(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 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
($ in millions) | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||||||||||||||||
Net Income/(Loss) | $ | 308 | $ | 513 | $ | (1,027) | $ | 2,249 | ||||||||||||||||||
Cash Provided/(Used) by Operating Activities | $ | 570 | $ | 1,513 | $ | (1,028) | $ | 3,189 | ||||||||||||||||||
Adjusted EBITDA | $ | 819 | $ | 386 | $ | 1,465 | $ | 922 | ||||||||||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | $ | 425 | $ | 97 | $ | 628 | $ | 336 | ||||||||||||||||||
($ in millions) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Segment | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||||||||||||||||
Texas | $ | 785 | $ | 762 | $ | 1,069 | $ | 1,533 | ||||||||||||||||||
East | (101) | (12) | (1,503) | 1,526 | ||||||||||||||||||||||
West/Services/Othera | (353) | (237) | (531) | (810) | ||||||||||||||||||||||
Vivint Smart Homeb | $ | (23) | N/A | $ | (62) | N/A | ||||||||||||||||||||
Net Income/(Loss) | $ | 308 | $ | 513 | $ | (1,027) | $ | 2,249 |
($ in millions) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Segment | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||||||||||||||||
Texas | $ | 504 | $ | 263 | $ | 758 | $ | 474 | ||||||||||||||||||
East | 77 | 68 | 391 | 400 | ||||||||||||||||||||||
West/Services/Othera | 21 | 55 | 26 | 48 | ||||||||||||||||||||||
Vivint Smart Homeb | $ | 217 | N/A | $ | 290 | N/A | ||||||||||||||||||||
Adjusted EBITDA | $ | 819 | $ | 386 | $ | 1,465 | $ | 922 | ||||||||||||||||||
($ in millions) | 6/30/23 | 12/31/22 | ||||||||||||
Cash and Cash Equivalents | $ | 422 | $ | 430 | ||||||||||
Restricted Cash | 26 | 40 | ||||||||||||
Total | 448 | 470 | ||||||||||||
Total Revolving Credit Facility and collective collateral facilities | 4,067 | 2,324 | ||||||||||||
Total Liquidity, excluding collateral deposited by counterparties | $ | 4,515 | $ | 2,794 |
2023 | ||||||||
(In millions) | Guidance | |||||||
Adjusted EBITDA | $3,010 - $3,250 | |||||||
Cash Provided by Operating Activities | $1,610 - $1,850 | |||||||
FCFbG | $1,620 - $1,860 |
Media: | Investors: | |||||||
Laura Avant | Brendan Mulhern | |||||||
713.537.5437 | 609.524.4767 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions, except for per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Revenue | $ | 6,348 | $ | 7,282 | $ | 14,070 | $ | 15,178 | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations (excluding depreciation and amortization shown below) | 4,962 | 5,887 | 13,740 | 10,817 | |||||||||||||||||||
Depreciation and amortization | 315 | 157 | 505 | 340 | |||||||||||||||||||
Impairment losses | — | 155 | — | 155 | |||||||||||||||||||
Selling, general and administrative costs | 522 | 351 | 948 | 698 | |||||||||||||||||||
Acquisition-related transaction and integration costs | 22 | 10 | 93 | 18 | |||||||||||||||||||
Total operating costs and expenses | 5,821 | 6,560 | 15,286 | 12,028 | |||||||||||||||||||
Gain on sale of assets | 3 | 32 | 202 | 29 | |||||||||||||||||||
Operating Income/(Loss) | 530 | 754 | (1,014) | 3,179 | |||||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | 4 | 10 | (11) | |||||||||||||||||||
Other income, net | 13 | 12 | 29 | 12 | |||||||||||||||||||
Interest expense | (151) | (105) | (299) | (208) | |||||||||||||||||||
Total other expense | (133) | (89) | (260) | (207) | |||||||||||||||||||
Income/(Loss) Before Income Taxes | 397 | 665 | (1,274) | 2,972 | |||||||||||||||||||
Income tax expense/(benefit) | 89 | 152 | (247) | 723 | |||||||||||||||||||
Net Income/(Loss) | $ | 308 | $ | 513 | $ | (1,027) | $ | 2,249 | |||||||||||||||
Less: Cumulative dividends attributable to Series A Preferred Stock | 17 | — | 21 | — | |||||||||||||||||||
Net Income/(Loss) Available for Common Stockholders | $ | 291 | $ | 513 | $ | (1,048) | $ | 2,249 | |||||||||||||||
Income/(Loss) per Share | |||||||||||||||||||||||
Weighted average number of common shares outstanding — basic | 231 | 237 | 230 | 240 | |||||||||||||||||||
Income/(Loss) per Weighted Average Common Share — Basic | $ | 1.26 | $ | 2.16 | $ | (4.56) | $ | 9.37 | |||||||||||||||
Weighted average number of common shares outstanding — diluted | 232 | 237 | 230 | 240 | |||||||||||||||||||
