ENTERGY CORPORATION NEW ORLEANS, April 26, 2017 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported first quarter 2017 earnings per share of 46 cents on an as-reported basis and 99 cents on an operational basis, including an estimated negative (16) cents effect from unusually mild weather.
"Entergy's first quarter results are in line with our expectations and we are affirming our full-year guidance," said Entergy Chairman and Chief Executive Officer Leo Denault. "These results are a good start to another important year for Entergy as we build on the momentum from last year's achievements. We are confident that we have the right strategy, leadership and workforce to deliver on our operational plan and financial outlooks."
Business highlights included the following:
-- The sale of EWC's FitzPatrick plant to Exelon Generation was completed
on March 31, 2017.
-- The settlement on Indian Point is being implemented on the agreed-upon
schedule.
-- ELL signed a purchase and sale agreement for an approximately 360
megawatt gas-fired CT. Washington Parish Energy Center One, LLC, a
subsidiary of Calpine Corporation, will construct the plant and ELL will
purchase the plant once it is complete. The transaction is expected to
close in 2021.
-- EAI and ELL made primary selections from proposals offered in response
to their RFPs for renewable resources.
-- The PUCT issued a final order in our TCRF filing.
-- Moody's upgraded Entergy Corporation's issuer rating to Baa2 from Baa3.
-- Entergy was included in Corporate Responsibility Magazine's annual list
of the 100 Best Corporate Citizens.
Consolidated Earnings (GAAP and Non-GAAP Measures)
First Quarter 2017 vs. 2016 (See Appendix A for reconciliation of GAAP to non-
GAAP measures and description of special items)
------------------------------------------------------------------------------
First Quarter
-------------
2017 2016 Change
---- ---- ------
As-Reported
Earnings ($ in
millions) 82.6 230.0 (147.4)
Less Special
Items (95.1) (12.9) (82.2)
----- ----- -----
Operational
Earnings 177.7 242.8 (65.1)
Estimated
Weather Impact
(after-tax) (29.2) (25.4) (3.8)
As-Reported
Earnings (per
share in $) 0.46 1.28 (0.82)
Less Special
Items (0.53) (0.07) (0.46)
----- ----- -----
Operational
Earnings 0.99 1.35 (0.36)
Estimated
Weather Impact (0.16) (0.14) (0.02)
Totals may not foot due
to rounding
Consolidated Results
For first quarter 2017, the company reported earnings of 46 cents per share on an as-reported basis and EPS of 99 cents on an operational basis, as compared to first quarter 2016 EPS of $1.28 on an as-reported basis and operational EPS of $1.35.
Additional details, including information on OCF by business, are provided in Appendix A and a comprehensive analysis of quarterly variances is provided in Appendix B.
Utility, Parent & Other Results
For first quarter 2017, Utility EPS were 92 cents on both an as-reported basis and an operational basis. In first quarter 2016, Utility as-reported and operational EPS were $1.09. The current period results reflected the effects of new rate actions to recover investments that benefit customers. However, the impacts of higher operating expenses and weather led to the overall decline in results.
Net revenue increased quarter-over-quarter, driven by regulatory actions across the utility jurisdictions, including EAI's 2017 FRP rate changes. Sales volume declined due to lower residential and commercial sales across the service territory, including the effects of weather.
Industrial sales growth was positive. Growth from new and expanding customers was partly offset by lower sales to existing customers, primarily in the refining segment. Sales to refiners were down on customer outages, which were expected.
Utility non-fuel O&M increased quarter-over-quarter. First quarter 2016 included a favorable deferral of previously-expensed costs which resulted from EAI's rate case order. In 2017, fossil spending was higher, primarily related to the acquisition of Union in March of last year. Higher spending on nuclear operations was largely offset by lower regulatory compliance costs at ANO.
In first quarter 2017, Parent & Other reported a loss of (30) cents per share on both an as-reported basis and an operational basis. In first quarter 2016, Parent & Other reported an as-reported and operational loss of (25) cents per share.
On a combined basis, Utility, Parent & Other EPS were 62 cents on an as-reported basis and 83 cents on an adjusted basis. In first quarter 2016, Utility, Parent & Other as-reported EPS were 84 cents and adjusted EPS were 95 cents. Adjusted earnings exclude special items and the effects of weather and normalize income taxes.
Appendix C contains additional details on Utility financial and operational measures, including a schedule of Utility, Parent & Other adjusted earnings and EPS.
Entergy Wholesale Commodities Results
For first quarter 2017, EWC recorded a loss of (16) cents per share on an as-reported basis and operational EPS of 37 cents. For the comparable period in 2016, EWC earned 44 cents per share on an as-reported basis and operational EPS of 51 cents.
The decrease in EWC's as-reported results was due largely to impairments and other items recorded as a result of strategic decisions for the wholesale business. Impairments were for fuel purchases and refueling outage costs as well as capital spending. First quarter 2017 as-reported results also included items which resulted from the FitzPatrick transaction, including a gain on that sale and an income tax benefit. All of these were considered special items and excluded from operational earnings.
Excluding the items above, earnings from FitzPatrick's operations declined. The plant was sold on March 31, 2017.
From the remaining plants, net revenue declined due to lower power prices. This was partially offset by lower nuclear fuel costs, which were affected by impairments. Non-fuel O&M reflected lower refueling outage expense, which was also affected by impairments. Decommissioning expense increased due primarily to the transfer of Indian Point 3 liability from NYPA. This was partially offset by an increase in other income, which was due to earnings on decommissioning trusts.
Appendix D contains additional details on EWC financial and operational measures, including a schedule of EWC operational adjusted EBITDA calculations.
Earnings Guidance
Entergy affirmed its 2017 operational guidance in the range of $4.75 to $5.35 per share and Utility, Parent & Other adjusted EPS guidance range of $4.25 to $4.55. See webcast presentation slides for additional details.
