Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segment. Management evaluates the performance of Cleco’s segment and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.


Segment Information for the Three Months Ended Mar. 31,
2023 (THOUSANDS)	CLECO POWER
Revenue
Electric operations	$	296,348
Other operations	27,303
Affiliate revenue	1,688
Electric customer credits	(651)
Operating revenue, net	$	324,688
Net income	$	22,817
Add: Depreciation and amortization	50,733
Less: Interest income	1,185
Add: Interest charges	24,338
Add: Federal and state income tax expense	1,490



EBITDA	$	98,193


2023 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	296,348	$	(2,420)		$	—	$	293,928
Other operations	27,303		1			—		27,304
Affiliate revenue	1,688		27,514			(29,202)		—
Electric customer credits	(651)		—			—		(651)
Operating revenue, net	$	324,688	$	25,095		$	(29,202)	$	320,581
Depreciation and amortization	$	50,733	$	4,476	(1)	$	—	$	55,209
Interest income	$	1,185	$	143		$	(61)	$	1,267
Interest charges	$	24,338	$	15,211		$	(61)	$	39,488

Federal and state income tax expense	$	1,490	$	(1,655)		$	—	$	(165)
Income (loss) from continuing operations, net of income taxes	$	22,817	$	(24,668)		$	—	$	(1,851)
Loss from discontinued operations, net of income taxes	$	—	$	(102,171)		$	—	$	(102,171)
Net income (loss)	$	22,817	$	(126,839)		$	—	$	(104,022)
Additions to property, plant, and equipment	$	58,066	$	2,033		$	—	$	60,099
Equity investment in investee (2)	$	2,072	$	(320,348)		$	320,348	$	2,072
Goodwill (2)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (2)	$	6,836,444	$	1,059,272		$	176,363	$	8,072,079
(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) Balances as of March 31, 2023.


2022 (THOUSANDS)	CLECO POWER
Revenue
Electric operations	$	296,097
Other operations	19,084
Affiliate revenue	1,459
Electric customer credits	(136)
Operating revenue, net	$	316,504
Net income	$	39,024
Add: Depreciation and amortization	45,239
Less: Interest income	740
Add: Interest charges	18,801
Add: Federal and state income tax expense	724
EBITDA	$	103,048


2022 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	296,097	$	(2,420)		$	—	$	293,677
Other operations	19,084		1			1		19,086
Affiliate revenue	1,459		27,393			(28,852)		—
Electric customer credits	(136)		—			—		(136)
Operating revenue, net	$	316,504	$	24,974		$	(28,851)	$	312,627
Depreciation and amortization	$	45,239	$	4,379	(1)	$	—	$	49,618
Interest income	$	740	$	31		$	(28)	$	743
Interest charges	$	18,801	$	13,867		$	(27)	$	32,641
Federal and state income tax expense (benefit)	$	724	$	(8,257)		$	—	$	(7,533)
Income from continuing operations, net of income taxes	$	39,024	$	(13,833)		$	1	$	25,192
Income from discontinued operations, net of income taxes	$	—	$	130,552		$	—	$	130,552
Net income	$	39,024	$	116,719		$	1	$	155,744
Additions to property, plant, and equipment	$	38,492	$	1,707		$	—	$	40,199
Equity investment in investees (2)	$	2,072	$	(320,348)		$	320,348	$	2,072
Goodwill (2)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (2)	$	6,834,970	$	1,237,097		$	181,683	$	8,253,750
(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) Balances as of December 31, 2022.



	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2023		2022
Net (loss) income	$	(104,022)	$	155,744
Less: (Loss) income from discontinued operations, net of income taxes	(102,171)		130,552
(Loss) income from continuing operations, net of income taxes	$	(1,851)	$	25,192
Add: Depreciation and amortization	55,209		49,618

Less: Interest income	1,267		743
Add: Interest charges	39,488		32,641
Add: Federal and state income tax benefit	(165)		(7,533)
Add: Other corporate costs and noncash items*	6,779		3,873
Total segment EBITDA	$	98,193	$	103,048
* Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.