(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) | 6/30/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||||||||||||||||||
Net Income/(Loss) | $ | 738 | $ | 308 | $ | 1,249 | $ | (1,027) | ||||||||||||||||||
Cash Provided/(Used) by Operating Activities | $ | 1,056 | $ | 570 | 1,323 | (1,028) | ||||||||||||||||||||
Adjusted EBITDA | $ | 935 | $ | 819 | $ | 1,784 | $ | 1,465 | ||||||||||||||||||
Free Cash Flow Before Growth Investments (FCFbG) | $ | 663 | $ | 425 | $ | 623 | $ | 628 | ||||||||||||||||||
($ in millions) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Segment | 6/30/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||||||||||||||||||
Texas | $ | 966 | $ | 785 | $ | 1,315 | $ | 1,069 | ||||||||||||||||||
East | 447 | (101) | 1,028 | (1,503) | ||||||||||||||||||||||
West/Services/Othera | (646) | (353) | (1,072) | (531) | ||||||||||||||||||||||
Vivint Smart Homeb | $ | (29) | $ | (23) | $ | (22) | $ | (62) | ||||||||||||||||||
Net Income/(Loss) | $ | 738 | $ | 308 | $ | 1,249 | $ | (1,027) |
($ in millions) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Segment | 6/30/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||||||||||||||||||
Texas | $ | 452 | $ | 504 | $ | 671 | $ | 758 | ||||||||||||||||||
East | 209 | 77 | 560 | 391 | ||||||||||||||||||||||
West/Services/Othera | 73 | 21 | 129 | 26 | ||||||||||||||||||||||
Vivint Smart Homeb | $ | 201 | $ | 217 | $ | 424 | $ | 290 | ||||||||||||||||||
Adjusted EBITDA | $ | 935 | $ | 819 | $ | 1,784 | $ | 1,465 | ||||||||||||||||||
($ in millions) | 6/30/24 | 12/31/23 | ||||||||||||
Cash and Cash Equivalents | $ | 376 | $ | 541 | ||||||||||
Restricted Cash | 16 | 24 | ||||||||||||
Total | 392 | 565 | ||||||||||||
Total Revolving Credit Facility and collective collateral facilities | 4,950 | 4,278 | ||||||||||||
Total Liquidity, excluding collateral deposited by counterparties | $ | 5,342 | $ | 4,843 |
2024 | ||||||||
($ in millions) | Guidance | |||||||
Adjusted EBITDA | $3,300 - $3,550 | |||||||
Cash Provided by Operating Activities | $1,825 - $2,075 | |||||||
FCFbG | $1,825 - $2,075 |
Media | Investors | |||||||
Chevalier Gray | Brendan Mulhern | |||||||
832.763.3454 | 609.524.4767 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions, except for per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Revenue | $ | 6,659 | $ | 6,348 | $ | 14,088 | $ | 14,070 | |||||||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations (excluding depreciation and amortization shown below) | 4,356 | 4,962 | 10,041 | 13,740 | |||||||||||||||||||
Depreciation and amortization | 285 | 315 | 553 | 505 | |||||||||||||||||||
Impairment losses | 15 | — | 15 | — | |||||||||||||||||||
Selling, general and administrative costs | 592 | 522 | 1,183 | 948 | |||||||||||||||||||
Acquisition-related transaction and integration costs | 6 | 22 | 15 | 93 | |||||||||||||||||||
Total operating costs and expenses | 5,254 | 5,821 | 11,807 | 15,286 | |||||||||||||||||||
Gain on sale of assets | 5 | 3 | 1 | 202 | |||||||||||||||||||
Operating Income/(Loss) | 1,410 | 530 | 2,282 | (1,014) | |||||||||||||||||||
Other Income/(Expense) | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 4 | 5 | 7 | 10 | |||||||||||||||||||
Other income, net | 3 | 13 | 33 | 29 | |||||||||||||||||||
Loss on debt extinguishment | (202) | — | (260) | — | |||||||||||||||||||
Interest expense | (163) | (151) | (315) | (299) | |||||||||||||||||||
Total other expense | (358) | (133) | (535) | (260) | |||||||||||||||||||
Income/(Loss) Before Income Taxes | 1,052 | 397 | 1,747 | (1,274) | |||||||||||||||||||
Income tax expense/(benefit) | 314 | 89 | 498 | (247) | |||||||||||||||||||
Net Income/(Loss) | $ | 738 | $ | 308 | $ | 1,249 | $ | (1,027) | |||||||||||||||
Less: Cumulative dividends attributable to Series A Preferred Stock | 17 | 17 | 34 | 21 | |||||||||||||||||||
Net Income/(Loss) Available for Common Stockholders | $ | 721 | $ | 291 | $ | 1,215 | $ | (1,048) | |||||||||||||||
Income/(Loss) per Share | |||||||||||||||||||||||
Weighted average number of common shares outstanding — basic | 208 | 231 | 209 | 230 | |||||||||||||||||||