The company has provided 2017 earnings guidance with regard to the non-GAAP measures of operational EPS and Utility, Parent & Other adjusted EPS. These measures exclude from the corresponding GAAP financial measures the effect of special items 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 reasonably estimate all of the special items that may occur for the periods presented. The company's current estimate for special items in 2017 relates to the decisions to close or sell its merchant nuclear plants; those anticipated special items are expected to decrease as-reported EPS by approximately $2.10 per share. Other special items may occur during the periods presented, the impact of which cannot reasonably be estimated at this time.
Earnings Teleconference
A teleconference will be held at 10 a.m. Central Time on Wednesday, April 26, 2017, 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 56943997, no more than 15 minutes prior to the start of the call. The webcast slide presentation is also posted to Entergy's website concurrent with this release, which was issued before market open on the day of the call. A replay of the teleconference will be available on Entergy's website at www.entergy.com and by telephone. The telephone replay will be available through May 3, 2017, by dialing 855-859-2056, conference ID 56943997. This release and the webcast slide presentation are also available on the Entergy Investor Relations mobile web app at iretr.com.
Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $10.8 billion and nearly 13,000 employees.
Entergy Corporation's common stock is listed on the New York and Chicago stock exchanges under the symbol "ETR."
Details regarding Entergy's results of operations, regulatory proceedings and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast slide presentation. Both documents are available on Entergy's Investor Relations website at www.entergy.com/investor_relations and on Entergy's Investor Relations mobile web app at iretr.com.
For definitions of certain operational measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F and Appendix G.
Non-GAAP Financial Measures
This news release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes 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 release and the presentation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Certain non-GAAP measures in this news release could differ from GAAP only in that the figure or ratio states or includes operational earnings. Operational earnings are not calculated in accordance with GAAP because they exclude the effect of "special items." Special items are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, and may include items such as impairment, gains or losses on asset sales, and other gains or losses occurring as a result of strategic decisions such as Entergy's recent decisions to shut down or sell its merchant nuclear plants. Operational earnings per share are presented for each of Entergy's reportable business segments as well as on a consolidated basis. In addition, other financial measures including net income (or earnings), adjusted for preferred dividends and tax effected interest expense; operational net revenue; return on average invested capital; and return on average common equity are included on both an operational and as-reported basis. In each case, the metrics defined as "operational" would exclude the effect of special items as defined above. Entergy also reports Utility, Parent & Other adjusted earnings and earnings per share, which exclude from GAAP earnings the special items described above and weather and normalizes tax expense for the periods presented. Management believes that financial metrics calculated using operational earnings or otherwise adjusted as described above could provide useful information to investors in evaluating the ongoing results of Entergy's businesses and could assist investors in comparing Entergy's operating performance to the operating performance of others in the Utility sector.
Other non-GAAP measures, including adjusted EBITDA; operational adjusted EBITDA; gross liquidity; debt to capital ratio, excluding securitization debt; net debt to net capital ratio, excluding securitization debt; parent debt to total debt ratio, excluding securitization debt; debt to operational adjusted EBITDA, excluding securitization debt; operational FFO to debt ratio, excluding securitization debt; are measures Entergy uses internally for management and board discussions and cash budgeting and performance monitoring activities to gauge the overall strength of its business. Entergy believes the above data could provide useful information to investors in evaluating Entergy's ongoing financial results and flexibility, and could assist investors in comparing Entergy's credit and liquidity to the credit and liquidity of others in the Utility sector.
The non-GAAP financial measures and other reported adjusted items in this release are presented in addition to, and in conjunction with, results presented in accordance with GAAP. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. 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, could provide a more complete understanding of factors and trends affecting Entergy's business. Investors are strongly encouraged to review Entergy's consolidated financial statements and publicly filed reports in their entirety and to not rely on any single financial measure. Non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Cautionary Note Regarding Forward-Looking Statements
In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy's 2017 earnings guidance, its current financial and operational outlook, 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 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; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory costs and risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental or energy policies; and (i) the effects of technological changes and changes in commodity markets, capital markets or economic conditions, during the periods covered by the forward-looking statements.
First Quarter 2017 Earnings Release Appendices and Financial Statements
Appendices
Seven appendices are presented in this section as follows:
-- A: Consolidated Results and Special Items
-- B: Variance Analysis
-- C: Utility Financial and Operational Measures
-- D: EWC Financial and Operational Measures
-- E: Consolidated Financial Measures
-- F: Definitions, Abbreviations and Acronyms
-- G: GAAP to Non-GAAP Reconciliations
A: Consolidated Results and Special Items
Appendix A-1 provides a comparative summary of consolidated EPS, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings.
Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2017 vs. 2016 (See Appendix A-3 and Appendix A-4 for details on
special items)
(Per share in $)
First Quarter
-------------
2017 2016 Change
---- ---- ------
As-reported
Utility 0.92 1.09 (0.17)
Parent & Other (0.30) (0.25) (0.05)
EWC (0.16) 0.44 (0.60)
Consolidated as-
reported earnings 0.46 1.28 (0.82)
Less special items
Utility - - -
Parent & Other - - -
EWC (0.53) (0.07) (0.46)
----- ----- -----
Consolidated
special items (0.53) (0.07) (0.46)
Operational
Utility 0.92 1.09 (0.17)
Parent & Other (0.30) (0.25) (0.05)
EWC 0.37 0.51 (0.14)
---- ---- -----
Consolidated
operational
earnings 0.99 1.35 (0.36)
Estimated weather
impact (0.16) (0.14) (0.02)
Totals may not foot due
to rounding
See Appendix B for detailed earnings variance analysis. See Appendix A-3 for special items by driver.
Appendix A-2 provides the components of OCF contributed by each business.
