(State or other jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Emerging growth company |
THE AES CORPORATION | |||||||||||
Date: | August 5, 2022 | By: | /s/ Stephen Coughlin | ||||||||
Name: | Stephen Coughlin | ||||||||||
Title: | Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | ||||
Press Release issued by The AES Corporation, dated August 5, 2022 | |||||
101 | Inline XBRL Document Set for the Cover Page from this Current Report on Form 8-K, formatted as Inline XBRL | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Regulated | $ | 802 | $ | 672 | $ | 1,637 | $ | 1,379 | |||||||||||||||
Non-Regulated | 2,276 | 2,028 | 4,293 | 3,956 | |||||||||||||||||||
Total revenue | 3,078 | 2,700 | 5,930 | 5,335 | |||||||||||||||||||
Cost of Sales: | |||||||||||||||||||||||
Regulated | (734) | (580) | (1,439) | (1,162) | |||||||||||||||||||
Non-Regulated | (1,781) | (1,392) | (3,398) | (2,781) | |||||||||||||||||||
Total cost of sales | (2,515) | (1,972) | (4,837) | (3,943) | |||||||||||||||||||
Operating margin | 563 | 728 | 1,093 | 1,392 | |||||||||||||||||||
General and administrative expenses | (46) | (45) | (98) | (91) | |||||||||||||||||||
Interest expense | (279) | (237) | (537) | (427) | |||||||||||||||||||
Interest income | 95 | 73 | 170 | 141 | |||||||||||||||||||
Loss on extinguishment of debt | (1) | (18) | (7) | (19) | |||||||||||||||||||
Other expense | (29) | (4) | (41) | (20) | |||||||||||||||||||
Other income | 70 | 183 | 76 | 226 | |||||||||||||||||||
Gain (loss) on disposal and sale of business interests | (2) | 64 | (1) | 59 | |||||||||||||||||||
Asset impairment expense | (482) | (872) | (483) | (1,345) | |||||||||||||||||||
Foreign currency transaction losses | (49) | (2) | (68) | (37) | |||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (160) | (130) | 104 | (121) | |||||||||||||||||||
Income tax benefit (expense) | 19 | 59 | (41) | 51 | |||||||||||||||||||
Net equity in earnings (losses) of affiliates | 5 | (10) | (28) | (40) | |||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (136) | (81) | 35 | (110) | |||||||||||||||||||
Gain from disposal of discontinued businesses | — | 4 | — | 4 | |||||||||||||||||||
NET INCOME (LOSS) | (136) | (77) | 35 | (106) | |||||||||||||||||||
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | (43) | 105 | (99) | (14) | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ | (179) | $ | 28 | $ | (64) | $ | (120) | |||||||||||||||
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||||||||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (179) | $ | 24 | $ | (64) | $ | (124) | |||||||||||||||
Income from discontinued operations, net of tax | — | 4 | — | 4 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ | (179) | $ | 28 | $ | (64) | $ | (120) | |||||||||||||||
BASIC EARNINGS PER SHARE: | |||||||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | (0.27) | $ | 0.03 | $ | (0.10) | $ | (0.19) | |||||||||||||||
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | — | 0.01 | — | 0.01 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | (0.27) | $ | 0.04 | $ | (0.10) | $ | (0.18) | |||||||||||||||
DILUTED EARNINGS PER SHARE: | |||||||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | (0.27) | $ | 0.03 | $ | (0.10) | $ | (0.19) | |||||||||||||||
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | — | 0.01 | — | 0.01 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | (0.27) | $ | 0.04 | $ | (0.10) | $ | (0.18) | |||||||||||||||
DILUTED SHARES OUTSTANDING | 668 | 671 | 668 | 666 |
THE AES CORPORATION | |||||||||||||||||||||||
Strategic Business Unit (SBU) Information | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
REVENUE | |||||||||||||||||||||||
US and Utilities SBU | $ | 1,197 | $ | 972 | $ | 2,314 | $ | 1,921 | |||||||||||||||
South America SBU | 880 | 964 | 1,690 | 1,848 | |||||||||||||||||||
MCAC SBU | 686 | 490 | 1,252 | 1,025 | |||||||||||||||||||
Eurasia SBU | 318 | 277 | 686 | 547 | |||||||||||||||||||
Corporate and Other | 36 | 37 | 59 | 61 | |||||||||||||||||||
Eliminations | (39) | (40) | (71) | (67) | |||||||||||||||||||