Income/(Loss) per Weighted Average Common Share — Basic | $ | 3.47 | $ | 1.26 | $ | 5.81 | $ | (4.56) | |||||||||||||||
Weighted average number of common shares outstanding — diluted | 214 | 232 | 214 | 230 | |||||||||||||||||||
Income/(Loss) per Weighted Average Common Share —Diluted | $ | 3.37 | $ | 1.25 | $ | 5.68 | $ | (4.56) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Net Income/(Loss) | $ | 738 | $ | 308 | $ | 1,249 | $ | (1,027) | |||||||||||||||
Other Comprehensive (Loss)/Income | |||||||||||||||||||||||
Foreign currency translation adjustments | (2) | 6 | (10) | 8 | |||||||||||||||||||
Defined benefit plans | (1) | — | (2) | (1) | |||||||||||||||||||
Other comprehensive (loss)/income | (3) | 6 | (12) | 7 | |||||||||||||||||||
Comprehensive Income/(Loss) | $ | 735 | $ | 314 | $ | 1,237 | $ | (1,020) | |||||||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||
(In millions, except share data) | (Unaudited) | (Audited) | |||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 376 | $ | 541 | |||||||
Funds deposited by counterparties | 688 | 84 | |||||||||
Restricted cash | 16 | 24 | |||||||||
Accounts receivable, net | 3,402 | 3,542 | |||||||||
Inventory | 623 | 607 | |||||||||
Derivative instruments | 3,520 | 3,862 | |||||||||
Cash collateral paid in support of energy risk management activities | 384 | 441 | |||||||||
Prepayments and other current assets | 797 | 626 | |||||||||
Total current assets | 9,806 | 9,727 | |||||||||
Property, plant and equipment, net | 1,790 | 1,763 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 45 | 42 | |||||||||
Operating lease right-of-use assets, net | 201 | 179 | |||||||||
Goodwill | 5,060 | 5,079 | |||||||||
Customer relationships, net | 1,946 | 2,164 | |||||||||
Other intangible assets, net | 1,467 | 1,763 | |||||||||
Derivative instruments | 2,625 | 2,293 | |||||||||
Deferred income taxes | 1,841 | 2,251 | |||||||||
Other non-current assets | 981 | 777 | |||||||||
Total other assets | 14,166 | 14,548 | |||||||||
Total Assets | $ | 25,762 | $ | 26,038 |
June 30, 2024 | December 31, 2023 | ||||||||||
(In millions, except share data) | (Unaudited) | (Audited) | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt and finance leases | $ | 262 | $ | 620 | |||||||
Current portion of operating lease liabilities | 91 | 90 | |||||||||
Accounts payable | 2,109 | 2,325 | |||||||||
Derivative instruments | 2,664 | 4,019 | |||||||||
Cash collateral received in support of energy risk management activities | 688 | 84 | |||||||||
Deferred revenue current | 779 | 720 | |||||||||
Accrued expenses and other current liabilities | 1,709 | 1,642 | |||||||||
Total current liabilities | 8,302 | 9,500 | |||||||||
Other Liabilities | |||||||||||
Long-term debt and finance leases | 10,425 | 10,133 | |||||||||
Non-current operating lease liabilities | 144 | 128 | |||||||||
Derivative instruments | 1,435 | 1,488 | |||||||||
Deferred income taxes | 8 | 22 | |||||||||
Deferred revenue non-current | 906 | 914 | |||||||||
Other non-current liabilities | 919 | 947 | |||||||||
Total other liabilities | 13,837 | 13,632 | |||||||||
Total Liabilities | 22,139 | 23,132 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders' Equity | |||||||||||
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2024 and December 31, 2023, aggregate liquidation preference of $650; at June 30, 2024 and December 31, 2023 | 650 | 650 | |||||||||
Common stock; $0.01 par value; 500,000,000 shares authorized; 266,552,386 and 267,330,470 shares issued and 207,498,428 and 208,130,950 shares outstanding at June 30, 2024 and December 31, 2023, respectively | 3 | 3 | |||||||||
Additional paid-in-capital | 3,229 | 3,416 | |||||||||
Retained earnings | 1,863 | 820 | |||||||||
Treasury stock, at cost; 59,053,958 shares and 59,199,520 shares at June 30, 2024 and December 31, 2023, respectively | (2,019) | (1,892) | |||||||||
Accumulated other comprehensive loss | (103) | (91) | |||||||||
Total Stockholders' Equity | 3,623 | 2,906 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 25,762 | $ | 26,038 |
Six months ended June 30, | |||||||||||
(In millions) | 2024 | 2023 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income/(Loss) | $ | 1,249 | $ | (1,027) | |||||||