Income/(Loss) per Weighted Average Common Share —Diluted | $ | 1.25 | $ | 2.16 | $ | (4.56) | $ | 9.37 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net Income/(Loss) | $ | 308 | $ | 513 | $ | (1,027) | $ | 2,249 | |||||||||||||||
Other Comprehensive Income/(Loss) | |||||||||||||||||||||||
Foreign currency translation adjustments | 6 | (22) | 8 | (13) | |||||||||||||||||||
Defined benefit plans | — | 20 | (1) | 19 | |||||||||||||||||||
Other comprehensive income/(loss) | 6 | (2) | 7 | 6 | |||||||||||||||||||
Comprehensive Income/(Loss) | $ | 314 | $ | 511 | $ | (1,020) | $ | 2,255 | |||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
(In millions, except share data and liquidation preference on preferred stock) | (Unaudited) | (Audited) | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 422 | $ | 430 | |||||||
Funds deposited by counterparties | 365 | 1,708 | |||||||||
Restricted cash | 26 | 40 | |||||||||
Accounts receivable, net | 3,274 | 4,773 | |||||||||
Inventory | 686 | 751 | |||||||||
Derivative instruments | 4,423 | 7,886 | |||||||||
Cash collateral paid in support of energy risk management activities | 270 | 260 | |||||||||
Prepayments and other current assets | 580 | 383 | |||||||||
Current assets - held-for-sale | 75 | — | |||||||||
Total current assets | 10,121 | 16,231 | |||||||||
Property, plant and equipment, net | 1,706 | 1,692 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 139 | 133 | |||||||||
Operating lease right-of-use assets, net | 221 | 225 | |||||||||
Goodwill | 5,143 | 1,650 | |||||||||
Customer relationships, net | 2,446 | 943 | |||||||||
Other intangible assets, net | 1,897 | 1,189 | |||||||||
Nuclear decommissioning trust fund | — | 838 | |||||||||
Derivative instruments | 2,910 | 4,108 | |||||||||
Deferred income taxes | 2,711 | 1,881 | |||||||||
Other non-current assets | 536 | 251 | |||||||||
Non-current assets - held-for-sale | 1,161 | 5 | |||||||||
Total other assets | 17,164 | 11,223 | |||||||||
Total Assets | $ | 28,991 | $ | 29,146 |
June 30, 2023 | December 31, 2022 | ||||||||||
(In millions, except share data and liquidation preference on preferred stock) | (Unaudited) | (Audited) | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt and finance leases | $ | 1,319 | $ | 63 | |||||||
Current portion of operating lease liabilities | 91 | 83 | |||||||||
Accounts payable | 2,107 | 3,643 | |||||||||
Derivative instruments | 3,832 | 6,195 | |||||||||
Cash collateral received in support of energy risk management activities | 365 | 1,708 | |||||||||
Deferred revenue current | 731 | 176 | |||||||||
Accrued expenses and other current liabilities | 1,395 | 1,110 | |||||||||
Current liabilities - held-for-sale | 36 | 4 | |||||||||
Total current liabilities | 9,876 | 12,982 | |||||||||
Other Liabilities | |||||||||||
Long-term debt and finance leases | 10,737 | 7,976 | |||||||||
Non-current operating lease liabilities | 165 | 180 | |||||||||
Nuclear decommissioning reserve | — | 340 | |||||||||
Nuclear decommissioning trust liability | — | 477 | |||||||||
Derivative instruments | 1,889 | 2,246 | |||||||||
Deferred income taxes | 130 | 134 | |||||||||
Deferred revenue non-current | 927 | 10 | |||||||||
Other non-current liabilities | 988 | 942 | |||||||||
Non-current liabilities - held-for-sale | 947 | 31 | |||||||||
Total other liabilities | 15,783 | 12,336 | |||||||||
Total Liabilities | 25,659 | 25,318 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2023 (liquidation preference $1,000); 0 shares issued and outstanding at December 31, 2022 | 650 | — | |||||||||
Common stock; $0.01 par value; 500,000,000 shares authorized; 424,675,214 and 423,897,001 shares issued and 230,425,759 and 229,561,030 shares outstanding at June 30, 2023 and December 31, 2022, respectively | 4 | 4 | |||||||||
Additional paid-in-capital | 8,504 | 8,457 | |||||||||
Retained earnings | 205 | 1,408 | |||||||||
Treasury stock, at cost 194,249,455 and 194,335,971 shares at June 30, 2023 and December 31, 2022, respectively | (5,861) | (5,864) | |||||||||
Accumulated other comprehensive loss | (170) | (177) | |||||||||
Total Stockholders' Equity | 3,332 | 3,828 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 28,991 | $ | 29,146 |
