(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Document | |||||||
99.1 | Press Release, dated May 7, 2020. | |||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Three Months Ended | ||||||||||||||
($ in millions) | 3/31/2020 | 3/31/2019 | ||||||||||||
Income from Continuing Operations | $ | 121 | $ | 94 | ||||||||||
Cash provided/(used) by Continuing Operations | $ | 208 | $ | (99) | ||||||||||
Adjusted EBITDA | $ | 349 | $ | 333 | ||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | $ | 167 | $ | 10 | ||||||||||
($ in millions) | Three Months Ended | |||||||||||||
Segment | 3/31/2020 | 3/31/2019 | ||||||||||||
Texas | $ | 162 | $ | 150 | ||||||||||
East | 24 | 99 | ||||||||||||
West/Otherb | (65) | (155) | ||||||||||||
Income from Continuing Operations | $ | 121 | $ | 94 | ||||||||||
($ in millions) | Three Months Ended | |||||||||||||
Segment | 3/31/2020 | 3/31/2019 | ||||||||||||
Texas | $ | 195 | $ | 179 | ||||||||||
East | 90 | 144 | ||||||||||||
West/Otherb | 64 | 10 | ||||||||||||
Adjusted EBITDAc | 349 | 333 | ||||||||||||
($ in millions) | 03/31/20 | 12/31/19 | ||||||||||||
Cash and Cash Equivalents | $ | 759 | $ | 345 | ||||||||||
Restricted Cash | 8 | 8 | ||||||||||||
Total | $ | 767 | $ | 353 | ||||||||||
Total credit facility availability | 1,183 | 1,794 | ||||||||||||
Total Liquidity, excluding collateral received | $ | 1,950 | $ | 2,147 |
2020 | |||||||||||
($ in millions) | Guidance | ||||||||||
Adjusted EBITDAa | $1,900-$2,100 | ||||||||||
Adjusted Cash From Operations | $1,450-$1,650 | ||||||||||
FCFbG | $1,275-$1,475 |
Media: | Investors: | ||||||||||
Candice Adams | Kevin L. Cole, CFA | ||||||||||
609.524.5428 | 609.524.4526 | ||||||||||
Three months ended March 31, | |||||||||||
(In millions, except for per share amounts) | 2020 | 2019 | |||||||||
Operating Revenues | |||||||||||
Total operating revenues | $ | 2,019 | $ | 2,165 | |||||||
Operating Costs and Expenses | |||||||||||
Cost of operations | 1,457 | 1,651 | |||||||||
Depreciation and amortization | 109 | 85 | |||||||||
Selling, general and administrative | 209 | 194 | |||||||||
Reorganization costs | 3 | 13 | |||||||||
Development costs | 3 | 2 | |||||||||
Total operating costs and expenses | 1,781 | 1,945 | |||||||||
Gain on sale of assets | 6 | 1 | |||||||||
Operating Income | 244 | 221 | |||||||||
Other (Expense)/Income | |||||||||||
Equity in losses of unconsolidated affiliates | (11) | (21) | |||||||||
Impairment losses on investments | (18) | — | |||||||||
Other income, net | 27 | 12 | |||||||||
Interest expense | (98) | (114) | |||||||||
Total other expense | (100) | (123) | |||||||||
Income from Continuing Operations Before Income Taxes | 144 | 98 | |||||||||
Income tax expense | 23 | 4 | |||||||||
Income from Continuing Operations | 121 | 94 | |||||||||
Income from discontinued operations, net of income tax | — | 388 | |||||||||
Net Income | $ | 121 | $ | 482 | |||||||
Earnings per Share | |||||||||||
Weighted average number of common shares outstanding — basic | 248 | 278 | |||||||||
Income from continuing operations per weighted average common share — basic | $ | 0.49 | $ | 0.34 | |||||||
Income from discontinued operations per weighted average common share — basic | $ | — | $ | 1.39 | |||||||
Earnings per Weighted Average Common Share — Basic | $ | 0.49 | $ | 1.73 | |||||||
Weighted average number of common shares outstanding — diluted | 249 | 280 | |||||||||
Income from continuing operations per weighted average common share — diluted | $ | 0.49 | $ | 0.34 | |||||||