Adjustments to reconcile net income/(loss) to cash provided/(used) by operating activities: | |||||||||||
Equity in and distributions from earnings of unconsolidated affiliates | (4) | (9) | |||||||||
Depreciation and amortization | 553 | 505 | |||||||||
Accretion of asset retirement obligations | 3 | 5 | |||||||||
Provision for credit losses | 133 | 80 | |||||||||
Amortization of nuclear fuel | — | 26 | |||||||||
Amortization of financing costs and debt discounts | 21 | 31 | |||||||||
Loss on debt extinguishment | 260 | — | |||||||||
Amortization of in-the-money contracts and emissions allowances | 73 | 112 | |||||||||
Amortization of unearned equity compensation | 57 | 61 | |||||||||
Net loss/(gain) on sale of assets and disposal of assets | 8 | (187) | |||||||||
Impairment losses | 15 | — | |||||||||
Changes in derivative instruments | (1,384) | 1,515 | |||||||||
Changes in current and deferred income taxes and liability for uncertain tax benefits | 390 | (282) | |||||||||
Changes in collateral deposits in support of risk management activities | 660 | (1,355) | |||||||||
Changes in nuclear decommissioning trust liability | — | 2 | |||||||||
Changes in other working capital | (711) | (505) | |||||||||
Cash provided/(used) by operating activities | $ | 1,323 | $ | (1,028) | |||||||
Cash Flows from Investing Activities | |||||||||||
Payments for acquisitions of businesses and assets, net of cash acquired | (32) | (2,498) | |||||||||
Capital expenditures | (172) | (324) | |||||||||
Net purchases of emissions allowances | (11) | (25) | |||||||||
Investments in nuclear decommissioning trust fund securities | — | (185) | |||||||||
Proceeds from the sale of nuclear decommissioning trust fund securities | — | 180 | |||||||||
Proceeds from sales of assets, net of cash disposed | 11 | 229 | |||||||||
Proceeds from insurance recoveries for property, plant and equipment, net | 3 | 121 | |||||||||
Cash used by investing activities | $ | (201) | $ | (2,502) | |||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of preferred stock, net of fees | — | 635 | |||||||||
Payments of dividends to preferred and common stockholders | (204) | (174) | |||||||||
Equivalent shares purchased in lieu of tax withholdings | (35) | (16) | |||||||||
Payments for share repurchase activity | (90) | — | |||||||||
Net (payments)/receipts from settlement of acquired derivatives that include financing elements | (12) | 318 | |||||||||
Net proceeds of Revolving Credit Facility and Receivable Securitization Facilities | — | 500 | |||||||||
Proceeds from issuance of long-term debt | 875 | 731 | |||||||||
Payments of debt issuance costs | (12) | (22) | |||||||||
Repayments of long-term debt and finance leases | (956) | (10) | |||||||||
Payments for debt extinguishment costs | (257) | — | |||||||||
Proceeds from credit facilities | 625 | 1,870 | |||||||||
Repayments to credit facilities | (625) | (1,670) | |||||||||
Cash (used)/provided by financing activities | $ | (691) | $ | 2,162 | |||||||
Effect of exchange rate changes on cash and cash equivalents | — | 3 | |||||||||
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | 431 | (1,365) | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 649 | 2,178 | |||||||||
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 1,080 | $ | 813 |
($ in millions) | Texas | East | West/Services/ Other | Vivint Smart Home | Corp/Elim | Total | ||||||||||||||
Net Income/(Loss) | $ | 966 | $ | 447 | $ | 2 | $ | (29) | $ | (648) | $ | 738 | ||||||||
Plus: | ||||||||||||||||||||
Interest expense, net | 1 | 2 | 9 | 49 | 86 | 147 | ||||||||||||||
Income tax | — | — | (6) | (2) | 322 | 314 | ||||||||||||||
Loss on debt extinguishment | — | — | — | — | 202 | 202 | ||||||||||||||
Depreciation and amortization | 63 | 22 | 46 | 144 | 10 | 285 | ||||||||||||||
ARO Expense | 3 | (4) | — | — | — | (1) | ||||||||||||||
Contract and emission credit amortization, net | 2 | (14) | 2 | — | — | (10) | ||||||||||||||
EBITDA | 1,035 | 453 | 53 | 162 | (28) | 1,675 | ||||||||||||||
Stock-based compensation | 7 | 3 | 1 | 16 | — | 27 | ||||||||||||||