Six months ended June 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net (Loss)/Income | $ | (1,027) | $ | 2,249 | |||||||
Adjustments to reconcile net (loss)/income to cash (used)/provided by operating activities: | |||||||||||
Distributions from and equity in (earnings)/losses of unconsolidated affiliates | (9) | 16 | |||||||||
Depreciation and amortization | 505 | 340 | |||||||||
Accretion of asset retirement obligations | 5 | 16 | |||||||||
Provision for credit losses | 80 | 51 | |||||||||
Amortization of nuclear fuel | 26 | 28 | |||||||||
Amortization of financing costs and debt discounts | 31 | 11 | |||||||||
Amortization of in-the-money contracts and emissions allowances | 112 | 128 | |||||||||
Amortization of unearned equity compensation | 61 | 14 | |||||||||
Net gain on sale of assets and disposal of assets | (187) | (46) | |||||||||
Impairment losses | — | 155 | |||||||||
Changes in derivative instruments | 1,515 | (3,918) | |||||||||
Changes in current and deferred income taxes and liability for uncertain tax benefits | (282) | 672 | |||||||||
Changes in collateral deposits in support of risk management activities | (1,355) | 3,121 | |||||||||
Changes in nuclear decommissioning trust liability | 2 | (5) | |||||||||
Uplift securitization proceeds received from ERCOT | — | 689 | |||||||||
Changes in other working capital | (505) | (332) | |||||||||
Cash (used)/provided by operating activities | (1,028) | 3,189 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Payments for acquisitions of businesses and assets, net of cash acquired | (2,498) | (53) | |||||||||
Capital expenditures | (324) | (150) | |||||||||
Net purchases of emission allowances | (25) | (19) | |||||||||
Investments in nuclear decommissioning trust fund securities | (185) | (271) | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | 180 | 278 | |||||||||
Proceeds from sales of assets, net of cash disposed | 229 | 96 | |||||||||
Proceeds from insurance recoveries for property, plant and equipment, net | 121 | — | |||||||||
Cash used by investing activities | (2,502) | (119) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of preferred stock, net of fees | 635 | — | |||||||||
Payments of dividends to common stockholders | (174) | (168) | |||||||||
Payments for share repurchase activity(a) | (16) | (366) | |||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 318 | 950 | |||||||||
Net proceeds of Revolving Credit Facility | 700 | — | |||||||||
Proceeds from issuance of long-term debt | 731 | — | |||||||||
Payments of debt issuance costs | (22) | — | |||||||||
Repayments of long-term debt and finance leases | (10) | (2) | |||||||||
Cash provided by financing activities | 2,162 | 414 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | — | |||||||||
Net (Decrease)/Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (1,365) | 3,484 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 2,178 | 1,110 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 813 | $ | 4,594 |
($ in millions) | Texas | East | West/Services/ Other | Vivint Smart Home | Corp/Elim | Total | ||||||||||||||
Net Income/(Loss) | $ | 785 | $ | (101) | $ | (129) | $ | (23) | $ | (224) | $ | 308 | ||||||||
Plus: | ||||||||||||||||||||
Interest expense, net | 3 | (4) | 6 | 28 | 104 | 137 | ||||||||||||||
Income tax | — | 1 | 1 | — | 87 | 89 | ||||||||||||||
Depreciation and amortization | 73 | 30 | 23 | 180 | 9 | 315 | ||||||||||||||
ARO Expense | 2 | (2) | (1) | — | — | (1) | ||||||||||||||
Contract and emission credit amortization, net | 3 | (16) | 3 | — | — | (10) | ||||||||||||||
EBITDA | 866 | (92) | (97) | 185 | (24) | 838 | ||||||||||||||
Stock-based compensation | 5 | 2 | 1 | 18 | — | 26 | ||||||||||||||
Amortization of customer acquisition costs2 | 12 | 11 | 1 | 4 | — | 28 | ||||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 4 | — | — | 4 | ||||||||||||||
Acquisition and divestiture integration and transaction costs3 | — | — | — | 7 | 16 | 23 | ||||||||||||||
Deactivation costs | — | 6 | 3 | — | — | 9 | ||||||||||||||
(Gain) on sale of assets | — | (3) | — | — | — | (3) | ||||||||||||||
Other non-recurring charges | (45) | 1 | (2) | 3 | 1 | (42) | ||||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (334) | 152 | 118 | — | — | (64) | ||||||||||||||
