Disclosures about Segments (Tables)

6 Months Ended

Jun. 30, 2022


Segment Information for the Three Months Ended June 30,
2022 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	368,614	$	126,089		$	494,703
Other operations	18,686		36,712			55,398
Affiliate revenue	1,628		—			1,628
Electric customer credits	(129)		—			(129)
Operating revenue, net	$	388,799	$	162,801		$	551,600
Net income (loss)	$	54,705	$	(932)		$	53,773
Add: Depreciation and amortization	44,299		23,219		(1)	67,518
Less: Interest income	1,035		176			1,211
Add: Interest charges	21,305		43			21,348
Add: Federal and state income tax expense (benefit)	3,214		(966)			2,248



EBITDA	$	122,488	$	21,188		$	143,676




(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	$	494,703	$	(2,420)		$	—	$	492,283
Other operations	55,398		2			(2,136)		53,264
Affiliate revenue	1,628		25,752			(27,380)		—
Electric customer credits	(129)		—			—		(129)
Operating revenue, net	$	551,600	$	23,334		$	(29,516)	$	545,418
Depreciation and amortization	$	67,518	$	4,373	(1)	$	1	$	71,892
Interest income	$	1,211	$	53		$	(23)	$	1,241
Interest charges	$	21,348	$	15,081		$	(22)	$	36,407

Federal and state income tax expense (benefit)	$	2,248	$	27,280		$	(1)	$	29,527
Net income (loss)	$	53,773	$	(52,409)		$	(1)	$	1,363




(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.


2021 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	262,948	$	91,407		$	354,355
Other operations	16,269		30,655			46,924
Affiliate revenue	1,224		—			1,224
Electric customer credits	(18,762)		244			(18,518)
Operating revenue, net	$	261,679	$	122,306		$	383,985
Net income	$	27,421	$	52,494		$	79,915
Add: Depreciation and amortization	40,933		12,339		(1)	53,272
Less: Interest income	825		3			828
Add: Interest charges	18,237		(180)			18,057
Add: Federal and state income tax expense	8,956		18,063			27,019
EBITDA	$	94,722	$	82,713		$	177,435




(1) Includes $3.3 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.


2021 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	354,355	$	(2,420)		$	1	$	351,936
Other operations	46,924		1			(1,595)		45,330
Affiliate revenue	1,224		26,120			(27,344)		—
Electric customer credits	(18,518)		—			1		(18,517)
Operating revenue, net	$	383,985	$	23,701		$	(28,937)	$	378,749
Depreciation and amortization	$	53,272	$	4,427	(1)	$	—	$	57,699
Interest income	$	828	$	14		$	(13)	$	829
Interest charges	$	18,057	$	15,248		$	(14)	$	33,291
Federal and state income tax expense (benefit)	$	27,019	$	(17,182)		$	—	$	9,837
Net income (loss)	$	79,915	$	(1,093)		$	—	$	78,822




(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.