Amortization of customer acquisition costs1 | 15 | 17 | 2 | 12 | — | 46 | ||||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 1 | — | — | 1 | ||||||||||||||
Acquisition and divestiture integration and transaction costs | — | — | — | 2 | 6 | 8 | ||||||||||||||
Cost to achieve | — | — | — | — | 8 | 8 | ||||||||||||||
Deactivation costs | — | 4 | 1 | — | — | 5 | ||||||||||||||
Other and non-recurring charges | — | — | 11 | 9 | 5 | 25 | ||||||||||||||
Impairments | — | — | 15 | — | — | 15 | ||||||||||||||
Mark to market (MtM) (gains) on economic hedges | (605) | (268) | (2) | — | — | (875) | ||||||||||||||
Adjusted EBITDA | $ | 452 | $ | 209 | $ | 82 | $ | 201 | $ | (9) | $ | 935 | ||||||||
($ in millions) | Texas | East | West/Services/ Other | Vivint Smart Home | Corp/Elim | Total | ||||||||||||||
Revenue1 | $ | 2,763 | $ | 2,473 | $ | 894 | $ | 467 | $ | (15) | $ | 6,582 | ||||||||
Cost of fuel, purchased power and other cost of sales2 | 1,853 | 2,029 | 709 | 66 | (6) | 4,651 | ||||||||||||||
Economic gross margin | 910 | 444 | 185 | 401 | (9) | 1,931 | ||||||||||||||
Operations & maintenance and other cost of operations3 | 282 | 105 | 59 | 58 | 1 | 505 | ||||||||||||||
Selling, marketing, general and administrative4 | 176 | 130 | 66 | 142 | (2) | 512 | ||||||||||||||
Other | — | — | (22) | — | 1 | (21) | ||||||||||||||
Adjusted EBITDA | $ | 452 | $ | 209 | $ | 82 | $ | 201 | $ | (9) | $ | 935 | ||||||||
($ in millions) | Condensed Consolidated Results of Operations | Interest, tax, depr., amort. | MtM | Deactivation | Other adj.2 | Adjusted EBITDA | ||||||||||||||
Revenue | $ | 6,659 | $ | 7 | $ | (84) | $ | — | $ | — | $ | 6,582 | ||||||||
Cost of operations (excluding depreciation and amortization shown below)1 | 3,843 | 17 | 791 | — | — | 4,651 | ||||||||||||||
Depreciation and Amortization | 285 | (285) | — | — | — | — | ||||||||||||||
Gross margin | 2,531 | 275 | (875) | — | — | 1,931 | ||||||||||||||
Operations & maintenance and other cost of operations | 513 | — | — | (5) | (3) | 505 | ||||||||||||||
Selling, marketing, general & administrative | 592 | — | — | — | (80) | 512 | ||||||||||||||
Other | 688 | (461) | — | — | (248) | (21) | ||||||||||||||
Net Income/(Loss) | $ | 738 | $ | 736 | $ | (875) | $ | 5 | $ | 331 | $ | 935 | ||||||||
($ 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 compensation1 | 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 and 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 & 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 | Vivint Smart Home | Corp/Elim | Total | ||||||||||||||
Net Income/(Loss) | $ | 1,315 | $ | 1,028 | $ | (58) | $ | (22) | $ | (1,014) | $ | 1,249 | ||||||||
Plus: | ||||||||||||||||||||
Interest expense, net | 1 | 2 | 14 | 87 | 177 | 281 | ||||||||||||||
Income tax | — | (1) | (21) | — | 520 | 498 | ||||||||||||||
Loss on debt extinguishment | — | — | — | — | 260 | 260 | ||||||||||||||
Depreciation and amortization | 130 | 45 | 70 | 288 | 20 | 553 | ||||||||||||||
ARO expense | 4 | (1) | — | — | — | 3 | ||||||||||||||
Contract and emission credit amortization, net | 2 | 58 | 3 | — | — | 63 | ||||||||||||||
EBITDA | 1,452 | 1,131 | 8 | 353 | (37) | 2,907 | ||||||||||||||
Stock-based compensation1 | 14 | 7 | 2 | 31 | — | 54 | ||||||||||||||
Amortization of customer acquisition costs2 | 30 | 33 | 3 | 27 | — | 93 | ||||||||||||||
Adjustment to reflect NRG share of adjusted EBITDA in unconsolidated affiliates | — | — | 1 | — | — | 1 | ||||||||||||||
Acquisition and divestiture integration and transaction costs3 | — | — | — | 8 | 10 | 18 | ||||||||||||||
Cost to achieve4 | — | — | — | — | 17 | 17 | ||||||||||||||
Deactivation costs | — | 9 | 2 | — | — | 11 | ||||||||||||||
Loss on sale of assets | 4 | — | — | — | — | 4 | ||||||||||||||
Other and non-recurring charges | 1 | (1) | 12 | 5 | (6) | 11 | ||||||||||||||
Impairments | — | — | 15 | — | — | 15 | ||||||||||||||
Mark to market (MtM) (gains)/losses on economic hedges | (830) | (619) | 102 | — | — | (1,347) | ||||||||||||||
Adjusted EBITDA | $ | 671 | $ | 560 | $ | 145 | $ | 424 | $ | (16) | $ | 1,784 | ||||||||
($ in millions) | Texas | East | West/ Services/ Other | Vivint Smart Home | Corp/Elim | Total | ||||||||||||||