Adjusted EBITDA | $ | 504 | $ | 77 | $ | 28 | $ | 217 | $ | (7) | $ | 819 | ||||||||
($ in millions) | Texas | East | West/Services/ Other | Vivint Smart Home | Corp/Elim | Total | ||||||||||||||
Revenue1 | $ | 2,515 | $ | 2,458 | $ | 870 | $ | 444 | $ | (6) | $ | 6,281 | ||||||||
Cost of fuel, purchased power and other cost of sales2 | 1,587 | 2,144 | 742 | 41 | (5) | 4,509 | ||||||||||||||
Economic gross margin | 928 | 314 | 128 | 403 | (1) | 1,772 | ||||||||||||||
Operations & maintenance and other cost of operations3 | 267 | 117 | 58 | 53 | (1) | 494 | ||||||||||||||
Selling, marketing, general and administrative4 | 157 | 123 | 52 | 134 | 5 | 471 | ||||||||||||||
Other | — | (3) | (10) | (1) | 2 | (12) | ||||||||||||||
Adjusted EBITDA | $ | 504 | $ | 77 | $ | 28 | $ | 217 | $ | (7) | $ | 819 | ||||||||
($ in millions) | Condensed Consolidated Results of Operations | Interest, tax, depr., amort. | MtM | Deactivation | Other adj.2 | Adjusted EBITDA | ||||||||||||||
Revenue | $ | 6,348 | $ | 8 | $ | (75) | $ | — | $ | — | $ | 6,281 | ||||||||
Cost of operations (excluding depreciation and amortization shown below)1 | 4,502 | 18 | (11) | — | — | 4,509 | ||||||||||||||
Depreciation and Amortization | 315 | (315) | — | — | — | — | ||||||||||||||
Gross margin | 1,531 | 305 | (64) | — | — | 1,772 | ||||||||||||||
Operations & maintenance and other cost of operations | 460 | — | — | (9) | 43 | 494 | ||||||||||||||
Selling, marketing, general & administrative | 522 | — | — | — | (51) | 471 | ||||||||||||||
Other | 241 | (226) | — | — | (27) | (12) | ||||||||||||||
Net Income/(Loss) | $ | 308 | $ | 531 | $ | (64) | $ | 9 | $ | 35 | $ | 819 | ||||||||
($ in millions) | Texas | East | West/Services/ Other | Corp/Elim | Total | ||||||||||||
Net Income/(Loss) | $ | 762 | $ | (12) | $ | 24 | $ | (261) | $ | 513 | |||||||
Plus: | |||||||||||||||||
Interest expense, net | — | (2) | 8 | 88 | 94 | ||||||||||||
Income tax | — | (1) | 11 | 142 | 152 | ||||||||||||
Depreciation and amortization | 77 | 50 | 22 | 8 | 157 | ||||||||||||
ARO Expense | 3 | 5 | 1 | — | 9 | ||||||||||||
Contract and emission credit amortization, net | (2) | (25) | 5 | — | (22) | ||||||||||||
EBITDA | 840 | 15 | 71 | (23) | 903 | ||||||||||||
Stock-based compensation | 4 | 2 | 2 | — | 8 | ||||||||||||
Amortization of customer acquisition costs2 | 12 | 7 | 1 | — | 20 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 17 | — | 17 | ||||||||||||
Acquisition and divestiture integration and transaction costs | — | — | — | 14 | 14 | ||||||||||||
Deactivation costs | — | 5 | — | — | 5 | ||||||||||||
(Gain)/loss on sale of assets | 12 | — | (44) | — | (32) | ||||||||||||
Other non-recurring charges | 1 | 20 | (5) | (1) | 15 | ||||||||||||
Impairments | — | 155 | — | — | 155 | ||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (606) | (136) | 23 | — | (719) | ||||||||||||
Adjusted EBITDA | $ | 263 | $ | 68 | $ | 65 | $ | (10) | $ | 386 | |||||||
($ in millions) | Texas | East | West/Services/ Other | Corp/Elim | Total | ||||||||||||
Revenue1 | $ | 2,693 | $ | 3,631 | $ | 1,116 | $ | 3 | $ | 7,443 | |||||||
Cost of fuel, purchased power and other cost of sales2 | 2,039 | 3,339 | 961 | 4 | 6,343 | ||||||||||||
Economic gross margin | 654 | 292 | 155 | (1) | 1,100 | ||||||||||||
Operations & maintenance and other cost of operations3 | 242 | 122 | 54 | (1) | 417 | ||||||||||||
Selling, marketing, general & administrative4 | 148 | 107 | 57 | 10 | 322 | ||||||||||||
Other | 1 | (5) | (21) | — | (25) | ||||||||||||
Adjusted EBITDA | $ | 263 | $ | 68 | $ | 65 | $ | (10) | $ | 386 | |||||||
($ in millions) | Condensed Consolidated Results of Operations | Interest, tax, depr., amort. | MtM | Deactivation | Other adj.2 | Adjusted EBITDA | ||||||||||||||
Revenue | $ | 7,282 | $ | 13 | $ | 148 | $ | — | $ | — | $ | 7,443 | ||||||||
Cost of operations (excluding depreciation and amortization shown below)1 | 5,441 | 35 | 867 | — | — | 6,343 | ||||||||||||||
Depreciation and amortization | 157 | (157) | — | — | — | — | ||||||||||||||
Gross margin | 1,684 | 135 | (719) | — | — | 1,100 | ||||||||||||||
Operations & maintenance and other cost of operations | 446 | — | — | (5) | (24) | 417 | ||||||||||||||