Income from discontinued operations per weighted average common share — diluted | $ | — | $ | 1.38 | |||||||
Earnings per Weighted Average Common Share — Diluted | $ | 0.49 | $ | 1.72 |
Three months ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
Net Income | $ | 121 | $ | 482 | |||||||
Other Comprehensive Loss | |||||||||||
Foreign currency translation adjustments | (15) | 1 | |||||||||
Defined benefit plans | — | (3) | |||||||||
Other comprehensive loss | (15) | (2) | |||||||||
Comprehensive Income | $ | 106 | $ | 480 | |||||||
March 31, 2020 | December 31, 2019 | ||||||||||
(In millions, except share data) | (Unaudited) | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 759 | $ | 345 | |||||||
Funds deposited by counterparties | 51 | 32 | |||||||||
Restricted cash | 8 | 8 | |||||||||
Accounts receivable, net | 915 | 1,025 | |||||||||
Inventory | 372 | 383 | |||||||||
Derivative instruments | 884 | 860 | |||||||||
Cash collateral paid in support of energy risk management activities | 200 | 190 | |||||||||
Prepayments and other current assets | 290 | 245 | |||||||||
Total current assets | 3,479 | 3,088 | |||||||||
Property, plant and equipment, net | 2,573 | 2,593 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 350 | 388 | |||||||||
Operating lease right-of-use assets, net | 446 | 464 | |||||||||
Goodwill | 579 | 579 | |||||||||
Intangible assets, net | 769 | 789 | |||||||||
Nuclear decommissioning trust fund | 702 | 794 | |||||||||
Derivative instruments | 434 | 310 | |||||||||
Deferred income taxes | 3,265 | 3,286 | |||||||||
Other non-current assets | 225 | 240 | |||||||||
Total other assets | 6,770 | 6,850 | |||||||||
Total Assets | $ | 12,822 | $ | 12,531 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt | $ | 640 | $ | 88 | |||||||
Current portion of operating lease liabilities | 71 | 73 | |||||||||
Accounts payable | 708 | 722 | |||||||||
Derivative instruments | 832 | 781 | |||||||||
Cash collateral received in support of energy risk management activities | 51 | 32 | |||||||||
Accrued expenses and other current liabilities | 550 | 663 | |||||||||
Total current liabilities | 2,852 | 2,359 | |||||||||
Other Liabilities | |||||||||||
Long-term debt | 5,807 | 5,803 | |||||||||
Non-current operating lease liabilities | 473 | 483 | |||||||||
Nuclear decommissioning reserve | 303 | 298 | |||||||||
Nuclear decommissioning trust liability | 390 | 487 | |||||||||
Derivative instruments | 370 | 322 | |||||||||
Deferred income taxes | 15 | 17 | |||||||||
Other non-current liabilities | 1,076 | 1,084 | |||||||||
Total other liabilities | 8,434 | 8,494 | |||||||||
Total Liabilities | 11,286 | 10,853 | |||||||||
Redeemable noncontrolling interest in subsidiaries | — | 20 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Common stock; $0.01 par value; 500,000,000 shares authorized; 422,979,893 and 421,890,790 shares issued and 245,623,854 and 248,996,189 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 4 | 4 | |||||||||
Additional paid-in-capital | 8,498 | 8,501 | |||||||||
Accumulated deficit | (1,570) | (1,616) | |||||||||
Less treasury stock, at cost - 177,356,039 and 172,894,601 shares at March 31, 2020 and December 31, 2019, respectively | (5,189) | (5,039) | |||||||||
Accumulated other comprehensive loss | (207) | (192) | |||||||||
Total Stockholders' Equity | 1,536 | 1,658 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 12,822 | $ | 12,531 |