Revenue1 | $ | 4,996 | $ | 6,049 | $ | 2,122 | $ | 935 | $ | (21) | $ | 14,081 | ||||||||
Cost of fuel, purchased power and other cost of sales2 | 3,461 | 5,010 | 1,770 | 119 | (12) | 10,348 | ||||||||||||||
Economic gross margin | 1,535 | 1,039 | 352 | 816 | (9) | 3,733 | ||||||||||||||
Operations & maintenance and other cost of operations3 | 514 | 208 | 113 | 112 | 1 | 948 | ||||||||||||||
Selling, general and administrative costs4 | 349 | 272 | 118 | 281 | 3 | 1,023 | ||||||||||||||
Other | 1 | (1) | (24) | (1) | 3 | (22) | ||||||||||||||
Adjusted EBITDA | $ | 671 | $ | 560 | $ | 145 | $ | 424 | $ | (16) | $ | 1,784 | ||||||||
($ in millions) | Condensed Consolidated Results of Operations | Interest, tax, depr., amort. | MtM | Deactivation | Other adj.2 | Adjusted EBITDA | ||||||||||||||
Revenue | $ | 14,088 | $ | 17 | $ | (24) | $ | — | $ | — | $ | 14,081 | ||||||||
Cost of operations (excluding depreciation and amortization shown below)1 | 9,071 | (46) | 1,323 | — | — | 10,348 | ||||||||||||||
Depreciation and amortization | 553 | (553) | — | — | — | — | ||||||||||||||
Gross margin | 4,464 | 616 | (1,347) | — | — | 3,733 | ||||||||||||||
Operations & maintenance and other cost of operations | 970 | — | — | (11) | (11) | 948 | ||||||||||||||
Selling, general and administrative costs | 1,183 | — | — | — | (160) | 1,023 | ||||||||||||||
Other | 1,062 | (779) | — | — | (305) | (22) | ||||||||||||||
Net Income/(Loss) | $ | 1,249 | $ | 1,395 | $ | (1,347) | $ | 11 | $ | 476 | $ | 1,784 | ||||||||
($ in millions) | Texas | East | West/ Services/ Other | Vivint Smart Home1 | 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 compensation2 | 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 and 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, marketing, general & administrative5 | 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, marketing, general & administrative | 948 | — | — | — | (88) | 860 | ||||||||||||||
Other | (96) | (22) | — | — | 97 | (21) | ||||||||||||||
Net (Loss)/Income | $ | (1,027) | $ | 636 | $ | 1,880 | $ | 16 | $ | (40) | $ | 1,465 | ||||||||
Three Months Ended | ||||||||||||||
($ in millions) | 6/30/24 | 6/30/23 | ||||||||||||
Adjusted EBITDA | $ | 935 | $ | 819 | ||||||||||
Interest payments, net | (84) | (114) | ||||||||||||
Income tax | (98) | (36) | ||||||||||||
Net deferred revenue1 | 115 | 121 | ||||||||||||
Amortization of customer fulfillment costs2 | 27 | 6 | ||||||||||||
Gross capitalized contract costs3 | (270) | (302) | ||||||||||||
Collateral / working capital / other assets and liabilities | 431 | 76 | ||||||||||||
Cash provided by operating activities | 1,056 | 570 | ||||||||||||
Net payments from settlement of acquired derivatives that include financing elements | (20) | (18) | ||||||||||||
Acquisition and divestiture integration and transaction costs4 | 18 | 19 | ||||||||||||
Proceeds from sale of land | 8 | — | ||||||||||||
Encina site improvement | — | 4 | ||||||||||||
Adjustment for change in collateral | (371) | (57) | ||||||||||||
Nuclear decommissioning trust liability | — | (17) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 2 | — | ||||||||||||
Adjusted cash provided by operating activities | 693 | 501 | ||||||||||||
Maintenance capital expenditures, net5 | (71) | (113) | ||||||||||||
Environmental capital expenditures | (6) | — | ||||||||||||
Cost of acquisition | 47 | 37 | ||||||||||||
Free Cash Flow before Growth Investments (FCFbG) | $ | 663 | $ | 425 | ||||||||||
Six Months Ended | ||||||||||||||
($ in millions) | 6/30/24 | 6/30/23 | ||||||||||||
Adjusted EBITDA | $ | 1,784 | $ | 1,465 | ||||||||||
Interest payments, net | (275) | (205) | ||||||||||||
Income tax | (106) | (32) | ||||||||||||
Net deferred revenue1 | 51 | 119 | ||||||||||||
Amortization of customer fulfillment costs2 | 48 | 6 | ||||||||||||
Gross capitalized contract costs3 | (439) | (357) | ||||||||||||
Collateral/working capital/other assets and liabilities | 260 | (2,024) | ||||||||||||
Cash provided by/(used by) operating activities | 1,323 | (1,028) | ||||||||||||
Net (payments)/receipts from settlement of acquired derivatives that include financing elements | (12) | 318 | ||||||||||||