Selling, marketing, general & administrative | 351 | — | — | — | (29) | 322 | ||||||||||||||
Other | 374 | (246) | — | — | (153) | (25) | ||||||||||||||
Net Income/(Loss) | $ | 513 | $ | 381 | $ | (719) | $ | 5 | $ | 206 | $ | 386 | ||||||||
($ in millions) | Texas | East | West/ Services/ Other | Vivint Smart Home2 | Corp/Elim | Total | ||||||||||||||
Net Income/(Loss) | $ | 1,069 | $ | (1,503) | $ | (433) | $ | (62) | $ | (98) | $ | (1,027) | ||||||||
Plus: | ||||||||||||||||||||
Interest expense, net | 3 | (10) | 12 | 54 | 210 | 269 | ||||||||||||||
Income tax | — | 1 | (46) | — | (202) | (247) | ||||||||||||||
Depreciation and amortization | 148 | 60 | 47 | 232 | 18 | 505 | ||||||||||||||
ARO expense | 4 | 1 | — | — | — | 5 | ||||||||||||||
Contract and emission credit amortization, net | 4 | 99 | 6 | — | — | 109 | ||||||||||||||
EBITDA | 1,228 | (1,352) | (414) | 224 | (72) | (386) | ||||||||||||||
Stock-based compensation | 11 | 4 | 2 | 22 | — | 39 | ||||||||||||||
Amortization of customer acquisition costs3 | 26 | 22 | 2 | 4 | — | 54 | ||||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 8 | — | — | 8 | ||||||||||||||
Acquisition and divestiture integration and transaction costs4 | — | — | — | 37 | 58 | 95 | ||||||||||||||
Deactivation costs | — | 10 | 6 | — | — | 16 | ||||||||||||||
(Gain) on sale of assets | — | (202) | — | — | — | (202) | ||||||||||||||
Other non-recurring charges | (44) | 2 | — | 3 | — | (39) | ||||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (463) | 1,907 | 436 | — | — | 1,880 | ||||||||||||||
Adjusted EBITDA | $ | 758 | $ | 391 | $ | 40 | $ | 290 | $ | (14) | $ | 1,465 | ||||||||
($ in millions) | Texas | East | West/ Services/ Other | Vivint Smart Home1 | Corp/Elim | Total | ||||||||||||||
Revenue2 | $ | 4,549 | $ | 6,610 | $ | 2,177 | $ | 592 | $ | (5) | $ | 13,923 | ||||||||
Cost of fuel, purchased power and other cost of sales3 | 2,954 | 5,744 | 1,927 | 52 | (3) | 10,674 | ||||||||||||||
Economic gross margin | 1,595 | 866 | 250 | 540 | (2) | 3,249 | ||||||||||||||
Operations & maintenance and other cost of operations4 | 529 | 220 | 127 | 71 | (2) | 945 | ||||||||||||||
Selling, general and administrative costs5 | 309 | 258 | 101 | 180 | 12 | 860 | ||||||||||||||
Other | (1) | (3) | (18) | (1) | 2 | (21) | ||||||||||||||
Adjusted EBITDA | $ | 758 | $ | 391 | $ | 40 | $ | 290 | $ | (14) | $ | 1,465 | ||||||||
($ in millions) | Condensed Consolidated Results of Operations | Interest, tax, depr., amort. | MtM | Deactivation | Other adj.2 | Adjusted EBITDA | ||||||||||||||
Revenue | $ | 14,070 | $ | 19 | $ | (166) | $ | — | $ | — | $ | 13,923 | ||||||||
Cost of operations (excluding depreciation and amortization shown below)1 | 12,810 | (90) | (2,046) | — | — | 10,674 | ||||||||||||||
Depreciation and amortization | 505 | (505) | — | — | — | — | ||||||||||||||
Gross margin | 755 | 614 | 1,880 | — | — | 3,249 | ||||||||||||||
Operations & maintenance and other cost of operations | 930 | — | — | (16) | 31 | 945 | ||||||||||||||
Selling, general and administrative costs | 948 | — | — | — | (88) | 860 | ||||||||||||||
Other | (96) | (22) | — | — | 97 | (21) | ||||||||||||||
Net Income/(Loss) | $ | (1,027) | $ | 636 | $ | 1,880 | $ | 16 | $ | (40) | $ | 1,465 | ||||||||
($ in millions) | Texas | East | West/ Services/ Other | Corp/Elim | Total | ||||||||||||
Net Income/(Loss) | $ | 1,533 | $ | 1,526 | $ | 154 | $ | (964) | $ | 2,249 | |||||||
Plus: | |||||||||||||||||
Interest expense, net | — | (3) | 15 | 182 | 194 | ||||||||||||
Income tax | — | (1) | 10 | 714 | 723 | ||||||||||||
Depreciation and amortization | 154 | 127 | 43 | 16 | 340 | ||||||||||||
ARO expense | 6 | 7 | 3 | — | 16 | ||||||||||||
Contract and emission credit amortization, net | (4) | 122 | 7 | — | 125 | ||||||||||||
EBITDA | 1,689 | 1,778 | 232 | (52) | 3,647 | ||||||||||||
Stock-based compensation | 7 | 3 | 4 | — | 14 | ||||||||||||
Amortization of customer acquisition costs2 | 26 | 14 | 1 | — | 41 | ||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 35 | — | 35 | ||||||||||||
Acquisition and divestiture integration and transaction costs | — | — | — | 24 | 24 | ||||||||||||
Deactivation costs | — | 9 | — | — | 9 | ||||||||||||
(Gain)/loss on sale of assets | 12 | — | (43) | 2 | (29) | ||||||||||||