Three months ended March 31, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | $ | 121 | $ | 482 | |||||||
Income from discontinued operations, net of income tax | — | 388 | |||||||||
Income from continuing operations | 121 | 94 | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Distributions from and equity in losses of unconsolidated affiliates | 16 | 21 | |||||||||
Depreciation and amortization | 109 | 85 | |||||||||
Accretion of asset retirement obligations | 11 | 7 | |||||||||
Provision for credit losses | 24 | 26 | |||||||||
Amortization of nuclear fuel | 13 | 13 | |||||||||
Amortization of financing costs and debt discount/premiums | 6 | 7 | |||||||||
Loss on debt extinguishment, net | 1 | — | |||||||||
Amortization of emissions allowances and energy credits | 7 | 6 | |||||||||
Amortization of unearned equity compensation | 5 | 4 | |||||||||
(Gain)/loss on sale of assets and disposal of assets | (14) | 3 | |||||||||
Impairment losses | 18 | — | |||||||||
Changes in derivative instruments | (46) | (15) | |||||||||
Changes in deferred income taxes and liability for uncertain tax benefits | 19 | (2) | |||||||||
Changes in collateral deposits in support of energy risk management activities | 9 | (123) | |||||||||
Changes in nuclear decommissioning trust liability | 8 | 9 | |||||||||
Changes in other working capital | (99) | (234) | |||||||||
Cash provided/(used) by continuing operations | 208 | (99) | |||||||||
Cash provided by discontinued operations | — | 8 | |||||||||
Net Cash Provided/(Used) by Operating Activities | 208 | (91) | |||||||||
Cash Flows from Investing Activities | |||||||||||
Payments for acquisitions of businesses | — | (16) | |||||||||
Capital expenditures | (66) | (49) | |||||||||
Net purchases of emission allowances | (8) | — | |||||||||
Investments in nuclear decommissioning trust fund securities | (121) | (122) | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 112 | 113 | |||||||||
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees | 15 | 1,313 | |||||||||
Net distributions from investments in unconsolidated affiliates | — | 4 | |||||||||
Contributions to discontinued operations | — | (44) | |||||||||
Other | — | (1) | |||||||||
Cash (used)/provided by continuing operations | (68) | 1,198 | |||||||||
Cash used by discontinued operations | — | (2) | |||||||||
Net Cash (Used)/Provided by Investing Activities | (68) | 1,196 | |||||||||
Cash Flows from Financing Activities | |||||||||||
Payments of dividends to common stockholders | (74) | (8) | |||||||||
Payments for share repurchase activity | (179) | (783) | |||||||||
Purchase of and distributions to noncontrolling interests from subsidiaries | (2) | (1) | |||||||||
Proceeds from issuance of common stock | — | 2 | |||||||||
Proceeds from issuance of long-term debt | 59 | — | |||||||||
Repayments of long-term debt | (60) | (37) | |||||||||
Net proceeds from Revolving Credit Facility | 552 | — | |||||||||
Other | (3) | — | |||||||||
Cash provided/(used) by continuing operations | 293 | (827) | |||||||||
Cash provided by discontinued operations | — | 43 | |||||||||
Net Cash Provided/(Used) by Financing Activities | 293 | (784) | |||||||||
Change in Cash from discontinued operations | — | 49 | |||||||||
Net Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | 433 | 272 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 385 | 613 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 818 | $ | 885 |