Appendix A-2: Consolidated Operating Cash Flow
First Quarter 2017 vs. 2016
---------------------------
($ in millions)
First Quarter
-------------
2017 2016 Change
---- ---- ------
Utility 558 459 99
Parent & Other (176) (62) (114)
EWC 147 136 11
--- --- ---
Total OCF 529 533 (3)
Totals may not foot due
to rounding
OCF was relatively flat quarter-over-quarter. Reduced cash flow from the timing of recovery for fuel and purchased power at the Utility and lower net revenue at EWC (excluding revenue from the FitzPatrick reimbursement agreement) were largely offset by cash flow from income taxes and reduced spending on Vermont Yankee decommissioning. Intercompany income tax payments also contributed to the line of business variances.
Appendix A-3 and Appendix A-4 list special items by business. Amounts are shown on both a net income basis and an EPS basis. Special items are included in as-reported earnings consistent with GAAP, but are excluded from operational earnings. As a result, operational EPS is considered a non-GAAP measure.
Appendix A-3: Special Items by Driver (shown as positive/(negative)
impact on earnings or EPS)
First Quarter 2017 vs. 2016
---------------------------
First Quarter
-------------
2017 2016 Change
---- ---- ------
(Pre-tax except for income tax
effects and total, $ in
millions)
EWC
EWC
Nuclear
plant
impairments
and costs
associated
with
decisions
to close
or sell
plants (230.9) (19.9) (211.0)
Gain on
the sale
of
FitzPatrick 16.3 - 16.3
Income tax
effect on
adjustments
above (a) 75.1 7.0 68.1
Income tax
benefit
resulting
from
FitzPatrick
transaction 44.5 - 44.5
Total EWC (95.1) (12.9) (82.2)
Total
special
items (95.1) (12.9) (82.2)
(After-tax, per
share in $) (b)
EWC
EWC
Nuclear
plant
impairments
and costs
associated
with
decisions
to close
or sell
plants (0.84) (0.07) (0.77)
Gain on
the sale
of
FitzPatrick 0.06 - 0.06
Income tax
benefit
resulting
from
FitzPatrick
transaction 0.25 - 0.25
Total EWC (0.53) (0.07) (0.46)
Total
special
items (0.53) (0.07) (0.46)
Totals may not foot due
to rounding
(a) Income tax effect is
calculated by multiplying the
pre-tax amount by the
estimated income tax rate
that is expected to apply
(b) EPS effect is calculated by
multiplying the pre-tax
amount by the estimated
income tax rate that is
expected to apply to each
adjustment and then dividing
by the fully diluted average
shares outstanding for the
period
Appendix A-4: Special Items by Income Statement Line Item (shown as
positive/(negative) impact on earnings)
First Quarter 2017 vs. 2016
---------------------------
(Pre-tax except for Income taxes and Total, $ in millions)
First Quarter
-------------
2017 2016 Change
---- ---- ------
EWC
Net revenue 90.6 - 90.6
Non-fuel
O&M (120.3) (11.5) (108.8)
Taxes other
than
income
taxes (4.1) (1.0) (3.1)
Asset
write-off
and
impairments (211.8) (7.4) (204.4)
Gain on
sale of
assets 16.3 - 16.3
Miscellaneous
net (other
income) 14.6 - 14.6
Income
taxes (c) 119.6 7.0 112.6
----- --- -----
Total EWC (95.1) (12.9) (82.2)
Total
special
items
(after-
tax) (95.1) (12.9) (82.2)
Totals may not foot due
to rounding
(c) Income taxes include the
income tax effect of the
special items which were
calculated using the
estimated income tax rate
that is expected to apply to
each item as well as an
income tax benefit which
resulted from the
FitzPatrick transaction
B: Variance Analysis
Appendix B provides details of as-reported and operational earnings variance analysis for Utility, Parent & Other, EWC and Consolidated.
Appendix B: As-Reported and Operational EPS Variance Analysis (d)
First Quarter 2017 vs. 2016
---------------------------
(After-tax, per share in $, sorted in consolidated operational column, most to least favorable)
Utility Parent & Other EWC Consolidated
As-Reported Opera-tional As-Reported Opera-tional As- Opera-tional As- Opera-
Reported Reported tional
------ ------
2016 earnings 1.09 1.09 (0.25) (0.25) 0.44 0.51 1.28 1.35
Other income
(deductions)-other 0.03 0.03 - - 0.11 0.06 (e) 0.14 0.09
Preferred dividend
requirements 0.01 0.01 - - - - 0.01 0.01
Interest expense and other
charges 0.02 0.02 (0.01) (0.01) - - 0.01 0.01
Asset write-offs and
impairments - - - - (0.74) - (f) (0.74) -
Gain on sale of assets - - - - 0.06 - (g) 0.06 -
Taxes other than income
taxes (0.03) (0.03) - - 0.01 0.02 (0.02) (0.01)
Depreciation/
amortization expense (0.05) (0.05) (h) - - 0.01 0.01 (0.04) (0.04)
Non-fuel O&M (0.20) (0.20) (i) - - (0.25) 0.15 (j) (0.45) (0.05)
Income taxes - other (0.04) (0.04) (0.04) (0.04) 0.26 0.01 (k) 0.18 (0.07)
Net revenue 0.10 0.10 (l) - - 0.10 (0.23) (m) 0.20 (0.13)
Decommissioning expense (0.01) (0.01) - - (0.16) (0.16) (n) (0.17) (0.17)
2017 earnings 0.92 0.92 (0.30) (0.30) (0.16) 0.37 0.46 0.99
---- ---- ----- ----- ----- ---- ---- ----
Totals may not foot due
to rounding
See appendix in the webcast slide presentation for additional details on EWC line item variances.
(d) EPS effect is calculated by multiplying
the pre-tax amount by the estimated
income tax rate that is expected to
apply and then dividing by the fully
diluted average shares outstanding for
the period; income taxes - other
represents income tax differences other
than the tax effect of individual line
items.