Other non-recurring charges | (1) | 23 | (11) | 11 | 22 | ||||||||||||
Impairments | — | 155 | — | — | 155 | ||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (1,259) | (1,582) | (155) | — | (2,996) | ||||||||||||
Adjusted EBITDA | $ | 474 | $ | 400 | $ | 63 | $ | (15) | $ | 922 | |||||||
($ in millions) | Texas | East | West/ Services/ Other | Corp/Elim | Total | ||||||||||||
Revenue1 | $ | 4,715 | $ | 8,485 | $ | 2,278 | $ | 3 | $ | 15,481 | |||||||
Cost of fuel, purchased power and other cost of sales2 | 3,496 | 7,606 | 2,017 | 5 | 13,124 | ||||||||||||
Economic gross margin | 1,219 | 879 | 261 | (2) | 2,357 | ||||||||||||
Operations & maintenance and other cost of operations3 | 469 | 253 | 111 | (1) | 832 | ||||||||||||
Selling, marketing, general & administrative4 | 280 | 231 | 112 | 18 | 641 | ||||||||||||
Other | (4) | (5) | (25) | (4) | (38) | ||||||||||||
Adjusted EBITDA | $ | 474 | $ | 400 | $ | 63 | $ | (15) | $ | 922 | |||||||
($ in millions) | Condensed Consolidated Results of Operations | Interest, tax, depr., amort. | MtM | Deactivation | Other adj.2 | Adjusted EBITDA | ||||||||||||||
Revenue | $ | 15,178 | $ | 22 | $ | 281 | $ | — | $ | — | $ | 15,481 | ||||||||
Cost of operations (excluding depreciation and amortization shown below)1 | 9,950 | (103) | 3,277 | — | — | 13,124 | ||||||||||||||
Depreciation and amortization | 340 | (340) | — | — | — | — | ||||||||||||||
Gross margin | 4,888 | 465 | (2,996) | — | — | 2,357 | ||||||||||||||
Operations & maintenance and Other cost of operations | 867 | — | — | (9) | (26) | 832 | ||||||||||||||
Selling, marketing, general & administrative | 698 | — | — | — | (57) | 641 | ||||||||||||||
Other | 1,074 | (917) | — | — | (195) | (38) | ||||||||||||||
Net Income/(Loss) | $ | 2,249 | $ | 1,382 | $ | (2,996) | $ | 9 | $ | 278 | $ | 922 | ||||||||
Three Months Ended | ||||||||||||||
($ in millions) | June 30, 2023 | June 30, 2022 | ||||||||||||
Adjusted EBITDA | $ | 819 | $ | 386 | ||||||||||
Interest payments, net | (114) | (83) | ||||||||||||
Income tax | (36) | (54) | ||||||||||||
Net deferred revenue1 | 121 | 14 | ||||||||||||
Amortization of customer fulfillment costs2 | (6) | — | ||||||||||||
Capitalized contract costs3 | (243) | (4) | ||||||||||||
Collateral / working capital / other assets and liabilities | 29 | 1,254 | ||||||||||||
Cash provided by operating activities | 570 | 1,513 | ||||||||||||
Winter Storm Uri securitization, C&I credits, and remaining open accounts receivables | — | (649) | ||||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | (18) | 389 | ||||||||||||
Acquisition and divestiture integration and transaction costs4 | 19 | 14 | ||||||||||||
Encina site improvement | 4 | 4 | ||||||||||||
GenOn settlement | — | 4 | ||||||||||||
Adjustment for change in collateral | (57) | (1,114) | ||||||||||||
Nuclear decommissioning trust liability | (17) | (3) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (3) | ||||||||||||
Adjusted cash provided by operating activities | 501 | 155 | ||||||||||||
Maintenance capital expenditures, net5 | (113) | (58) | ||||||||||||
Net cash for growth initiatives | 37 | — | ||||||||||||
Free Cash Flow before Growth Investments (FCFbG) | $ | 425 | $ | 97 | ||||||||||
Six Months Ended | ||||||||||||||
($ in millions) | June 30, 2023 | June 30, 2022 | ||||||||||||
Adjusted EBITDA | $ | 1,465 | $ | 922 | ||||||||||
Interest payments, net | (205) | (178) | ||||||||||||
Income tax | (32) | (36) | ||||||||||||
Net deferred revenue1 | 119 | (36) | ||||||||||||
Amortization of customer fulfillment costs2 | (6) | — | ||||||||||||
Capitalized contract costs3 | (299) | 19 | ||||||||||||
Collateral / working capital / other assets and liabilities | (2,070) | 2,498 | ||||||||||||
Cash (used)/provided by operating activities | (1,028) | 3,189 | ||||||||||||
Winter Storm Uri securitization, C&I credits and remaining open receivables | — | (624) | ||||||||||||
Net receipts from settlement of acquired derivatives that include financing elements | 318 | 950 | ||||||||||||
Acquisition and divestiture integration and transaction costs4 | 75 | 24 | ||||||||||||
Astoria fees | 3 | — | ||||||||||||
Encina site improvement | 7 | 9 | ||||||||||||