($ in millions) | Texas | East | West/Other1 | Corp/Elim | Total | ||||||||||||
Income/(Loss) from Continuing Operations | 162 | 24 | 41 | (106) | 121 | ||||||||||||
Plus: | |||||||||||||||||
Interest expense, net | — | 4 | 1 | 89 | 94 | ||||||||||||
Income tax | — | — | 1 | 22 | 23 | ||||||||||||
Loss on debt extinguishment | — | 1 | — | — | 1 | ||||||||||||
Depreciation and amortization | 59 | 33 | 8 | 9 | 109 | ||||||||||||
ARO Expense | 3 | 8 | — | — | 11 | ||||||||||||
Contract amortization | 1 | — | — | — | 1 | ||||||||||||
EBITDA | 225 | 70 | 51 | 14 | 360 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 1 | — | 24 | — | 25 | ||||||||||||
Acquisition-related transaction & integration costs | 1 | — | — | — | 1 | ||||||||||||
Reorganization costs | 1 | — | — | 2 | 3 | ||||||||||||
Deactivation costs | — | — | 1 | — | 1 | ||||||||||||
Gain on sale of business | — | — | — | (15) | (15) | ||||||||||||
Other non recurring charges | (2) | — | (1) | 3 | — | ||||||||||||
Impairments | 18 | — | — | — | 18 | ||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (49) | 20 | (15) | — | (44) | ||||||||||||
Adjusted EBITDA | 195 | 90 | 60 | 4 | 349 | ||||||||||||
($ in millions) | Texas | East | West/Other1 | Corp/Elim | Total | ||||||||||||
Operating revenues | 1,358 | 559 | 110 | (4) | 2,023 | ||||||||||||
Cost of sales | 830 | 298 | 22 | (1) | 1,149 | ||||||||||||
Economic gross margin2 | 528 | 261 | 88 | (3) | 874 | ||||||||||||
Operations & maintenance and other cost of operations3 | 204 | 106 | 32 | (1) | 341 | ||||||||||||
Selling, marketing, general and administrative | 130 | 66 | 10 | 4 | 210 | ||||||||||||
Other expense/(income)4 | (1) | (1) | (14) | (10) | (26) | ||||||||||||
Adjusted EBITDA | 195 | 90 | 60 | 4 | 349 | ||||||||||||
($ in millions) | Condensed financial information | Interest, tax, depr., amort. | MtM | Deactivation | Other adj. | Adjusted EBITDA | ||||||||||||||
Operating revenues | 2,019 | — | 3 | — | — | 2,023 | ||||||||||||||
Cost of operations | 1,102 | (1) | 48 | — | — | 1,149 | ||||||||||||||
Gross margin | 917 | 1 | (45) | — | — | 873 | ||||||||||||||
Operations & maintenance and other cost of operations | 355 | — | — | (3) | (11) | 341 | ||||||||||||||
Selling, marketing, general & administrative | 209 | — | — | — | 1 | 210 | ||||||||||||||
Other expense/(income)1 | 232 | (226) | — | — | (32) | (26) | ||||||||||||||
Income/(Loss) from Continuing Operations | 121 | 227 | (45) | 3 | 42 | 349 | ||||||||||||||
($ in millions) | Texas | East | West/Other1 | Corp/Elims | Total | ||||||||||||
Income/(Loss) from Continuing Operations | 150 | 99 | (23) | (132) | 94 | ||||||||||||
Plus: | |||||||||||||||||
Interest expense, net | — | 5 | 3 | 100 | 108 | ||||||||||||
Income tax | — | — | — | 4 | 4 | ||||||||||||
Depreciation and amortization | 40 | 26 | 11 | 8 | 85 | ||||||||||||
ARO Expense | 3 | 3 | 1 | — | 7 | ||||||||||||
Contract amortization | 5 | — | — | — | 5 | ||||||||||||
EBITDA | 198 | 133 | (8) | (20) | 303 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 3 | — | 29 | — | 32 | ||||||||||||
Reorganization costs | 1 | — | — | 12 | 13 | ||||||||||||
Deactivation costs | — | — | 1 | 3 | 4 | ||||||||||||
Other non recurring charges | 3 | (1) | (1) | — | 1 | ||||||||||||
Impairments | — | — | — | — | — | ||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (26) | 12 | (6) | — | (20) | ||||||||||||
Adjusted EBITDA | 179 | 144 | 15 | (5) | 333 | ||||||||||||
($ in millions) | Texas | East | West/Other1 | Corp/Elim | Total | ||||||||||||