(e) The increase was driven largely by
realized earnings on decommissioning
trust funds. Approximately 5 cents,
classified as special item, was from
gains on the receipt of nuclear
decommissioning trust funds from NYPA
in January 2017.
(f) The decrease was due to an increase in
impairments recorded for refueling
outage costs, nuclear fuel purchases
and capital expenditures (classified as
special items and excluded from
operational results).
(g) The increase was due to a gain on the
sale of FitzPatrick (classified as a
special item and excluded from
operational results).
(h) The decrease was due largely to
additions to plant in service,
including the Union Power Station
acquired in March 2016.
(i) The decrease was due to several drivers.
In first quarter 2016, EAI recorded a
deferral for $18 million (pre-tax) for
previously-expensed costs related to
post Fukushima and flood barrier
compliance. Fossil spending was higher
for Union expenses (Union was acquired
in March 2016) and overall higher scope
of work. Compensation and benefits
expense increased due partly to a
revision to estimated incentive
compensation expense in first quarter
2016. Expense associated with loss
reserves also increased. Spending for
nuclear operations was higher, but was
largely offset by lower spending
associated with regulatory compliance
costs at ANO.
(j) The as-reported decrease reflected
higher expenses related to the
agreement to sell FitzPatrick and other
costs which resulted from decisions to
close or sell EWC's nuclear plants
(classified as a special item and
excluded from operational results).
Partially offsetting was lower
refueling outage expense, which was
affected by impairments.
(k) The as-reported increase resulted from
the re-determination of FitzPatrick's
tax basis as a result of the sale of
the plant (classified as a special item
and excluded from operational results).
Utility As-Reported Net Revenue
Variance Analysis
2017 vs. 2016 ($ EPS)
--------------------
First Quarter
-------------
Estimated weather (0.02)
Sales growth/pricing 0.09
Other 0.03
----
Total 0.10
----- ----
(l) The increase reflected full-quarter
effects from the first quarter 2016 EAI
rate case and rate actions associated
with the Union acquisition (a portion
of those increases was for Union
operating expenses) as well as EAI's
FRP rate increase in 2017. EMI's 2016
FRP and ETI's TCRF rate changes also
contributed. In addition, in first
quarter 2016 EAI recorded a charge to
reflect the estimated impact from a
FERC order on opportunity sales case.
Partially offsetting was lower volume,
including the effects of weather.
(m) The as-reported increase included cost
reimbursements from the buyer related
to the FitzPatrick sale (classified as
special items and excluded from
operational results). Operational
revenue from FitzPatrick was also
lower. Pricing for nuclear assets was
also a factor in the decline. Partially
offsetting was lower fuel expense,
which was affected by impairments.
(n) The decrease resulted primarily from the
establishment of decommissioning
liabilities at Indian Point 3 and
FitzPatrick in August 2016 (resulted
from agreement with NYPA to transfer
decommissioning liabilities and
associated trusts to Entergy).
Revisions to the estimated
decommissioning cost liabilities for
Indian Point and Palisades in the
fourth quarter 2016 also contributed to
the decrease.
C: Utility Financial and Operational Measures
Appendix C-1 provides a comparative summary of Utility, Parent & Other adjusted earnings and EPS, which excludes the effects of special items and weather and normalizes income tax expense.
Appendix C-1: Utility, Parent & Other Adjusted Earnings and EPS -
Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2017 vs. 2016 (See Appendix A for details on special
items)
------------------------------------------------------------------
First Quarter
-------------
2017 2016 Change
---- ---- ------
($ in millions)
Utility as-
reported
earnings 164.7 194.9 (30.2)
Parent &
Other as-
reported
earnings
(loss) (54.4) (44.0) (10.4)
UP&O as-
reported
earnings 110.3 151.0 (40.6)
Less:
Special
items - - -
Weather (47.5) (41.3) (6.2)
Tax effect
of weather
(o) 18.3 15.9 2.4
---- ---- ---
Estimated
weather
impact
(after-
tax) (29.2) (25.4) (3.8)
Other
income tax
items (9.4) 6.0 (15.4)
UP&O
adjusted
earnings 148.9 170.3 (21.4)
(After tax, per
share in $)
UP&O as-
reported
earnings 0.62 0.84 (0.22)
Less:
Special
items - - -
Weather (0.16) (0.14) (0.02)
Other
income tax
items (0.05) 0.03 (0.08)
----- ---- -----
UP&O
adjusted
earnings 0.83 0.95 (0.12)
--------- ---- ---- -----
Totals may not foot due
to rounding
(o) Income tax effect is
calculated by multiplying the
pre-tax amount by the
estimated income tax rates
that are expected to apply to
those adjustments
Appendix C-2 provides a comparative summary of Utility operational and financial measures.
Appendix C-2: Utility Operational and Financial Measures
First Quarter 2017 vs. 2016 (See Appendix G for reconciliation of GAAP to non-GAAP measures)
-------------------------------------------------------------------------------------------
First Quarter
-------------
2017 2016% % Weather
Adjusted (p)
Change
--- ---
GWh billed
Residential 7,637 8,137 (6.1) (4.2)
Commercial 6,439 6,511 (1.1) (1.7)
Governmental 593 600 (1.1) (1.6)
Industrial 11,117 11,055 0.6 0.6
------ ------ --- ---
Total retail sales 25,786 26,303 (2.0) (1.6)
Wholesale 3,022 3,140 (3.8)
Total sales 28,808 29,443 (2.2)
Number of electric retail customers
Residential 2,469,879 2,443,022 1.1
Commercial 355,138 350,136 1.4
Governmental 18,229 17,686 3.1
Industrial 41,043 40,823 0.5
Total retail customers 2,884,289 2,851,667 1.1
Net revenue ($ in
millions) 1,404 1,375 2.1
Non-fuel O&M per MWh 20.97 $18.56 13.0
Appendix C-3: Utility Operational Measures
Last Twelve Months Retail Sales
-------------------------------
First Quarter
-------------
2017 2016% % Weather
Adjusted (p)
Change
--- ---
GWh billed
Residential 34,612 34,773 (0.5) (1.1)
Commercial 29,125 29,138 - (0.9)
Governmental 2,540 2,522 0.7 0.6
Industrial 45,801 45,031 1.7 1.7
Total retail sales 112,078 111,463 0.6 0.1
Totals may not foot due
to rounding
(p) The effects of weather were
estimated using monthly
heating degree days and
cooling degree days from
certain locations within
each jurisdiction and
comparing to "normal"
weather based on 20 year
historical data. The models
used to estimate weather are
updated periodically and
subject to change.