Segment Information for the Six Months Ended June 30,
2022 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	664,711	$	229,722		$	894,433
Other operations	37,771		72,324			110,095
Affiliate revenue	3,087		—			3,087
Electric customer credits	(265)		—			(265)
Operating revenue, net	$	705,304	$	302,046		$	1,007,350
Net income	$	93,729	$	92,449		$	186,178
Add: Depreciation and amortization	89,538		46,398		(2)	135,936
Less: Interest income	1,775		188			1,963
Add: Interest charges	40,108		35			40,143
Add: Federal and state income tax expense	3,938		32,674			36,612
EBITDA	$	225,538	$	171,368		$	396,906
Additions to property, plant, and equipment	$	98,162	$	2,839		$	101,001
Equity investment in investees (1)	$	2,072	$	—		$	2,072
Goodwill (1)	$	1,490,797	$	—		$	1,490,797
Total segment assets (1)	$	6,934,909	$	1,143,090		$	8,077,999
(1) Balances as of June 30, 2022. (2) Includes $7.2 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(4.6) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2022 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	894,433	$	(4,840)		$	(1)	$	889,592
Other operations	110,095		3			(4,827)		105,271
Affiliate revenue	3,087		53,145			(56,232)		—
Electric customer credits	(265)		—			—		(265)
Operating revenue, net	$	1,007,350	$	48,308		$	(61,060)	$	994,598
Depreciation and amortization	$	135,936	$	8,752	(2)	$	1	$	144,689
Interest income	$	1,963	$	83		$	(49)	$	1,997
Interest charges	$	40,143	$	29,834		$	(50)	$	69,927
Federal and state income tax expense (benefit)	$	36,612	$	(12,672)		$	—	$	23,940
Net income (loss)	$	186,178	$	(29,070)		$	(1)	$	157,107
Additions to property, plant, and equipment	$	101,001	$	672		$	—	$	101,673
Equity investment in investees (1)	$	2,072	$	(185,901)		$	185,901	$	2,072
Goodwill (1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (1)	$	8,077,999	$	373,804		$	10,518	$	8,462,321
(1) Balances as of June 30, 2022. (2) Includes $4.8 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.


2021 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	530,107	$	192,914		$	723,021
Other operations	34,895		63,694			98,589
Affiliate revenue	2,879		—			2,879
Electric customer credits	(39,738)		244			(39,494)
Operating revenue, net	$	528,143	$	256,852		$	784,995
Net income	$	45,846	$	66,975		$	112,821
Add: Depreciation and amortization	83,009		23,991		(2)	107,000
Less: Interest income	1,468		6			1,474
Add: Interest charges	36,883		(332)			36,551
Add: Federal and state income tax (benefit) expense	(767)		22,673			21,906
EBITDA	$	163,503	$	113,301		$	276,804
Additions to property, plant, and equipment	$	132,194	$	4,882		$	137,076
Equity investment in investees (1)	$	2,072	$	—		$	2,072
Goodwill (1)	$	1,490,797	$	—		$	1,490,797
Total segment assets (1)	$	6,620,298	$	1,104,090		$	7,724,388
(1) Balances as of December 31, 2021. (2) Includes $6.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(4.6) million deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2021 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	723,021	$	(4,840)		$	—	$	718,181
Other operations	98,589		2			(3,535)		95,056
Affiliate revenue	2,879		53,276			(56,155)		—
Electric customer credits	(39,494)		—			—		(39,494)
Operating revenue, net	$	784,995	$	48,438		$	(59,690)	$	773,743
Depreciation and amortization	$	107,000	$	8,862	(2)	$	—	$	115,862
Interest income	$	1,474	$	57		$	(56)	$	1,475
Interest charges	$	36,551	$	30,687		$	(55)	$	67,183
Federal and state income tax expense (benefit)	$	21,906	$	(21,490)		$	—	$	416
Net income (loss)	$	112,821	$	(13,672)		$	—	$	99,149
Additions to property, plant, and equipment	$	137,076	$	1,440		$	—	$	138,516
Equity investment in investees (1)	$	2,072	$	(46,901)		$	46,901	$	2,072
Goodwill (1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (1)	$	7,724,388	$	619,101		$	(218,471)	$	8,125,018
(1) Balances as of December 31, 2021. (2) Includes $4.8 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.



	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2022		2021		2022		2021
Net income	$	1,363	$	78,822	$	157,107	$	99,149
Add: Depreciation and amortization	71,892		57,699		144,689		115,862

Less: Interest income	1,241		829		1,997		1,475
Add: Interest charges	36,407		33,291		69,927		67,183
Add: Federal and state income tax expense	29,527		9,837		23,940		416
Add: Other corporate costs and noncash items (1)	5,728		(1,385)		3,240		(4,331)
Total segment EBITDA	$	143,676	$	177,435	$	396,906	$	276,804
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.