EX-99.1 2 a02222991.htm EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

April 27, 2022

Entergy reports first quarter earnings

Company affirms guidance and financial outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2022 earnings per share of $1.36 on an as-reported basis and $1.32 on an adjusted basis (non-GAAP).

“We had a strong start for 2022 and continued to make important operational, strategic, and financial progress across the business,” said Leo Denault, Entergy Chairman and Chief Executive Officer. “With favorable weather and higher-than-planned retail sales, we are ahead of schedule and solidly on track to achieve our 2022 objectives.”

Business highlights included the following:

•E-LA completed an $86M transmission upgrade in Lafourche Parish, improving the resilience and reliability of the local power grid.

•E-LA completed a $100M transmission improvement project in north Louisiana that will increase resilience and reliability and provide economic benefits.

•E-TX selected several resources from its 2021 solar RFP totaling at least 400 megawatts of capacity.

•E-AR filed for approval of a new 250-megawatt solar facility, Driver Solar.

•E-AR and E-LA announced their intent to issue RFPs totaling 2,000 megawatts of renewable resources.

•E-TX issued securitization bonds, completing recovery of its 2020 storm costs.

•The LPSC approved cost recovery and financing for E-LA’s 2020 storms, including a $290 million storm reserve as well as $1 billion escrow designated for Hurricane Ida costs.

•E-NO submitted a filing seeking approval to issue $150M in securitized bonds to replenish its storm escrow.

•E-MS filed its annual FRP.

Table of Contents Page
News Release 1 Appendices 7 A: Consolidated results and adjustments 8 B: Earnings variance analysis 11 C: Utility operating and financial measures 13 D: EWC operating and financial measures 14 E: Consolidated financial measures 15 F: Definitions and abbreviations and acronyms 16 G: Other GAAP to non-GAAP reconciliations 19 Financial statements 21

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Consolidated earnings (GAAP and non-GAAP Measures)
First quarter 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
			First quarter
			2022			2021			Change
(After-tax, $ in millions)
As-reported earnings			276			335			(58)
Less adjustments			7			38			(30)
Adjusted earnings (non-GAAP)			269			297			(28)
Estimated weather impact			16			23			(7)
(After-tax, per share in $)
As-reported earnings			1.36			1.66			(0.30)
Less adjustments			0.04			0.19			(0.15)
Adjusted earnings (non-GAAP)			1.32			1.47			(0.15)
Estimated weather impact			0.08			0.11			(0.03)

Calculations may differ due to rounding

Consolidated results

For first quarter 2022, the company reported earnings of $276 million, or $1.36 per share, on an as-reported basis, and earnings of $269 million, or $1.32 per share, on an adjusted basis. This compared to first quarter 2021 earnings of $335 million, or $1.66 per share, on an as-reported basis, and earnings of $297 million, or $1.47 per share, on an adjusted basis.

Summary discussions by business are below. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly variances by business is provided in Appendix B.

Business segment results

Utility

For first quarter 2022, the Utility business reported earnings attributable to Entergy Corporation of $340 million, or $1.67 per share, on both an as-reported and an adjusted basis. This compared to first quarter 2021 earnings of $357 million, or $1.77 per share, on both an as-reported and an adjusted basis. Drivers for the quarter included:

•the first quarter 2021 reversal of a regulatory provision at E-AR for its 2019 netting adjustment;

•higher operating expenses including other O&M, taxes other than income taxes, and depreciation expense; and

•higher interest expense.

These drivers were partially offset by the net effect of regulatory actions across the operating companies.

On a per share basis, first quarter 2022 results reflected higher common shares outstanding.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other

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For first quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(71 million), or (35) cents per share, on both an as-reported and an adjusted basis. This compared to a first quarter 2021 loss of $(60 million), or (30) cents per share, on both an as-reported and an adjusted basis. No individual drivers were significant contributors to the change.

Entergy Wholesale Commodities

For first quarter 2022, EWC reported earnings attributable to Entergy Corporation of $7 million, or 4 cents per share, on an as-reported basis. This compared to a first quarter 2021 earnings attributable to Entergy Corporation of $38 million, or 19 cents per share, on an as-reported basis. Drivers for the quarter included:

•lower revenue primarily due to the shutdown of Indian Point 3, and

•the absence of earnings from NDTs as a result of the sale of Indian Point.

These drivers were partially offset by:

•lower other O&M due primarily to the shutdown of Indian Point 3, and

•lower decommissioning expenses primarily due to the sale of Indian Point.

Appendix D contains additional details on EWC operating and financial measures, including reconciliation for non-GAAP EWC adjusted EBITDA.