D: EWC Financial and Operational Measures
Appendix D-1 provides a comparative summary of EWC operational adjusted EBITDA.
Appendix D-1: EWC Operational Adjusted EBITDA - Reconciliation of GAAP to
Non-GAAP Measures
First Quarter 2017 vs. 2016
---------------------------
($ in millions) First Quarter
-------------
2017 2016 Change
---- ---- ------
Net income (loss) (27) 80 (107)
Add back: interest
expense 6 6 -
Add back: income
taxes (78) 52 (130)
Add back:
depreciation and
amortization 53 56 (3)
Subtract: interest
and investment
income 43 27 16
Add back:
decommissioning
expense 75 31 44
--- --- ---
Adjusted EBITDA (15) 199 (214)
Add back pre-tax special items for:
EWC Nuclear plant
impairments and
costs associated
with decisions to
close or sell
plants 231 20 211
Gain on the sale
of FitzPatrick (16) - (16)
--- --- ---
Operational
adjusted EBITDA 200 219 (19)
Totals may not foot due
to rounding
Appendix D-2 provides a comparative summary of EWC operational and financial measures.
Appendix D-2: EWC Operational and Financial Measures
First Quarter 2017 vs. 2016 (See Appendix G for reconciliation of GAAP to non-
GAAP measures)
------------------------------------------------------------------------------
First Quarter
-------------
2017 2016 % Change
---- ---- --------
Owned
capacity
(MW) (q) 4,800 4,880 (1.6)
GWh
billed 8,363 9,246 (9.6)
As-
reported
net
revenue
($ in
millions) 494 466 6.0
Operational
net
revenue
($ in
millions) 404 466 (13.3)
EWC Nuclear Fleet
-----------------
Capacity
factor 80% 90% (11.1)
GWh
billed 7,835 8,688 (9.8)
Production
cost per
MWh $23.00 $21.91 5.0
Average
energy
and
capacity
revenue
per MWh
(r) $55.15 $56.16 (1.8)
As-
reported
net
revenue
($ in
millions) 491 464 5.8
Operational
net
revenue
($ in
millions) 401 464 (13.6)
Refueling outage days
FitzPatrick 42 -
Indian
Point 2 - 25
Indian
Point 3 19 -
(q) Investments in wind generation
were sold in November 2016;
includes FitzPatrick, which
was sold on 3/31/17
(r) Average energy and capacity
revenue per MWh excluding
FitzPatrick was $55.27 in
first quarter 2017 and $63.45
in first quarter 2016
See appendix in the webcast slide presentation for EWC hedging and price disclosures.
E: Consolidated Financial Measures
Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP measures.
As-reported measures in this table are computed in accordance with GAAP as they include all components of net income, including special items. Operational measures in this table are non-GAAP measures as they are calculated using operational net income, which excludes the impact of special items.
Appendix E: GAAP and Non-GAAP Financial Measures
First Quarter 2017 vs. 2016 (See Appendix G for reconciliation of GAAP to non-
GAAP measures)
------------------------------------------------------------------------------
For 12
months
ending
March 31 2017 2016 Change
---- ---- ------
GAAP Measures
ROIC -
as-
reported (1.3%) 0.7% (2.0%)
ROE - as-
reported (8.4%) (2.5%) (5.9%)
Book value
per share $44.90 $52.38 ($7.48)
End of
period
shares
outstanding
(millions) 179.4 178.7 0.7
Non-GAAP Measures
ROIC -
operational 6.7% 5.8% 0.9%
ROE -
operational 13.9% 10.4% 3.5%
As of
March 31
($ in
millions) 2017 2016 Change
---- ---- ------
GAAP Measures
Cash and
cash
equivalents 1,083 1,092 (9)
Revolver
capacity 4,185 3,794 391
Commercial
paper 1,088 578 510
Total debt 15,611 15,092 519
Securitization
debt 637 752 (115)
Debt to
capital 65.4% 60.9% 4.5%
Off-balance sheet liabilities:
Debt of
joint
ventures
-
Entergy's
share 71 77 (6)
Leases -
Entergy's
share 397 359 38
Power
purchase
agreements
accounted
for as
leases 166 195 (29)
--- --- ---
Total off-
balance
sheet
liabilities 634 631 3
Non-GAAP Measures
Debt to
capital,
excluding
securitization
debt 64.4% 59.7% 4.7%
Gross
liquidity 5,268 4,886 382
Net debt
to net
capital,
excluding
securitization
debt 62.7% 57.8% 4.9%
Parent
debt to
total
debt,
excluding
securitization
debt 21.1% 19.5% 1.6%
Debt to
operational
adjusted
EBITDA,
excluding
securitization
debt 4.4x 4.6x (0.2x)
Operational
FFO to
debt,
excluding
securitization
debt 17.3% 21.0% (3.7%)
F: Definitions, Abbreviations and Acronyms
Appendix F-1 provides definitions of certain operational measures, as well as GAAP and non-GAAP financial measures. Non-GAAP measures remove the effects of financial events that are not routine from commonly used financial measures.