Acquisition and divestiture integration and transaction costs4 | 35 | 75 | ||||||||||||
Astoria fees | — | 3 | ||||||||||||
Proceeds from sale of land | 8 | — | ||||||||||||
Encina site improvement | — | 7 | ||||||||||||
Adjustment for change in collateral | (660) | 1,355 | ||||||||||||
Nuclear decommissioning trust liability | — | (5) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 3 | ||||||||||||
Adjusted cash provided by operating activities | 694 | 728 | ||||||||||||
Maintenance capital expenditures, net5 | (123) | (154) | ||||||||||||
Environmental capital expenditures | (8) | — | ||||||||||||
Cost of acquisition | 60 | 54 | ||||||||||||
Free Cash Flow before Growth Investments (FCFbG) | $ | 623 | $ | 628 |
($ in millions) | Six months ended June 30, 2024 | ||||
Sources: | |||||
Adjusted cash provided by operating activities | 694 | ||||
Proceeds from issuance of long-term debt | 875 | ||||
Change in availability under revolving credit facility and collective collateral facilities | 672 | ||||
Return of cash collateral paid in support of energy risk management activities | 57 | ||||
Proceeds from sales of assets, net of cash disposed | 11 | ||||
Uses: | |||||
Repayments of long-term debt and finance leases | (956) | ||||
Payments for debt extinguishment costs | (257) | ||||
Payments of dividends to preferred and common stockholders | (204) | ||||
Maintenance capital expenditures, net1 | (131) | ||||
Payments for share repurchase activity | (90) | ||||
Investments and integration capital expenditures | (38) | ||||
Payments for shares repurchased in lieu of tax withholdings | (35) | ||||
Acquisition and divestiture integration and transaction costs | (35) | ||||
Payments for acquisitions of businesses and assets, net of cash acquired | (32) | ||||
Payments of debt issuance costs | (12) | ||||
Net purchases of emission allowances | (11) | ||||
Other investing and financing | (9) | ||||
Change in Total Liquidity | $ | 499 |
2024 | ||||||||
($ in millions) | Guidance | |||||||
Net Income1 | $ 750 - 1,000 | |||||||
Interest expense, net | 640 | |||||||
Income tax | 345 | |||||||
Depreciation and amortization | 1,075 | |||||||
ARO expense | 25 | |||||||
Amortization of customer acquisition costs2 | 215 | |||||||
Stock-based compensation3 | 100 | |||||||
Acquisition and divestiture integration and transaction costs | 55 | |||||||
Other4 | 95 | |||||||
Adjusted EBITDA | 3,300 - 3,550 | |||||||
Interest payments, net | (600) | |||||||
Income tax | (160) | |||||||
Net deferred revenue5 | 190 | |||||||
Amortization of customer fulfillment costs6 | 130 | |||||||
Gross capitalized contract costs7 | (830) | |||||||
Working capital/other assets and liabilities8 | (205) | |||||||
Cash provided by operating activities9 | 1,825 - 2,075 | |||||||
Acquisition and other costs8 | 124 | |||||||
Adjusted cash provided by operating activities | 1,949 - 2,199 | |||||||
Maintenance capital expenditures, net10 | (240) - (260) | |||||||
Environmental capital expenditures | (20) - (30) | |||||||
Cost of acquisition | 145 | |||||||
Free Cash Flow before Growth Investments (FCFbG) | $ 1,825 - 2,075 |
($ in millions) | Airtron (Unaudited) | |||||||
Net Income | $ | 29 | ||||||
Plus: | ||||||||
Depreciation and amortization | 28 | |||||||
EBITDA | 57 | |||||||
Other costs | 1 | |||||||
Adjusted EBITDA | $ | 58 | ||||||
01Z4 M1T XHHH _3C_ ();_P#!T1\;/V -"T_P?XLAB^+'P[L56&WL]3N&CU/3(Q@! M;>ZY)0 8"2!@.,%>_P"R'[.W_!VC^R'\:M.MU\0>(O$GPUU:0 /:Z]H\LD0; M'.V>W$L>WMERA..@K^3>B@#^T>R_X+O_ +'M]:I,O[0WPU19!D"34O+8?52 M1^-,)XR=K.P:X"R M'YH[>UC\_:>"[KW2OW)K\*?V8-GAW_@\V^)L/B#$=YJ6BWW]CB;[SEM.MY$V M?]NZS'Z9H ]>_P""B7[0UY_P;?\ P9^!7PK_ &8?ASX&U)OB%J,NEW+>((Y6 MNM4O%\B..:6:.6'=)(\O+.=JC 51BL7XB_\%T_VQ/\ @G9XQ\+:I^UY^SCX M/\,_#'Q+?KILFL>%=46ZFLG()+'9=7",0H+;&V%@IP2:Y3_@\$.M#XB?LE_\ M(V+4^(O^$KG_ +*%U_J/M7FVGD^9_L>9MS[9KYR_;;U_]J+]O3_@HE\(_P!D M/]LKQ5X+^&_A_6=1AUFVN?#MA_H>L%D<1JDVX[I'*R0INVJLC W_86\5>"?V[?V:E3PEJFEZK;7?B.VTY1#97(N"IANQ&H "R[C%,GW7$J MG .=W[(?L3?M.:9^V=^R5\/?BII"K%9^.-$M]4,(.?LTK+B:$^\ F6$;_,?,6ZMH[8#U(<1G_@.>U9' M_!L#INHZ=_P13^$7]H;MMQ_:4UH&'2 W]QM_ L&/XT ??]