Earnings per share guidance

Entergy affirmed its 2022 adjusted EPS guidance range of $6.15 to $6.45. See webcast presentation for additional details.

The company has provided 2022 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately 20 cents in 2022. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 27, 2022, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 7789889, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through May 4, 2022, by dialing 855-859-2056, conference ID 7789889.

Entergy Corporation, a Fortune 500 company headquartered in New Orleans, powers life for 3 million customers through its operating companies across Arkansas, Louisiana, Mississippi, and Texas. Entergy is creating a cleaner, more resilient energy future for everyone with our diverse power generation portfolio, including increasingly carbon-free energy sources. With roots in the Gulf South region for more than a century, Entergy is a recognized leader in corporate citizenship, delivering more than $100 million in economic benefits to local communities through philanthropy and advocacy efforts

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annually over the last several years. Our approximately 12,500 employees are dedicated to powering life today and for future generations.

Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR”.

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.

Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.

Non-GAAP financial measures

This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s exit from the merchant power business. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility,

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and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, ROE is included on both an adjusted and an as-reported basis. Metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Cautionary note regarding forward-looking statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2022 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.

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Media inquiries:

Neal Kirby

504-576-4238

nkirby@entergy.com

Investor relations inquiries:

Bill Abler

504-576-3097

wabler@entergy.com

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First quarter 2022 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: EWC operating and financial measures

E: Consolidated financial measures

F: Definitions and abbreviations and acronyms

G: Other GAAP to Non-GAAP reconciliations

Financial statements

Consolidating balance sheets

Consolidating income statements

Consolidated cash flow statements

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A: Consolidated results and adjustments

Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures First Quarter 2022 vs. 2021 (See Appendix A-2 and Appendix A-3 for details on adjustments)
			First quarter
			2022			2021			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			340			357			(16)
Parent & Other			(71)			(60)			(12)
EWC			7			38			(30)
Consolidated			276			335			(58)
Less adjustments
Utility			-			-			-
Parent & Other			-			-			-
EWC			7			38			(30)
Consolidated			7			38			(30)
Adjusted earnings (loss) (non-GAAP)
Utility			340			357			(16)
Parent & Other			(71)			(60)			(12)
EWC			-			-			-
Consolidated			269			297			(28)
Estimated weather impact			16			23			(7)
Diluted average number of common shares outstanding (in millions)			203.9			201.1
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility			1.67			1.77			(0.10)
Parent & Other			(0.35)			(0.30)			(0.05)
EWC			0.04			0.19			(0.15)
Consolidated			1.36			1.66			(0.30)
Less adjustments
Utility			-			-			-
Parent & Other			-			-			-
EWC			0.04			0.19			(0.15)
Consolidated			0.04			0.19			(0.15)
Adjusted earnings (loss) (non-GAAP)
Utility			1.67			1.77			(0.10)
Parent & Other			(0.35)			(0.30)			(0.05)
EWC			-			-			-
Consolidated			1.32			1.47			(0.15)
Estimated weather impact			0.08			0.11			(0.03)

Calculations may differ due to rounding

(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

See Appendix B for detailed earnings variance analysis.

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Appendix A-2 and Appendix A-3 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
First quarter 2022 vs. 2021
			First quarter
			2022			2021			Change
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
EWC
Income before income taxes			11			54			(43)
Income taxes			(3)			(16)			13
Preferred dividend requirements			(1)			(1)			-
Total EWC			7			38			(30)
Total adjustments			7			38			(30)
(After-tax, per share in $) (b)
EWC
Total EWC			0.04			0.19			(0.15)
Total adjustments			0.04			0.19			(0.15)

Calculations may differ due to rounding

(b)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings)
First quarter 2022 vs. 2021
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
			First quarter
			2022			2021			Change
EWC
Operating revenue			150			248			(98)
Fuel and fuel-related expenses			(26)			(21)			(5)
Purchased power			(14)			(18)			4
Nuclear refueling outage expenses			(11)			(11)			-
Other O&M			(41)			(99)			58
Asset write-off and impairments			(1)			(3)			3
Decommissioning expense			(14)			(53)			39
Taxes other than income taxes			(10)			(6)			(3)
Depreciation/amortization exp.			(9)			(13)			4
Other income (deductions)–other			(13)			34			(47)
Interest exp. and other charges			(1)			(4)			3
Income taxes			(3)			(16)			13
Preferred dividend requirements			(1)			(1)			-
Total EWC			7			38			(30)
Total adjustments (after-tax)			7			38			(30)

Calculations may differ due to rounding

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Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow
First quarter 2022 vs. 2021
($ in millions)
			First quarter
			2022			2021			Change
Utility			495			(77)			572
Parent & Other			(35)			(22)			(13)
EWC			78			49			29
Consolidated			538			(50)			588

    Calculations may differ due to rounding

OCF increased for the quarter due to several drivers, including higher Utility customer collections, lower fuel and purchased power payments (including costs related to Winter Storm Uri in 2021), lower pension contributions, and higher proceeds from the DOE regarding spent fuel litigation. The increase was partially offset by higher non-capital storm restoration spending.

