish Energy Center

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

Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE

(LTM $ in millions except where noted)


Second Quarter



2021

2020

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

(A)

1,238

1,230

Preferred dividends


18

18

Tax-effected interest expense


600

574

As-reported net income (loss) attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense

(B)

1,856

1,822





Adjustments

(C)

32

80

EWC preferred dividends and tax-effected interest expense included in adjustments


17

21





Total adjustments, excluding EWC preferred dividends and tax-effected interest expense (non-GAAP)

(D)

49

101





Adjusted earnings (non-GAAP)

(A-C)

1,206

1,150

Adjusted earnings, excluding preferred dividends and tax- effected interest expense (non-GAAP)

(B-D)

1,807

1,721





Average invested capital (average of beginning and ending balances)

(E)

34,375

30,622





Average common equity (average of beginning and ending balances)

(F)

10,657

10,112





As-reported ROIC

(B/E)

5.4%

5.9%

Adjusted ROIC (non-GAAP)

[(B-D)/E]

5.3%

5.6%

As-reported ROE

(A/F)

11.6%

12.2%

Adjusted ROE (non-GAAP)

[(A-C)/F]

11.3%

11.4%





Calculations may differ due to rounding

Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures – Debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows

($ in millions except where noted)


Second Quarter



2021

2020

Total debt

(A)

25,435

21,493

Less securitization debt

(B)

114

232

Total debt, excluding securitization debt

(C)

25,321

21,261

Less cash and cash equivalents

(D)

687

935

Net debt, excluding securitization debt

(E)

24,634

20,326





Commercial paper

(F)

866

1,946





Total capitalization

(G)

36,577

32,173

Less securitization debt

(B)

114

232

Total capitalization, excluding securitization debt

(H)

36,463

31,941

Less cash and cash equivalents

(D)

687

935

Net capital, excluding securitization debt

(I)

35,777

31,006





Debt to capital

(A/G)

69.5%

66.8%

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

(C/H)

69.4%

66.6%

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

(E/I)

68.9%

65.6%





Available revolver capacity

(J)

4,125

4,110





Storm escrows

(K)

72

373





Gross liquidity (non-GAAP)

(D+J)

4,812

5,045

Net liquidity (non-GAAP)

(D+J-F)

3,946

3,099

Net liquidity, including storm escrows (non-GAAP)

(D+J-F+K)

4,018

3,472





Entergy Corporation notes:




Due July 2022


650

650

Due September 2025


800

750

Due September 2026


750

600

Due June 2028


650

600

Due June 2030


600

-

Due June 2031


650

-

Due June 2050


600

-

Total Entergy Corporation notes

(L)

4,700

2,600

Revolver draw

(M)

150

160

Unamortized debt issuance costs and discounts

(N)

(52)

(32)

Total parent debt

(F+L+M+N)

5,664

4,675





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

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

22.4%

22.0%





Calculations may differ due to rounding

Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures – FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC

($ in millions except where noted)


Second Quarter



2021

2020

Total debt

(A)

25,435

21,493

Less securitization debt

(B)

114

232

Total debt, excluding securitization debt

(C)

25,321

21,261





Net cash flow provided by operating activities, LTM

(D)

1,988

3,212





AFUDC – borrowed funds, LTM

(E)

(38)

(58)





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




Receivables


(263)

(5)

Fuel inventory


9

(35)

Accounts payable


45

(92)

Taxes accrued


93

62

Interest accrued


3

5

Other working capital accounts


(166)

(15)

Securitization regulatory charges, LTM


119

123

Total

(F)

(159)

43





FFO, LTM (non-GAAP)

(G)=(D+E-F)

2,109

3,110





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

(G/C)

8.3%

14.6%





Estimated return of unprotected excess ADIT, LTM

(H)

83

189

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

(I)

160

102





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

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

9.3%

16.0%





Calculations may differ due to rounding

Cision
Cision

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SOURCE Entergy Corporation

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