Total Revenue | $ | 3,078 | $ | 2,700 | $ | 5,930 | $ | 5,335 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions, except share and per share data) | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 1,075 | $ | 943 | |||||||
Restricted cash | 412 | 304 | |||||||||
Short-term investments | 595 | 232 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively | 1,675 | 1,418 | |||||||||
Inventory | 871 | 604 | |||||||||
Prepaid expenses | 182 | 142 | |||||||||
Other current assets | 1,269 | 897 | |||||||||
Current held-for-sale assets | 844 | 816 | |||||||||
Total current assets | 6,923 | 5,356 | |||||||||
NONCURRENT ASSETS | |||||||||||
Property, Plant and Equipment: | |||||||||||
Land | 433 | 426 | |||||||||
Electric generation, distribution assets and other | 25,351 | 25,552 | |||||||||
Accumulated depreciation | (8,387) | (8,486) | |||||||||
Construction in progress | 3,356 | 2,414 | |||||||||
Property, plant and equipment, net | 20,753 | 19,906 | |||||||||
Other Assets: | |||||||||||
Investments in and advances to affiliates | 1,098 | 1,080 | |||||||||
Debt service reserves and other deposits | 164 | 237 | |||||||||
Goodwill | 1,179 | 1,177 | |||||||||
Other intangible assets, net of accumulated amortization of $402 and $385, respectively | 1,646 | 1,450 | |||||||||
Deferred income taxes | 395 | 409 | |||||||||
Other noncurrent assets, net of allowance of $42 and $23, respectively | 2,775 | 2,188 | |||||||||
Noncurrent held-for-sale assets | 1,137 | 1,160 | |||||||||
Total other assets | 8,394 | 7,701 | |||||||||
TOTAL ASSETS | $ | 36,070 | $ | 32,963 | |||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 1,685 | $ | 1,153 | |||||||
Accrued interest | 214 | 182 | |||||||||
Accrued non-income taxes | 242 | 266 | |||||||||
Accrued and other liabilities | 1,099 | 1,205 | |||||||||
Non-recourse debt, including $353 and $302, respectively, related to variable interest entities | 2,202 | 1,367 | |||||||||
Current held-for-sale liabilities | 547 | 559 | |||||||||
Total current liabilities | 5,989 | 4,732 | |||||||||
NONCURRENT LIABILITIES | |||||||||||
Recourse debt | 4,177 | 3,729 | |||||||||
Non-recourse debt, including $2,142 and $2,223, respectively, related to variable interest entities | 14,997 | 13,603 | |||||||||
Deferred income taxes | 1,086 | 977 | |||||||||
Other noncurrent liabilities | 3,117 | 3,358 | |||||||||
Noncurrent held-for-sale liabilities | 678 | 740 | |||||||||
Total noncurrent liabilities | 24,055 | 22,407 | |||||||||
Commitments and Contingencies | |||||||||||
Redeemable stock of subsidiaries | 1,173 | 1,257 | |||||||||
EQUITY | |||||||||||
THE AES CORPORATION STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,500 issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 838 | 838 | |||||||||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,735,314 issued and 667,878,925 outstanding at June 30, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021) | 8 | 8 | |||||||||
Additional paid-in capital | 6,924 | 7,106 | |||||||||
Accumulated deficit | (1,153) | (1,089) | |||||||||
Accumulated other comprehensive loss | (1,790) | (2,220) | |||||||||
Treasury stock, at cost (150,856,389 and 151,923,418 shares at June 30, 2022 and December 31, 2021, respectively) | (1,832) | (1,845) | |||||||||
Total AES Corporation stockholders’ equity | 2,995 | 2,798 | |||||||||
NONCONTROLLING INTERESTS | 1,858 | 1,769 | |||||||||
Total equity | 4,853 | 4,567 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 36,070 | $ | 32,963 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net income (loss) | $ | (136) | $ | (77) | $ | 35 | $ | (106) | |||||||||||||||
Adjustments to net income (loss): | |||||||||||||||||||||||
Depreciation and amortization | 264 | 263 | 534 | 538 | |||||||||||||||||||
Loss (gain) on disposal and sale of business interests | 2 | (64) | 1 | (59) | |||||||||||||||||||
Impairment expense | 482 | 872 | 483 | 1,345 | |||||||||||||||||||
Deferred income taxes | (36) | (94) | (43) | (73) | |||||||||||||||||||
Loss on extinguishment of debt | 1 | 18 | 7 | 19 | |||||||||||||||||||
Loss on sale and disposal of assets | (2) | 40 | 2 | 20 | |||||||||||||||||||