Appendix F-1: Definitions
-------------------------
Utility Operational and Financial Measures
------------------------------------------
GWh billed Total number of GWh billed to retail and
wholesale customers
Net revenue Operating revenue less fuel, fuel
related expenses and gas purchased for
resale, purchased power and other
regulatory charges (credits) - net
Non-fuel O&M Operation and maintenance expenses
excluding fuel, fuel-related expenses
and gas purchased for resale and
purchased power
Non-fuel O&M per MWh Non-fuel O&M per MWh of billed sales
Number of retail
customers Number of customers at end of period
EWC Operational and Financial Measures
--------------------------------------
Average revenue under Revenue on a per unit basis at which
contract per kW-month capacity is expected to be sold to
(applies to capacity third parties, given existing contract
contracts only) prices and/or auction awards
Average revenue per MWh Revenue on a per unit basis at which
on contracted volumes 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
market price changes affecting revenue
received on puts, collars and call
options, positive or negative basis
differentials, option premiums and
market prices at the time of option
expiration, costs to convert firm LD to
unit-contingent and other risk
management costs
Bundled capacity and A contract for the sale of installed
energy contracts capacity and related energy, priced per
MWh sold
Capacity contracts A contract for the sale of the installed
capacity product in regional markets
managed by ISO New England, NYISO and
MISO
Capacity factor Normalized percentage of the period that
the nuclear plants generate power
Expected sold and market Total energy and capacity revenue on a
total revenue per MWh 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 estimates for market
price changes affecting revenue
received on puts, collars and call
options, positive or negative basis
differentials, option premiums and
market prices at time of option
expiration, costs to convert Firm LD to
unit-contingent 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
Firm LD Transaction that requires receipt or
delivery of energy at a specified
delivery point (usually at a market hub
not associated with a specific asset)
or settles financially on notional
quantities; if a party fails to deliver
or receive energy, defaulting party
must compensate the other party as
specified in the contract, a portion of
which may be capped through the use of
risk management products
------- ----------------------------------------
Appendix F-1: Definitions
-------------------------
EWC Operational and Financial Measures (continued)
-------------------------------------------------
GWh billed Total number of GWh billed to customers
and financially-settled instruments
(does not include amounts from
investment in wind generation that was
accounted for under the equity method
of accounting and which was sold in
November 2016)
Net revenue Operating revenue less fuel, fuel-
related expenses and purchased power
Offsetting positions Transactions for the purchase of energy,
generally to offset a Firm LD
transaction
Owned capacity (MW) Installed capacity owned and operated by
EWC; investment in wind generation was
sold in November 2016
Percent of capacity sold Percent of planned qualified capacity
forward sold to mitigate price uncertainty
under physical or financial
transactions
Percent of planned Percent of planned generation output
generation under sold or purchased forward under
contract contracts, forward physical contracts,
forward financial contracts or options
that mitigate price uncertainty that
may or may not require regulatory
approval or approval of transmission
rights or other conditions precedent;
positions that are no longer classified
as hedges are netted in the planned
generation under contract
Planned net MW in Amount of installed capacity to generate
operation power and/or sell capacity, assuming
intent to shutdown Pilgrim (May 31,
2019), Palisades (Oct. 1, 2018), Indian
Point 2 (April 30, 2020) and Indian
Point 3 (April 30, 2021)
Planned TWh of Amount of output expected to be
generation generated by EWC resources considering
plant operating characteristics and
outage schedules, assuming intent to
shutdown Pilgrim (May 31, 2019),
Palisades (Oct. 1, 2018), Indian Point
2 (April 30, 2020) and Indian Point 3
(April 30, 2021)
Production cost per MWh Fuel and non-fuel O&M expenses
according to accounting standards that
directly relate to the production of
electricity per MWh (based on net
generation), excluding special items
Refueling outage days Number of days lost for a scheduled
refueling and maintenance outage during
the period
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
-------------------------
Book value per share End of period common equity divided by
end of period shares outstanding
Debt of joint ventures - Entergy's share of debt issued by
Entergy's share business joint ventures at EWC
Debt to capital ratio Total debt divided by total
capitalization
Leases - Entergy's share Operating leases held by subsidiaries
capitalized at implicit interest rate
Revolver capacity Amount of undrawn capacity remaining on
corporate and subsidiary revolvers,
including Entergy Nuclear Vermont
Yankee
ROIC - as-reported 12-months rolling net income
attributable to Entergy Corporation
adjusted for preferred dividends and
tax-effected interest expense divided
by average invested capital
ROE - as-reported 12-months rolling net income
attributable to Entergy Corporation
divided by average common equity
Securitization debt Debt associated with securitization
bonds issued to recover storm costs
from hurricanes Rita, Ike and Gustav at
ETI and Hurricane Isaac at ENOI; the
2009 ice storm at EAI and investment
recovery of costs associated with the
cancelled Little Gypsy repowering
project at ELL
Appendix F-1: Definitions
-------------------------
Financial Measures - Non-GAAP
Total debt Sum of short-term and long-term debt,
notes payable and commercial paper and
capital leases on the balance sheet
Adjusted EBITDA Earnings before interest, depreciation
and amortization and income taxes
excluding decommissioning expense; for
Entergy consolidated, also excludes
AFUDC-equity funds and subtracts
securitization proceeds
Adjusted EPS As-reported EPS excluding special items
and weather and normalizing for income
tax
Debt to capital ratio, Total debt divided by total
excluding capitalization, excluding
securitization debt securitization debt
Debt to operational End of period total debt excluding
adjusted EBITDA, securitization debt divided by
excluding 12-months rolling operational adjusted
securitization debt EBITDA
FFO OCF less AFUDC-borrowed funds, working
capital items in OCF (receivables, fuel
inventory, accounts payable, prepaid
taxes and taxes accrued, interest
accrued and other working capital
accounts) and securitization regulatory
charges
Operational FFO to debt, 12-months rolling operational FFO as a
excluding percentage of end of period total debt
securitization debt excluding securitization debt
Gross liquidity Sum of cash and revolver capacity
Operational adjusted Adjusted EBITDA excluding effects of
EBITDA special items
Operational EPS As-reported EPS adjusted to exclude the
impact of special items
Operational FFO FFO excluding effects of special items
Parent debt to total End of period Entergy Corporation debt,
debt ratio, excluding including amounts drawn on credit
securitization debt revolver and commercial paper
facilities, as a percent of total debt
excluding securitization debt
Net debt to net capital Total debt less cash and cash
ratio, excluding equivalents divided by total
securitization debt capitalization less cash and cash
equivalents, excluding securitization
debt
ROIC - operational 12-months rolling operational net
income attributable to Entergy
Corporation adjusted for preferred
dividends and tax-effected interest
expense divided by average invested
capital
ROE - operational 12-months rolling operational net income
attributable to Entergy Corporation
divided by average common equity
Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.