GenOn settlement | — | 4 | ||||||||||||
Adjustment for change in collateral | 1,355 | (3,121) | ||||||||||||
Nuclear decommissioning trust liability | (5) | 7 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3 | — | ||||||||||||
Adjusted cash provided by operating activities | 728 | 438 | ||||||||||||
Maintenance capital expenditures, net5 | (154) | (101) | ||||||||||||
Environmental capital expenditures | — | (1) | ||||||||||||
Net cash for growth initiatives | 54 | — | ||||||||||||
Free Cash Flow before Growth Investments (FCFbG) | 628 | 336 |
($ in millions) | Six months ended June 30, 2023 | ||||
Sources: | |||||
Adjusted cash provided by operating activities | 728 | ||||
Increase in NRG revolving credit facility | 645 | ||||
Increase in availability of collective collateral facilities | 1,182 | ||||
Proceeds of revolving credit facility and receivables securitization facilities | 700 | ||||
Proceeds from issuance of long-term debt | 731 | ||||
Proceeds from issuance of preferred stock, net of fees | 635 | ||||
Proceeds from sale of assets, net of cash disposed | 229 | ||||
Uses: | |||||
Payments for acquisitions of businesses and assets, net of cash acquired | (2,498) | ||||
Payments of dividends | (174) | ||||
Maintenance capital expenditures, net | (154) | ||||
Cash collateral paid in support of energy risk management activities | (10) | ||||
Investments and integration capital expenditures | (49) | ||||
Acquisition and divestiture integration and transaction costs1 | (75) | ||||
Net purchases of emission allowances | (25) | ||||
Payments of debt issuance costs | (22) | ||||
Payments for share repurchase activity | (16) | ||||
Encina site improvement | (7) | ||||
Other investing and financing | (15) | ||||
Change in Total Liquidity | $ | 1,805 |
2023 | ||||||||
($ in millions) | Guidance | |||||||
Net Income1 | $ 805 - 1,045 | |||||||
Interest expense, net | 580 | |||||||
Income tax | 310 | |||||||
Depreciation and amortization | 1,110 | |||||||
ARO expense | 20 | |||||||
Amortization of customer acquisition costs2 | 120 | |||||||
Stock-based compensation3 | 75 | |||||||
Acquisition and divestiture integration and transaction costs | 180 | |||||||
Other costs4 | (190) | |||||||
Adjusted EBITDA5 | 3,010 - 3,250 | |||||||
Interest payments, net | (560) | |||||||
Income tax | (95) | |||||||
Net deferred revenue6 | 215 | |||||||
Amortization of customer fulfillment costs7 | 35 | |||||||
Capitalized contract costs | (690) | |||||||
Working capital / other assets and liabilities8 | (305) | |||||||
Cash provided by operating activities | 1,610 - 1,850 | |||||||
Acquisition and other costs8 | 210 | |||||||
Adjusted cash provided by operating activities | 1,820 - 2,060 | |||||||
Maintenance capital expenditures, net9 | (270) - (290) | |||||||
Environmental capital expenditures | (10) - (15) | |||||||
Net cash for growth initiatives | 90 | |||||||
Free Cash Flow before Growth Investments (FCFbG) | $ 1,620 - 1,860 |
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
Cover Cover |
Aug. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Entity Registrant Name | NRG ENERGY, INC. |
Document Period End Date | Aug. 08, 2023 |
Entity Central Index Key | 0001013871 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-15891 |
Entity Tax Identification Number | 41-1724239 |
Entity Address, Address Line One | 910 Louisiana Street |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77002 |
City Area Code | 713 |
Local Phone Number | 537-3000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | NRG |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
MJ7C<%?\AG7U6"
-8?20$3;8T.P6BP^0"X99K>]9!:G
,OS0_B0D^=BWUH.PE(3D/ %&P>WB[*&E@AT5*,1A*I3=>R,Q;G
M.0\D#XQ328/0%O8 R NF!\%AI@['6$VG!,89?OR8KIK;NJ"9];DUGH1@NGT3
MHRB*I"1SP:!<'G?5<7]8?#4\K"=%_T^H>*6@4V*B+XP^ILO4?"EK#P7PR+L>
M/Q' D&V1X1Z*>D&\]1A=H%SSL#\POK$^C(X)MRSW)NV4$+EL-JVM_EM>]X4S
MYXX+)K!@4AY!%S1@Z<0IH4:+Z$VTPK/] ?+$]C \)M_/'"WK&\/1S7JG"6SO
M-U >,Y">Y![)YEEFB&..$^Y4!,B9B=*/NQ'SR-HP "; Q"A9SE6J_%66LA[:&:[["S)3U"4@=2#.9(C%@'UN%+]E"&"?#2R'1O^
M+$U08$I-I5]D+:7 3Y$P6@P0O[,A4^
M? "BO1,/R!C??]?NS5*&I(J2["9._8%-.7P:B _)'Q>)BF.[ ]OVUSA?LCD6, 069$8Q5$/,TYT]I2S
5MBH,BSEPB(1)BJM7IG = (5I1@%
M4JP=$T3FT0F-7\0P[E;W]VT/@V+"G(6H=N#IYOB(P7/%48V, TKDBZ@7;/_'"P-8$GX!<&MN.
