Disclosures about Segments (Tables)

3 Months Ended

Mar. 31, 2022


Segment Information for the Three Months Ended Mar. 31,
2022 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	296,097	$	103,633		$	399,730
Other operations	19,084		35,612			54,696
Affiliate revenue	1,459		—			1,459
Electric customer credits	(136)		—			(136)
Operating revenue, net	$	316,504	$	139,245		$	455,749
Net income	$	39,024	$	93,381		$	132,405
Add: Depreciation and amortization	45,239		23,180		(1)	68,419
Less: Interest income	740		13			753
Add: Interest charges	18,801		(8)			18,793
Add: Federal and state income tax expense	724		33,641			34,365



EBITDA	$	103,048	$	150,181		$	253,229
Additions to property, plant, and equipment	$	38,492	$	1,471		$	39,963
Equity investment in investee	$	2,072	$	—		$	2,072
Goodwill	$	1,490,797	$	—		$	1,490,797
Total segment assets	$	6,621,574	$	1,194,748		$	7,816,322
(1) Includes $3.6 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2022 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	399,730	$	(2,420)		$	(1)	$	397,309
Other operations	54,696		1			(2,690)		52,007
Affiliate revenue	1,459		27,393			(28,852)		—
Electric customer credits	(136)		—			—		(136)
Operating revenue, net	$	455,749	$	24,974		$	(31,543)	$	449,180
Depreciation and amortization	$	68,419	$	4,379	(1)	$	—	$	72,798
Interest income	$	753	$	31		$	(28)	$	756
Interest charges	$	18,793	$	14,753		$	(27)	$	33,519

Federal and state income tax expense (benefit)	$	34,365	$	(39,952)		$	—	$	(5,587)
Net income (loss)	$	132,405	$	23,339		$	—	$	155,744
Additions to property, plant, and equipment	$	39,963	$	236		$	—	$	40,199
Equity investment in investee (2)	$	2,072	$	(66,901)		$	66,901	$	2,072
Goodwill (2)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (2)	$	7,816,322	$	582,322		$	(148,417)	$	8,250,227
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. (2) At March 31, 2022.


2021 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	267,158	$	101,507		$	368,665
Other operations	18,626		33,039			51,665
Affiliate revenue	1,655		—			1,655
Electric customer credits	(20,976)		—			(20,976)
Operating revenue, net	$	266,463	$	134,546		$	401,009
Net income	$	18,425	$	14,481		$	32,906
Add: Depreciation and amortization	42,076		11,653		(1)	53,729
Less: Interest income	642		3			645
Add: Interest charges	18,646		(152)			18,494
Add: Federal and state income tax (benefit) expense	(9,723)		4,610			(5,113)
EBITDA	$	68,782	$	30,589		$	99,371
Additions to property, plant, and equipment	$	36,263	$	2,313		$	38,576
Equity investment in investees (2)	$	2,072	$	—		$	2,072
Goodwill (2)	$	1,490,797	$	—		$	1,490,797
Total segment assets (2)	$	6,620,298	$	1,104,090		$	7,724,388
(1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. (2) At December 31, 2021.


2021 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	368,665	$	(2,420)		$	—	$	366,245
Other operations	51,665		1			(1,940)		49,726
Affiliate revenue	1,655		27,156			(28,811)		—
Electric customer credits	(20,976)		—			—		(20,976)
Operating revenue, net	$	401,009	$	24,737		$	(30,751)	$	394,995
Depreciation and amortization	$	53,729	$	4,435	(1)	$	—	$	58,164
Interest income	$	645	$	43		$	(41)	$	647
Interest charges	$	18,494	$	15,440		$	(43)	$	33,891
Federal and state income tax benefit	$	(5,113)	$	(4,307)		$	—	$	(9,420)
Net income (loss)	$	32,906	$	(12,579)		$	—	$	20,327
Additions to property, plant, and equipment	$	38,576	$	(805)		$	—	$	37,771
Equity investment in investees (2)	$	2,072	$	(46,901)		$	46,901	$	2,072
Goodwill (2)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (2)	$	7,724,388	$	619,101		$	(218,471)	$	8,125,018
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. (2) At December 31, 2021.



	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2022		2021
Net income	$	155,744	$	20,327
Add: Depreciation and amortization	72,798		58,164

Less: Interest income	756		647
Add: Interest charges	33,519		33,891
Add: Federal and state income tax expense	(5,587)		(9,420)
Add: Other corporate costs and noncash items (1)	(2,489)		(2,944)
Total segment EBITDA	$	253,229	$	99,371
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.