Gain on remeasurement to acquisition date fair value | — | (176) | — | (212) | |||||||||||||||||||
Loss of affiliates, net of dividends | 19 | 10 | 52 | 46 | |||||||||||||||||||
Emissions allowance expense | 121 | 66 | 239 | 124 | |||||||||||||||||||
Other | (4) | 84 | 46 | 139 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
(Increase) decrease in accounts receivable | (185) | (41) | (262) | (120) | |||||||||||||||||||
(Increase) decrease in inventory | (183) | (7) | (227) | 7 | |||||||||||||||||||
(Increase) decrease in prepaid expenses and other current assets | (246) | (35) | (187) | (13) | |||||||||||||||||||
(Increase) decrease in other assets | 104 | (23) | 94 | 8 | |||||||||||||||||||
Increase (decrease) in accounts payable and other current liabilities | 275 | 45 | 151 | (292) | |||||||||||||||||||
Increase (decrease) in income tax payables, net and other tax payables | (121) | (347) | (114) | (439) | |||||||||||||||||||
Increase (decrease) in deferred income | 49 | (165) | 59 | (307) | |||||||||||||||||||
Increase (decrease) in other liabilities | 4 | (18) | (5) | (21) | |||||||||||||||||||
Net cash provided by operating activities | 408 | 351 | 865 | 604 | |||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||
Capital expenditures | (893) | (567) | (1,659) | (999) | |||||||||||||||||||
Acquisitions of business interests, net of cash and restricted cash acquired | (107) | (81) | (107) | (81) | |||||||||||||||||||
Proceeds from the sale of business interests, net of cash and restricted cash sold | 1 | 58 | 1 | 58 | |||||||||||||||||||
Sale of short-term investments | 148 | 59 | 345 | 316 | |||||||||||||||||||
Purchase of short-term investments | (349) | (128) | (694) | (258) | |||||||||||||||||||
Contributions and loans to equity affiliates | (76) | (109) | (169) | (173) | |||||||||||||||||||
Purchase of emissions allowances | (157) | (57) | (293) | (88) | |||||||||||||||||||
Other investing | 3 | 67 | (7) | 80 | |||||||||||||||||||
Net cash used in investing activities | (1,430) | (758) | (2,583) | (1,145) | |||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||
Borrowings under the revolving credit facilities | 1,907 | 206 | 3,100 | 998 | |||||||||||||||||||
Repayments under the revolving credit facilities | (1,554) | (139) | (2,269) | (932) | |||||||||||||||||||
Issuance of recourse debt | — | — | — | 7 | |||||||||||||||||||
Repayments of recourse debt | — | — | (29) | (7) | |||||||||||||||||||
Issuance of non-recourse debt | 1,422 | 393 | 3,132 | 700 | |||||||||||||||||||
Repayments of non-recourse debt | (681) | (619) | (1,469) | (939) | |||||||||||||||||||
Payments for financing fees | (11) | (7) | (38) | (12) | |||||||||||||||||||
Distributions to noncontrolling interests | (46) | (112) | (93) | (129) | |||||||||||||||||||
Acquisitions of noncontrolling interests | (5) | (4) | (540) | (17) | |||||||||||||||||||
Contributions from noncontrolling interests | 20 | 1 | 28 | 95 | |||||||||||||||||||
Sales to noncontrolling interests | 181 | 19 | 229 | 20 | |||||||||||||||||||
Issuance of preferred shares in subsidiaries | — | 151 | 60 | 151 | |||||||||||||||||||
Issuance of preferred stock | — | (2) | — | 1,015 | |||||||||||||||||||
Dividends paid on AES common stock | (106) | (100) | (211) | (200) | |||||||||||||||||||
Payments for financed capital expenditures | (5) | (3) | (9) | (4) | |||||||||||||||||||
Other financing | (16) | (95) | 33 | (64) | |||||||||||||||||||
Net cash provided by financing activities | 1,106 | (311) | 1,924 | 682 | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (38) | 18 | (18) | (4) | |||||||||||||||||||
(Increase) decrease in cash, cash equivalents and restricted cash of held-for-sale businesses | 43 | 120 | (21) | 62 | |||||||||||||||||||
Total increase in cash, cash equivalents and restricted cash | 89 | (580) | 167 | 199 | |||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning | 1,562 | 2,606 | 1,484 | 1,827 | |||||||||||||||||||
Cash, cash equivalents and restricted cash, ending | $ | 1,651 | $ | 2,026 | $ | 1,651 | $ | 2,026 | |||||||||||||||
SUPPLEMENTAL DISCLOSURES: | |||||||||||||||||||||||