M *TG%"Y:0_/WPQ<1*@2PEV^M_,VPZ;1'_/,+G>F)O/>)$"7P:A9WV3/NI&O=GMMO'^2,D.
MM!W%? *D*/XB:1$>BV\EC?8,5YZ:*A:L"_=/7'Y('E#C2^RO4&ZT-7&?&)W(
M'4N@GP$8'PBBP7^E=NXIWP#\OXRB =8*1ASQ_+(BC&H+,B*6&K7UX+1:\MZI
M8TMO@^1)'@2>94L#WN%/0>R >X@YS,%POCB4$[ON3)<:;:">%-/8^$NS0XFI$#W'@#^R8N<(7.]D/U7
M>"!QA^B.55>'DK=FJ^/Q,;. S(V85&[VX.!'LBYQ''_4+^OL-^[;<%A\B4*
MJ?Y<#/KR)R[/:[/&%C?PNPL8ZP&KR9N]D7(X JYCOS"RPY!/8(^)3PQT ?07
M1OX ADH5X0$OE3E00)W]G% MZI4+AO5&+_+2\8WZK/PUP@6A](W=@4!DZ)-+
M!*Z2MHN^,T?Y_Z1O/@E$F*)+'J:46B+Z[Y5Q+U4 I87"7@,A]03;#2(_#H^V
M/+R=%T>@77VLOKM8;VFU_L)NP/0!#K]%0QY4QB0@X,X#0<;NQ3-0QF^^)T7Z
M&>@Y/^A/^%\4X6]1PN0^D33P.@6TYP=?* $I"1#D*>HF"!BA &,O ;V+[58
MT#.[,V6W!O0+2NTW>
0*5%R,-E$WQ@!J O,%4$EHM1$8$.+ANI1I)0W"V
M=#X2L.3%1"MIG23A *#<8(2"O.]4P7WX[T1>I"_>M*-QD5QG**MK9>6@37DO
M0JCXP(%(S!@
MPC%?8PC!D"\S72]YFX+6;/H)'KYXU 17[IN) O-8&:9O*%"Z]%HG/]_,V
M5RK00+TX^N[F*H%X?6G*5Z@)]&7^#69&VV^F[BLA-E+DA2=#Y,Y.2G]U'/SQ
M(OD9S[0-LE^_GE: FQ#-[J6N@RG7>]QM36>'7"*IB'K+3;W:
M='8@ZMW=%UQ&\DVY:TUZ.Q#U$O7NL&N-NCOLF0JT6_3C*97W+^%8R!K+4U^,
MA1M@1X)PF!5;.>@"V_5>.\4:+V0-*=L#A I'UJZ\
M0(WQO%DW\/%54,.R<08@*CXG*8![50Y
@\*O?#V?VB$ Z$_99P[>RB0HX5/H8>.YB1T$
M,#20A0X]F2FQ-BS M G,FL 7N@"E9$]E):#F*0GHUI6D &R_I44@HO5]D\&;
MG=>8>,+]!]N5"GAS5F7SIQ\'**I7'MGOMX/!1\9DO@V@.PQX'+)_1=P/@5RE
M+,1O #[(0+;+7W&_!$^ +TZ"K<_DGMGN91]1PUC*SBV+7%#V]3%_X[]
M>6SL@S@?^()_.^
T:N_SZ)4&,_*T__VDH@#/L1[[0705'S!Y>PU2RX?QK'.2*Q'RR_K,B
M<54BO=+S!K%B-N:("[;UTL&!RP)P<3+\C$EL#_XJRHTW4;[&/> BE[,Y-D
MQA@L+;/>Q0#L=53.6GC\93D"*5Y#8_X('X"&&H7;'\F]%G_*EBI&,PU/+2UQ
M Q 7_SOVYX%9#^)\X O^[9R/X/D/W'GB+\$R(": PQ7 K\+LC=>FH(EC0_5^
M+-C(