%%% !1110 4444 M %%%% !1110 4444 ?P!T5_2=_Q!'_!;_HL?Q0_\!K'_ .-T?\01_P %O^BQ M_%#_ ,!K'_XW0!_-C7[N_P#!C[_R5;X_?]@G2O\ T=<5[C_Q!'_!;_HL?Q0_ M\!K'_P"-U]E?\$A?^"%?@?\ X(^>)/&NI>$?&GBOQ9)XVMK:UN4UB*W1;<0, M[*4\I5Y.\YSZ4 ? 3?\HD=+_[*#I?_I+?5^L%?-?_ M 53_P"":'AO_@JW^S+;_##Q5XBUSPQIEOK=OK@O-*2)YS)#'-&$Q(I7:1,2 M>,\"@#^)>BOZ3C_P9'_!;_HL?Q0_\!K'_P"-T?\ $$?\%O\ HL?Q0_\ :Q_ M^-T ?S8U_9-_P;I?\H5/@#_V!+C_ -+[FOB?_B"/^"W_ $6/XH?^ UC_ /&Z M_53]A7]D?2?V#_V2_!7PCT+5-1UO2?!-F]G;7U^J+<7"M-)*2X0! :WKUQ\7 MOB9;W&N7\^H211VUCLC:61I"HS'G +8&:Q_^((_X+?\ 18_BA_X#6/\ \;H M_FQK]I_^#);_ )/?^+G_ &),?_I=#7U/_P 01_P6_P"BQ_%#_P !K'_XW7UE M_P $D/\ @W\\ _\ !(?XO>)O&'A+QUXO\57GBC2%TB:#5XK=(X4$R2[U\I%. M[* <\8- 'WY1110 4444 %%%% >:_(O_@N%_P &PGAG]NK4M5^*'P7;3?!? MQ6N=UQJ.FNHATKQ*^/O-@?N+AB!F0 JY)+#)+U^NE% '\(O[2_[*/Q&_8[^) M=UX/^)G@_6O!WB&S)#6U_#M$H_OQR#*2(>S(S*<]:\]K^[C]I']DCX9_M@>! M9O#?Q.\#^&_&VCR@[8=4LDF:W/\ ?BDQOB?T9&5AZU^3_P"UQ_P9>?"'XEWE MUJ7PC^(/B3X<7.+6/[K6>K&SEDZ]$G11^;=Z\)\0?\ !M7^VWX=NO+D^!6K MW2DD+)::UIDZMC_=N21^(% 'PO17V]8_\&X/[;6H72PQ_ /Q$KOT,NJ:;$H[ M\LUR /Q->J?"S_@TJ_;'\?W42ZIX7\)^#X6(WOJOB&WD9!_NVYESCZT ?F;4 M^FZ9=:S>I;6=O/=7$F=D4,9D=L#)P!R>*_?_ /9;_P"#).VM[NUOOC)\9)+B M)<-+I'A33O+\SOM-W.3@=CB'GLPK]&-(_P""4'[.O_!-+]C+XH7WP]^'>BZ; MJ5EX.U22Y\07T0OM7D1+.4M_I,F70'&2J%5)QD<4 ?QPT444 %?T/?\ !C__ M ,DK^/7_ &%=,_\ 1,U?SPU_1Y_P9%>%VL_V8?C9K#1X%]XFLK9'P>1';,6' MI_RT% '[@5^,'_!R;^QG\0/@#^TA\._VZ/@O8S7GB3X9?9X/%5I;(2TEM"S^ M7=.J_,T9CD>"7&<1E#PJL:_9^HKVRAU*SEM[B&*XMYT, +?MF?\&HW[/?[2'CNZ\6> ]1\2?!#Q-=2&9V M\,%/[.\PG)86K8\OZ1.@]J\BTC_@SUT[Q7JMNOQ+_:D^+'CS0[=L+IXM?LQ\ ML=(]\UQ< #M\J#VQ0!X3_P %-OVT/$G_ 7%^+7PQ_8N_9_UVX^(6@:+/;2> M._'R6AM;/5IK90DEYMR56WCQ)*2"1)(RK'D!=W[O?LV_ C1/V7O@!X-^'7AN M+R=#\%:/;:/9C&&9(8U3 'X;G8;^_(\[4-4=1@//.WSOCG SM7)P!DU[A0 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !7PY_P<9_M0VO[+O\ MP2'^+EPUQ'#JGC33&\(Z:A<*TLE\##+M[Y6!IFXZ;1TZC[=U+4K?2-/GN[NX MAM;6UC:6::9Q''"BC+,S'@ 9)/ %?RF_P#!SM_P6$LO^"B_[3%CX#\!ZA]L M^%?PNGGAM;N%\PZ]J#826[7'WHU"[(SW!=AP] 'Y=T444 %?U7?\&?WPAD^' MG_!(NWUZ:,K)XZ\6:GJD3$8+0Q&.S7\-]M(?QK^5G2=*N-=U6UL;.&2XN[R5 M(((HU+/*[$*J@#DDD@ "O[BO^" A0.;H MIOG/'4F5GY[]: /:J*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "OQQ_X.1O\ @O'\2?\ @F5^TI\+_!?PDO-%^W#3Y];\3V>H MV*74-]#*XCMH6)P\>/+F;=&RD[AG(&*_8R:58(FD=E5$!9F)X '4U_%;_P % MKOVM9/VU_P#@I[\7/'*7)N-*;67TG2.?E2RLP+:';Z;A'O/JTC'O0!^T'['/ M_!Z1\,?'45IIOQJ^'VO>!=28!9-6T-QJ>FL?[S1';-&/8"3ZBOTF_9X_X*\? MLS_M36\)\%_&KX?WUW, 5L+O58["^)]!!.4D..^%(K^)'-% ']^EAJ]KJJ;K M6ZM[E<9S%(''Z58S7\&/@G]H'QY\-(T3PYXV\6Z#'']U-.U>XM5'.>B.!UKM MU_X*)_'I+%K8?&;XF^2[!RG_ DEWR1W^_0!_<;JFNV6AP-+>WEK9Q*-S//* ML:J/4DD5\A?MA_\ !>_]EC]BO3;S_A(?BGH/B'6K4'_B2^&)TU>^=Q_ 1$Q2 M-L\8D=<=Z_CZ\>_M!^/?BHCKXF\;>+/$22?>34M7N+I3WZ.Y%%HKFSBN ^J:[%G@74R\(A')BC..<%G K M\OZ** "BBNP^ ?P'\5?M.?&'P_X#\$Z1=:YXH\37B65A:0+DN['&YC_"BC+, MQX502>!0!][_ /!KO_P3MN/VVO\ @HUH_BC5M/,W@;X0^7XCU&66,F&>\5Q] MCM\]"QD'F8_NPMZ@'^M6OEO_ () ?\$SM _X)7_L9Z'\.].:WU#Q%<'^TO$V MK1@_\3/4''SD9Y\N,8C0*@)&YF)^I* "BBB@ HHHH **** "BBB@ HHHH M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH **** "BBB@#Y;_X+2?M;K^Q-_P $R?BYXYBF\C5U MT.;2=&;/(O[M3;P,/]QI-^.X0U_%0[M(Y9B69CDD]Z_M+_X+$?\ !+:R_P"" MM/[+MO\ #J\\::QX);3=336+:XLX$G@N)TCD1$N(VP6C'F$X5E((!YQBOYV_ MVP?^#53]J[]F"YNKO0?#FF_%;P["2R7OABY#W04#/SVDFV4'K]P...O:@#\U MZ*Z3XG?!SQ;\%/$+:3XP\,Z_X6U),YM=6L);.7CN%D4$CW'% I_LW_ +$/Q=_:]UN.P^&GPZ\6>,I9'V>9IVG226\9_P!N;'EK_P " M8=#7ZT_L ?\ !F?\0/']W8ZU^T)XJM/ ^CEEDD\/Z!,E[JLJ=2CSX,$)/3*^ M;C/X4 ?D7^RG^R-\0OVV?C'IO@/X9^&;_P 3>(]28 10)^[MH\@&::0_+%$N M1EV( K^JW_@AK_P0<\(_\$G/AX==UEK+Q3\9->MA'JVMJFZ#38S@FTL]P!5, M_><@,Y'. *^IOV,/V"/A/\ \$_/A>GA+X4^$-/\,::P4W4R#S+S477.'N)V MR\K#)QN.!DX KV&@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@##\>?#+PW\4]#DTOQ/X?T/Q'ILW^LM-4L8KR M!_JDBE3^5?'?[4O_ 0Y_9*\;>'KO4KSX#^!;>]DSF73X)-.QQV%NZ ?@*** M /R)_;W_ ."3G[/_ ,'-<1/#?P_73%DD3 J3;0Q\S6]2523O'*K
Cover Cover |
Aug. 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Entity Registrant Name | NRG ENERGY, INC. |
Document Period End Date | Aug. 08, 2024 |
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 |
$FO,[<$C**%(P 8NP$)ELC18ZHJ(^GO%&+_CP&;L99C1@APX]):C*"IB<
M)H;3V+5P!4PPPNC2=P'-0IRK?V+G#K!SRHY_U=3_ 102P,$% @ ZS8(69>*NQS $P(
M L !?