Cash payments for interest, net of amounts capitalized | $ | 238 | $ | 239 | $ | 423 | $ | 406 | |||||||||||||||
Cash payments for income taxes, net of refunds | 95 | 322 | 141 | 372 | |||||||||||||||||||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||||||||
Non-cash consideration transferred for Clean Energy acquisitions | — | (20) | — | 99 | |||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Diluted Loss per Share | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP Diluted Loss per Share from Continuing Operations | $ | (0.27) | $ | 0.03 | $ | (0.10) | $ | (0.19) | |||||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Equity units | 0.02 | — | 0.01 | — | |||||||||||||||||||
NON-GAAP DILUTED LOSS PER SHARE | $ | (0.25) | $ | 0.03 | $ | (0.09) | $ | (0.19) |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | Net of NCI (1) | Per Share (Diluted) Net of NCI (1) | |||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of tax, attributable to AES and Diluted EPS | $ | (179) | $ | (0.25) | $ | 24 | $ | 0.03 | $ | (64) | $ | (0.09) | $ | (124) | $ | (0.19) | ||||||||||||||||||||||||||||||||||
Add: Income tax expense (benefit) from continuing operations attributable to AES | (29) | (24) | 21 | (60) | ||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax contribution | $ | (208) | $ | — | $ | (43) | $ | (184) | ||||||||||||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized derivative and equity securities losses | $ | (35) | $ | (0.05) | (2) | $ | 8 | $ | 0.01 | $ | 6 | $ | 0.01 | $ | 77 | $ | 0.12 | (3) | ||||||||||||||||||||||||||||||||
Unrealized foreign currency losses (gains) | 39 | 0.05 | (4) | (12) | (0.02) | 20 | 0.03 | (6) | (0.01) | |||||||||||||||||||||||||||||||||||||||||
Disposition/acquisition losses (gains) | 23 | 0.03 | (5) | (229) | (0.34) | (6) | 32 | 0.04 | (5) | (244) | (0.37) | (7) | ||||||||||||||||||||||||||||||||||||||
Impairment losses | 479 | 0.68 | (8) | 628 | 0.94 | (9) | 480 | 0.68 | (8) | 1,103 | 1.65 | (10) | ||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 6 | 0.01 | 18 | 0.03 | (11) | 16 | 0.02 | 24 | 0.04 | (11) | ||||||||||||||||||||||||||||||||||||||||
Net gains from early contract terminations at Angamos | — | — | (110) | (0.16) | (12) | — | — | (220) | (0.33) | (12) | ||||||||||||||||||||||||||||||||||||||||
Less: Net income tax benefit | (0.13) | (13) | (0.18) | (14) | (0.14) | (13) | (0.32) | (15) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted PTC and Adjusted EPS | $ | 304 | $ | 0.34 | $ | 303 | $ | 0.31 | $ | 511 | $ | 0.55 | $ | 550 | $ | 0.59 |
The AES Corporation | ||||||||||||||
Parent Financial Information | ||||||||||||||
Parent only data: last four quarters | ||||||||||||||
(in millions) | 4 Quarters Ended | |||||||||||||
Total subsidiary distributions & returns of capital to Parent | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||
Actual | Actual | Actual | Actual | |||||||||||
Subsidiary distributions1 to Parent & QHCs | $ | 1,231 | $ | 1,084 | $ | 1,396 | $ | 966 | ||||||
Returns of capital distributions to Parent & QHCs | 1 | 1 | 2 | (118) | ||||||||||
Total subsidiary distributions & returns of capital to Parent | $ | 1,232 | $ | 1,085 | $ | 1,398 | $ | 848 | ||||||
Parent only data: quarterly | ||||||||||||||
(in millions) | Quarter Ended | |||||||||||||
Total subsidiary distributions & returns of capital to Parent | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||
Actual | Actual | Actual | Actual | |||||||||||
Subsidiary distributions1 to Parent & QHCs | $ | 311 | $ | 165 | $ | 477 | $ | 278 | ||||||
Returns of capital distributions to Parent & QHCs | — | — | 1 | — | ||||||||||
Total subsidiary distributions & returns of capital to Parent | $ | 311 | $ | 165 | $ | 478 | $ | 278 | ||||||
(in millions) | Balance at | |||||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||
Parent Company Liquidity2 | Actual | Actual | Actual | Actual | ||||||||||
Cash at Parent & Cash at QHCs3 | $ | 29 | $ | 17 | $ | 41 | $ | 338 | ||||||
Availability under credit facilities | 414 | 621 | 837 | 1,175 | ||||||||||
Ending liquidity | $ | 443 | $ | 638 | $ | 878 | $ | 1,513 |
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