Operating revenues | 1,435 | 624 | 90 | (4) | 2,145 | ||||||||||||
Cost of sales | 962 | 332 | 48 | (1) | 1,341 | ||||||||||||
Economic gross margin2 | 473 | 292 | 42 | (3) | 804 | ||||||||||||
Operations & maintenance and other cost of operations3 | 184 | 87 | 30 | 0 | 301 | ||||||||||||
Selling, marketing, general & administrative | 117 | 65 | 7 | 5 | 194 | ||||||||||||
Other expense/(income)4 | (7) | (4) | (10) | (3) | (24) | ||||||||||||
Adjusted EBITDA | 179 | 144 | 15 | (5) | 333 | ||||||||||||
($ in millions) | Condensed financial information | Interest, tax, depr., amort. | MtM | Deactivation | Other adj. | Adjusted EBITDA | ||||||||||||||
Operating revenues | 2,165 | — | (20) | — | — | 2,145 | ||||||||||||||
Cost of operations | 1,346 | (5) | — | — | 1,341 | |||||||||||||||
Gross margin | 819 | 5 | (20) | — | — | 804 | ||||||||||||||
Operations & maintenance and other cost of operations | 305 | — | — | (4) | — | 301 | ||||||||||||||
Selling, marketing, general & administrative | 194 | — | — | — | — | 194 | ||||||||||||||
Other expense/(income)1 | 226 | (204) | — | — | (46) | (24) | ||||||||||||||
Income/(Loss) from Continuing Operations | 94 | 209 | (20) | 4 | 46 | 333 | ||||||||||||||
Three Months Ended | ||||||||||||||
($ in millions) | March 31, 2020 | March 31, 2019 | ||||||||||||
Net Cash Provided by Operating Activities | 208 | (99) | ||||||||||||
Merger, integration and cost-to-achieve expenses1 | 3 | 16 | ||||||||||||
GenOn Settlement | — | 5 | ||||||||||||
Encina site improvement | 2 | — | ||||||||||||
Proceeds from investment and asset sales | 11 | — | ||||||||||||
Adjustment for change in collateral | (9) | 123 | ||||||||||||
Adjusted Cash Flow from Operating Activities | 215 | 45 | ||||||||||||
Maintenance CapEx, net | (48) | (35) | ||||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | 167 | 10 | ||||||||||||
($ in millions) | Three Months Ended March 31, 2020 | ||||
Sources: | |||||
Adjusted cash flow from operations | 215 | ||||
Revolver draw | 552 | ||||
Uses: | |||||
Share repurchases | (179) | ||||
Decrease in Credit Facility | (611) | ||||
Financing Fees - Debt issuance and Debt extinguishment costs | (3) | ||||
Growth investments and acquisitions, net | (15) | ||||
Collateral | (10) | ||||
Maintenance and Environmental CapEx, net | (48) | ||||
Cost-to-achieve expenses | (5) | ||||
Common Stock Dividends | (74) | ||||
Other Investing and Financing | (19) | ||||
Change in Total Liquidity | (197) |
2020 | ||||||||
($ in millions) | Guidance | |||||||
Income from Continuing Operations 1 | $980 - $1,180 | |||||||
Income Tax | 20 | |||||||
Interest Expense | 335 | |||||||
Depreciation, Amortization, Contract Amortization and ARO Expense | 480 | |||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | 65 | |||||||
Other Costs 2 | 20 | |||||||
Adjusted EBITDA | $1,900 - $2,100 | |||||||
Interest payments | (335) | |||||||
Income tax | (20) | |||||||
Working capital / other assets and liabilities | (105) | |||||||
Cash From Operations | $1,440 - $1,640 | |||||||
Adjustments: Acquired Derivatives, Cost-to-Achieve, Return of Capital Dividends, Collateral, GenOn Pension and Other | 10 | |||||||
Adjusted Cash flow from Operations | $1,450 - $1,650 | |||||||
Maintenance capital expenditures, net | (165) - (185) | |||||||
Environmental capital expenditures, net | (0) - (5) | |||||||
Free Cash Flow before Growth | $1,275 - $1,475 |
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