Disclosures about Segments (Tables)

9 Months Ended

Sep. 30, 2022


Segment Information for the Three Months Ended Sept. 30,
2022 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	481,153	$	140,767		$	621,920
Other operations	24,757		39,573			64,330
Affiliate revenue	1,657		—			1,657
Electric customer credits	(6,728)		—			(6,728)
Operating revenue, net	$	500,839	$	180,340		$	681,179
Net income	$	40,733	$	39,741		$	80,474
Add: Depreciation and amortization	44,368		13,336		(1)	57,704
Less: Interest income	1,726		472			2,198
Add: Interest charges	23,840		219			24,059
Add: Federal and state income tax expense	1,862		14,461			16,323



EBITDA	$	109,077	$	67,285		$	176,362




(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	$	621,920	$	(2,420)		$	—	$	619,500
Other operations	64,330		1			(2,560)		61,771
Affiliate revenue	1,657		29,583			(31,240)		—
Electric customer credits	(6,728)		—			—		(6,728)
Operating revenue, net	$	681,179	$	27,164		$	(33,800)	$	674,543
Depreciation and amortization	$	57,704	$	4,375	(1)	$	—	$	62,079
Interest income	$	2,198	$	58		$	(18)	$	2,238
Interest charges	$	24,059	$	15,850		$	(19)	$	39,890

Federal and state income tax expense (benefit)	$	16,323	$	(10,712)		$	—	$	5,611
Net income (loss)	$	80,474	$	(12,103)		$	1	$	68,372




(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	$	357,084	$	107,500		$	464,584
Other operations	22,779		35,158			57,937
Affiliate revenue	1,380		—			1,380
Electric customer credits	(691)		—			(691)
Operating revenue, net	$	380,552	$	142,658		$	523,210
Net income	$	56,561	$	86,744		$	143,305
Add: Depreciation and amortization	43,526		12,623		(1)	56,149
Less: Interest income	936		4			940
Add: Interest charges	18,509		1,117			19,626
Add: Federal and state income tax expense	548		29,888			30,436
EBITDA	$	118,208	$	130,368		$	248,576




(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.


2021 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	464,584	$	(2,420)		$	—	$	462,164
Other operations	57,937		1			(2,217)		55,721
Affiliate revenue	1,380		32,116			(33,496)		—
Electric customer credits	(691)		—			—		(691)
Operating revenue, net	$	523,210	$	29,697		$	(35,713)	$	517,194
Depreciation and amortization	$	56,149	$	8,189	(1)	$	—	$	64,338
Interest income	$	940	$	43		$	(42)	$	941
Interest charges	$	19,626	$	15,044		$	(41)	$	34,629
Federal and state income tax expense (benefit)	$	30,436	$	133		$	—	$	30,569
Net income (loss)	$	143,305	$	(23,396)		$	1	$	119,910




(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 Nine Months Ended Sept. 30,
2022 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	1,145,864	$	370,489		$	1,516,353
Other operations	62,528		111,897			174,425
Affiliate revenue	4,744		—			4,744
Electric customer credits	(6,992)		—			(6,992)
Operating revenue, net	$	1,206,144	$	482,386		$	1,688,530
Net income	$	134,462	$	132,190		$	266,652
Add: Depreciation and amortization	133,907		59,734		(2)	193,641
Less: Interest income	3,501		661			4,162
Add: Interest charges	63,947		253			64,200
Add: Federal and state income tax expense	5,800		47,136			52,936
EBITDA	$	334,615	$	238,652		$	573,267
Additions to property, plant, and equipment	$	139,726	$	4,844		$	144,570
Equity investment in investees (1)	$	2,072	$	—		$	2,072
Goodwill (1)	$	1,490,797	$	—		$	1,490,797
Total segment assets (1)	$	6,950,548	$	1,110,338		$	8,060,886
(1) Balances as of September 30, 2022. (2) Includes $10.8 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2022 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	1,516,353	$	(7,260)		$	—	$	1,509,093
Other operations	174,425		5			(7,388)		167,042
Affiliate revenue	4,744		82,728			(87,472)		—
Electric customer credits	(6,992)		—			—		(6,992)
Operating revenue, net	$	1,688,530	$	75,473		$	(94,860)	$	1,669,143
Depreciation and amortization	$	193,641	$	13,127	(2)	$	(1)	$	206,767
Interest income	$	4,162	$	141		$	(67)	$	4,236
Interest charges	$	64,200	$	45,684		$	(66)	$	109,818
Federal and state income tax expense (benefit)	$	52,936	$	(23,384)		$	(1)	$	29,551
Net income (loss)	$	266,652	$	(41,173)		$	—	$	225,479
Additions to property, plant, and equipment	$	144,570	$	944		$	—	$	145,514
Equity investment in investees (1)	$	2,072	$	(305,348)		$	305,348	$	2,072
Goodwill (1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (1)	$	8,060,886	$	248,847		$	174,788	$	8,484,521
(1) Balances as of September 30, 2022. (2) Includes $7.3 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	$	887,191	$	300,415		$	1,187,606
Other operations	57,674		98,851			156,525
Affiliate revenue	4,259		—			4,259
Electric customer credits	(40,429)		244			(40,185)
Operating revenue, net	$	908,695	$	399,510		$	1,308,205
Net income	$	102,407	$	153,719		$	256,126
Add: Depreciation and amortization	126,534		36,614		(2)	163,148
Less: Interest income	2,404		10			2,414
Add: Interest charges	55,392		786			56,178
Add: Federal and state income tax (benefit) expense	(219)		52,561			52,342
EBITDA	$	281,710	$	243,670		$	525,380
Additions to property, plant, and equipment	$	200,237	$	5,904		$	206,141
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 $10.0 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2021 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	1,187,606	$	(7,260)		$	(1)	$	1,180,345
Other operations	156,525		4			(5,752)		150,777
Affiliate revenue	4,259		85,392			(89,651)		—
Electric customer credits	(40,185)		—			—		(40,185)
Operating revenue, net	$	1,308,205	$	78,136		$	(95,404)	$	1,290,937
Depreciation and amortization	$	163,148	$	17,052	(2)	$	(1)	$	180,199
Interest income	$	2,414	$	100		$	(98)	$	2,416
Interest charges	$	56,178	$	45,732		$	(98)	$	101,812
Federal and state income tax expense (benefit)	$	52,342	$	(21,357)		$	—	$	30,985
Net income (loss)	$	256,126	$	(37,068)		$	1	$	219,059
Additions to property, plant, and equipment	$	206,141	$	1,116		$	—	$	207,257
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 $7.3 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 SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2022		2021		2022		2021
Net income	$	68,372	$	119,910	$	225,479	$	219,059
Add: Depreciation and amortization	62,079		64,338		206,767		180,199

Less: Interest income	2,238		941		4,236		2,416
Add: Interest charges	39,890		34,629		109,818		101,812
Add: Federal and state income tax expense	5,611		30,569		29,551		30,985
Add: Other corporate costs and noncash items (1)	2,648		71		5,888		(4,259)
Total segment EBITDA	$	176,362	$	248,576	$	573,267	$	525,380
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.