X4@ A(2081A+BM6T?#ZFIS(#WZXW\K7&;H$3"V=E#Z&%7.;W
M!5_-;5JTFM=7>9Q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M #/"K5#K=N;;Y:/@/@YA"(Y81F9WGO!VP=H\!M2N;UDRWG"3MT>/! \]A!,1 -
M @OFF*I%*?7ME3MB)9(LA1/ UB=<;_=EY<2Z03['7?_;:CY6\N76XA$^","^
M"+<_L@8)>?HT12G;VTWS;2/ .#M;?"$V
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M$BB:#7F\J8)79J.9#)3=[@B"F3H1DJ%/NNZY,-R5*.&**S5W0!_@$Q+]0 M]V\J5U^_3VCH65Y%1GV=ITO5-XU*B2E*5X9ZTH
M7//(YYF>O[T4"7D6PN9I0U^J@&?U.YM_%B%VU_"FXL9,;^GMIXV-V=>D-7(",CEX3-M\PGJ[%>,I<*K(9NY[
M-'T.HBG8!O"2I.DS=ZS(F>O!IW1 [3#SO7M;ZMYYQ^B$+"/?F[*-I[BE[0S=
MZ[2W7BYQLV5Z:ZZW9NX.7@I/X6!N78ER2RK>EOI.?.=[]ILN6:O>:QZ$U>QW
M^SLX%W+K9&!:^/>V)8+D5[::U5Z1^?['O@ M0\] B/3D\_3)!O0W8
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MALG8I3GX? N?!^-WOSFFNRK>$_%\9&I8>Y)3X?C.2)B&;/U]T)*=GCXN
M'7=H*+HDB?.5B_.H/U(UZ8OV$NVE1E%$Z>Q\VDVTFQI%$8T.IHMW]Z1-=^6;
M[F90O@49'2!-X!S)\K8Y-A@I6TC=[#.$;MYK?Y)84/N3@@5_%&B<[_>"F.)>
MK0#!M%)P::T2K5D:C?Q0G9F[I\Y,8"U/^[V]:,LJ\4)G-3(CA7ICEA-C?I<
MX]X-@ST]'@)^."B ()Y!C)^FC__UZZ_,7QJ>0*$W\HAHB,89.F86K-)8+"S;
M@A_E2)-TH)<0[>]!1!DVN#9L^3V^SZ.YW.@]_4T.UES*+_X$6N76XV;H>=@[
MVX19WD??>].?OCF(&GZ5Z-J3.]$0WG?E^3/$]Q%IEZEC0P\=F:J#(JFZ
M=CBZP,.U7?:)^Y9L\V<7BS3)<+'GL+QM\\EK1H%+6Q(XN$#WX-7OX"VOAU
MVU@T9IC 2R6N+G^FKXNQW+ULWI1LZ(/XN(BOF[PD(TM-JA*Y%"Y,69ED6IM;H]MJT-&EITM)4;VFV.V3.*A]9V._E=&=1=Q);
M2W0G,:N2=Q);*WDGL;62=Q+J,=#L80$S!.L6[R'!P@%''!G"7@8\7KQ
MC?9TQJWX+A?1@05BSC'0AZZ+__7%/2Q,N0C8E(.$"9>[EH +WMCG4P3:%6X@
M46VC*6+QPI*Q^+@,[QNY88PP
M/.+WH#$0VC49MWSF07 L;MF.IEMV2<;2WQ@FMTA)SB+(>JN_),B:H>\&W;T"
M:KU [HY7@R]";CL@<+,92);E!2 <""L>@V.CF#R%S=XJ5-45F6>*P,HA25UC
MLT;<78XV8<&O2%0L0"MRA=(3[XQ+B.X\!-L%MDGWP?.&U16A-9.B'(*CM[1E
M%=3)OY>*Q59J(W![Z-N#*$84A_UN'-E#L= I)8=9<&D:+*OC
M] NS:.# S'#>J=3!Z!(+69:,QE3WL&F%9-@H0K[:\+GT)&'>8D *Z5(GH)0O
MB5^PM"CD&DDHOK0:XZ6.N^#\05E-D X2QN#+4TW9X@!?&7]FJ;L 0!U08#.;H;;MRY2?7P)A( LA2"7DS
M#_F _AI\*(@7R%!,L7?1; )J"12).PP:\YX?$^ 2!KG]*'5GMHC(@L3QP8MP
M)[C%8IAI*I5UO/&C%H!].DS#4*D*2Z-3#WBPE
+&."R6S1,G):%"Y2\7"Y.
M)'0S/G>Q@[D=]#BWIV2 X@E?Y#8SCZ^]1#B<[-B+-P[T6V5SIFW^T(KNVL,W
M2NSZEX,'V^+#<2 S=O; ;!F*I(UG
A
MR:DX6Z\S\,1H"/GW--806Q8#X8J1'>Y5L5H^F30TRH!7FT.]O-DQQ* 3EY#T
M"X2()@YE\MS;W4(R%2@#OI@,>/4&7)8[:Q!.^BS"EW%*=C;*7U:/JAG$KX\T
M=Z6WA*Z1=]/.-?F"G6R2WFI+K]$BZ27I+:OT:@V]O6/)!\DOR6_ADT; (#V'
M0WD2V:U7$/=7$00__F#V+MA5-(V
LW30[A\/T.H5?2H'A16!X
M:#L1/'L@Z*\GD?LRQE-R@WGDHT*)@F'5XJNQ/YP;\55!OM)ZK29?=XUK'YFO
M%)FED'>Y[J20]W,A[_>;[=^,_DNL&]84#?FT>U)&Z:W):!K[A
<(H<*>%B5I'!>:&RB+;4V
M5X&VI!F(PF6GL"*IY63'EL..+7%(]DLXP2H8=\B N>^L"+?ASDP:\+],:4K
M4H" *%PN"FN*Y"-5DKA]HJTR-A?1-D<&AR+$I?AARI&;Z8S;/I:54."0G%>B
M<*DH3*7G)+Y$8:*P\@J"XEPI1SYQ_QNF'D[AOR)D9Y_"3V_8V9C;;O"&>2X3
MEN=Z4]MB$S&L7=SKK-,R"^_T4$W*ZIT<0+A$V3R4);JJ8QP0A8G"ZE#XK-
MA@*S,@\\*^H&6Y*^C%=SI0@_R<"3;.7^5021$]L17]; <:HR]QLS][:=AI=S@