Appendix F-2: Abbreviations and Acronyms
----------------------------------------
ADIT
Accumulated deferred income taxes LPSC Louisiana Public Service Commission
AFUDC - Allowance for borrowed funds used during LTM Last twelve months
borrowed funds construction Michigan PSC Michigan Public Service Commission
MISO
Midcontinent Independent System Operator, Inc.
AFUDC - Allowance for equity funds used during
equity funds construction Moody's Moody's Investor Service
MPSC
ALJ Administrative law judge Mississippi Public Service Commission
AMI Advanced metering infrastructure MTEP MISO Transmission Expansion Planning
Nelson 6
ANO Arkansas Nuclear One (nuclear) Unit 6 of Roy S. Nelson plant (coal)
NEPOOL
APSC Arkansas Public Service Commission New England Power Pool
Ninemile 6
ARO Asset retirement obligation Ninemile Point Unit 6
ASLB Atomic Safety and Licensing Board Non-fuel O&M Non-fuel operation and maintenance expense
CCGT Combined cycle gas turbine NDT Nuclear decommissioning trust
CCNO Council of the City of New Orleans, Louisiana NRC Nuclear Regulatory Commission
COD Commercial operation date NYISO New York Independent System Operator, Inc.
Cooper Cooper Nuclear Station NYS New York State
CT Simple cycle combustion turbine NYSDEC New York State Department of Environmental
CZM Coastal zone management Conservation
NYSDOS
New York State Department of State
DCRF Distribution cost recovery factor
NYPA
New York Power Authority
DOE U.S. Department of Energy
NYSE
New York Stock Exchange
EAI Entergy Arkansas, Inc.
O&M
Operation and maintenance expense
EBITDA Earnings before interest, income taxes,
depreciation and amortization OCF Net cash flow provided by operating activities
OPEB
Other post-employment benefits
EGSL Entergy Gulf States Louisiana, L.L.C.
Palisades
Palisades Power Plant (nuclear)
ELL Entergy Louisiana, LLC
PDSAR
Post-Shutdown Decommissioning Activities Report
EMI Entergy Mississippi, Inc.
Pilgrim
Pilgrim Nuclear Power Station (nuclear)
ENOI Entergy New Orleans, Inc.
PPA
Power purchase agreement or purchased power
ENVY Entergy Nuclear Vermont Yankee
agreement
ESI Entergy Services, Inc.
PUCT
Public Utility Commission of Texas
EPS Earnings per share
RFP
Request for proposal
ETI Entergy Texas, Inc.
RISEC
Rhode Island State Energy Center (CCGT)
ETR Entergy Corporation
ROE
Return on equity
EWC Entergy Wholesale Commodities
ROIC
Return on invested capital
FCA Forward Capacity Auction
RPCE
Rough production cost equalization
FERC Federal Energy Regulatory Commission
RS Cogen
RS Cogen facility (CCGT cogen)
FFO Funds from operations
RSP
Rate Stabilization Plan (ELL Gas)
Firm LD Firm liquidated damages
SEC
U.S. Securities and Exchange Commission
FitzPatrick James A. FitzPatrick Nuclear Power Plant
(nuclear, sold March 31, 2017) SERI System Energy Resources, Inc.
FRP Formula rate plan SPDES State Pollutant Discharge Elimination System
GAAP U.S. generally accepted accounting principles TCRF Transmission cost recovery factor
Grand Gulf Unit 1 of Grand Gulf Nuclear Station (nuclear), Top Deer Top Deer Wind Ventures, LLC
90% owned or leased by System Energy Union Union Power Station (CCGT)
UP&O
Utility, Parent & Other
Indian Point 1 Indian Point Energy Center Unit 1 (nuclear)
VPSB
Vermont Public Service Board
Indian Point 2 Indian Point Energy Center Unit 2 (nuclear)
Vermont Yankee Nuclear Power Station (nuclear)
Indian Point 3 Indian Point Energy Center Unit 3 (nuclear) VY
Weighted-average cost of capital
IPEC Indian Point Energy Center (nuclear) WACC
WQC
Water Quality Certification
ISO Independent system operator
ISES
Independence Steam Electric Station (coal)
YOY
Year-over-year
Lower Hudson Valley
LHV
---
G: 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 release to their most comparable GAAP measure.
Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures -
EWC Operational Net Revenue
---------------------------------------------------------------------
($ in thousands
except where noted) First Quarter
2017 2016
---- ----
As-reported net
revenue (A) 494 466
Special items
included in net
revenue:
EWC Nuclear costs
associated with
decisions to close
or sell plants 91 -
Total special items
included in net
revenue (B) 404 466
Operational net
revenue (A-B)
EWC Nuclear
-----------
As-reported EWC
Nuclear net revenue (C) 491 464
Special items
included in EWC
Nuclear net
revenue:
EWC Nuclear costs
associated with
decisions to close
or sell plants 91 -
Total special items
included in EWC
Nuclear net revenue (D) 401 464
Operational EWC
Nuclear net revenue (C-D)
Totals may not foot due
to rounding
Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE
($ in millions
except where
noted) First Quarter
-------------
2017 2016
---- ----
As-reported net
income (loss)
attributable to
Entergy
Corporation,
rolling 12
months (A) (731) (245)
Preferred
dividends 17 20
Tax effected
interest
expense 409 398
--- ---
As-reported net
income (loss) expense
attributable to
Entergy
Corporation,
rolling 12
months adjusted
for preferred
dividends and
tax effected
interest (305) 173
(B)
Special items in
prior quarters (1,842) (1,248)
EWC Nuclear
plant
impairments and
costs
associated with
decisions to
close or sell
plants (150) (13)
Gain on the sale
of FitzPatrick 11 -
Income tax
benefit
resulting from
FitzPatrick
transaction 45 -
Total special
items, rolling
12 months (C) (1,937) (1,261)
Operational
earnings,
rolling 12
months adjusted
for preferred
dividends and
tax effected
interest
expense (B-C) 1,632 1,434
Operational
earnings,
rolling 12
months (A-C) 1,206 1,016
Average invested
capital (D) 24,321 24,627
Average common
equity (E) 8,709 9,747
ROIC - as-
reported (B/D) (1.3%) 0.7%
ROIC -
operational [(B-C)/D] 6.7% 5.8%
ROE - as-
reported (A/E) (8.4%) (2.5)%
ROE -
operational [(A-C)/E] 13.9% 10.4%
Totals may not foot due
to rounding
Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross
Liquidity; Debt to Operational Adjusted EBITDA excluding Securitization Debt; Operational FFO to Debt Ratio, excluding
Securitization Debt
-----------------------------------------------------------------------------------------------------------------------
($ in millions except where noted) First Quarter
-------------
2017 2016
---- ----
Total debt (A) 15,611 15,092
Less securitization debt (B) 637 752
--- ---
Total debt, excluding
securitization debt (C) 14,974 14,340
Less cash and cash equivalents (D) 1,083 1,092
--- -----
Net debt, excluding
securitization debt (E) 13,891 13,248
Total capitalization (F) 23,871 24,771
Less securitization debt (B) 637 752
--- ---
Total capitalization, excluding
securitization debt (G) 23,234 24,019
Less cash and cash equivalents (D) 1,083 1,092
--- -----
Net capital, excluding
securitization debt (H) 22,151 22,927
Debt to capital (A/F) 65.4% 60.9%
Debt to capital, excluding
securitization debt (C/G) 64.4% 59.7%
Net debt to net capital,
excluding securitization debt (E/H) 62.7% 57.8%
Revolver capacity (I) 4,185 3,794
Gross liquidity (D+I) 5,268 4,886
Entergy Corporation notes:
Due January 2017 - 500
Due September 2020 450 450
Due July 2022 650 650
Due September 2026 750 -
Total parent long-term debt (J) 1,850 1,600
Revolver draw (K) 225 616
Commercial paper (L) 1,088 578
--- ---
Total parent debt (J)+(K)+(L) 3,163 2,794
Parent debt to total debt,
excluding securitization debt [((J)+(K)+(L))/(C)] 21.1% 19.5%
Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures - Debt Ratios excluding Securitization Debt; Gross
Liquidity; Debt to Operational Adjusted EBITDA excluding Securitization Debt; Operational FFO to Debt Ratio, excluding
Securitization Debt (continued)
-----------------------------------------------------------------------------------------------------------------------
($ in millions except where noted) First Quarter
-------------
2017 2016
---- ----
Total debt (A) 15,611 15,092
Less securitization debt (B) 637 752
--- ---
Total debt, excluding
securitization debt (C) 14,974 14,340
As-reported consolidated net income (loss), rolling 12 months (714) (224)
Add back (rolling 12 months):
Interest expense 664 647
Income taxes (949) (653)
Depreciation and amortization 1,360 1,340
Regulatory charges (credits) 8 166
Decommissioning expense 373 279
Subtract (rolling 12 months):
Securitization proceeds 143 136
Interest and investment income 169 152
AFUDC-equity funds 68 59
Adjusted EBITDA, rolling 12
months (D) 362 1,208
Add back special items (rolling 12 months pre-tax):
EWC Nuclear plant impairments and costs associated with decisions to close
or sell plants 3,121 2,066
DOE litigation awards for VY and FitzPatrick (34) -
Top Deer investment impairment - 37
Gain on the sale of RISEC - (154)
Gain on the sale of FitzPatrick (16) -
Operational adjusted EBITDA,
rolling 12 months (E) 3,433 3,157
Debt to operational adjusted
EBITDA, excluding securitization
debt (C)/(E) 4.4x 4.6x
Net cash flow provided by
operating activities, rolling 12
months (F) 2,995 3,213
AFUDC-borrowed funds used during
construction, rolling 12 months (G) (34) (30)
Working capital items in net cash flow provided by operating activities
(rolling 12 months):
Receivables (17) 92
Fuel inventory 54 1
Accounts payable 194 (49)
Prepaid taxes and taxes accrued (72) 134
Interest accrued 6 4
Other working capital accounts 119 (118)
Securitization regulatory charges 114 106
--- ---
Total (H) 398 170
FFO, rolling 12 months (F)+(G)-(H) 2,563 3,013
Add back special items (rolling 12 months pre-tax):
EWC Nuclear plant impairments and costs associated with decisions to close
or sell plants 24 4
Operational FFO, rolling 12
months (I) 2,587 3,017
Operational FFO to debt,
excluding securitization debt (I)/(C) 17.3% 21.0%
Totals may not foot due
to rounding
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entergy-reports-first-quarter-earnings-300446036.html
SOURCE Entergy Corporation