Intercompany income tax payments contributed to the line of business variances.

B: Earnings variance analysis

Appendix B provides details of current quarter 2022 versus 2021 as-reported and adjusted earnings per share variances for Utility, Parent & Other, and EWC.

Appendix B: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
First quarter 2022 vs. 2021
(After-tax, per share in $)
			Utility									Parent & Other									EWC						Consolidated
			As- reported			Adjusted						As-reported			Adjusted						As- reported						As- reported			Adjusted
2021 earnings (loss)			1.77			1.77						(0.30)			(0.30)						0.19						1.66			1.47
Operating revenue less:   Fuel, fuel-related expenses and   gas purchased for resale,   Purchased power, and   Regulatory charges (credits)–net			0.43			0.43			(f)			-			-						(0.39)			(g)			0.04			0.43
Other O&M			(0.10)			(0.10)			(h)			(0.01)			(0.01)						0.23			(i)			0.12			(0.11)
Asset write-offs and impairments			-			-						-			-						0.01						0.01			-
Decommissioning expense			(0.01)			(0.01)						-			-						0.15			(j)			0.14			(0.01)
Taxes other than income taxes			(0.07)			(0.07)			(k)			-			-						(0.01)						(0.08)			(0.07)
Depreciation/amortization exp.			(0.11)			(0.11)			(l)			-			-						0.02						(0.09)			(0.11)
Other income (deductions)			(0.17)			(0.17)			(m)			(0.01)			(0.01)						(0.18)			(n)			(0.36)			(0.18)
Interest expense			(0.06)			(0.06)			(o)			(0.03)			(0.03)						0.01						(0.08)			(0.09)
Income taxes–other			0.01			0.01						-			-						0.01						0.02			0.01
Share effect			(0.02)			(0.02)						-			-						-						(0.02)			(0.02)
2022 earnings (loss)			1.67			1.67						(0.35)			(0.35)						0.04						1.36			1.32

h

Calculations may differ due to rounding

(c)Utility operating revenue / regulatory charges and Utility income taxes-other exclude $17 million, in first quarter 2022 and $41 million, in first quarter 2021 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).

(d)Utility regulatory charges (credits) and Utility preferred dividend and noncontrolling interest exclude $1 million, in first quarter 2022 and $0 in first quarter 2021 for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings).

(e)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes–other represents income tax differences other than the tax effect of individual line items.

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Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits)-net variance analysis 2022 vs. 2021 ($ EPS)
			1Q
Volume/weather			(0.05)
Retail electric price			0.33
1Q21 reversal of reg. provision for E-AR’s FRP 2019 netting adj.			(0.16)
1Q22 reg. provision for true-up of E-LA and E-TX cost of debt from 2020 storms			0.05
Reg. provisions for decommissioning items			0.22
Other, including Grand Gulf recovery			0.04
Total			0.43

(f)The earnings increase was primarily driven by regulatory actions including E-AR’s FRP; E-LA’s FRP; E-MS’s FRP and ad valorem rider; E-NO’s FRP; and E-TX’s GCRR, TCRF, and DCRF. The variance also reflected a change in regulatory provisions for decommissioning items (the difference between expense and trust earnings plus costs collected in revenue, largely earnings neutral) and a regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms. Partially offsetting was the first quarter 2021 reversal of an E-AR regulatory provision.

(g)The earnings decrease was due largely to the shutdown of Indian Point 3 in April 2021.

(h)The earnings decrease from higher Utility other O&M was due primarily to higher customer service center support expenses, higher nuclear generation expenses, higher transmission expenses, and higher distribution operations expenses. These items were partially offset by higher nuclear insurance refunds.

(i)The earnings increase from lower EWC other O&M was due largely to the shutdown of Indian Point 3 in April 2021 and lower severance and retention expenses.

(j)The earnings increase from lower EWC decommissioning expense was due primarily to the sale of Indian Point in May 2021.

(k)The earnings decrease from higher Utility taxes other than income taxes was due to increases in ad valorem and franchise taxes.

(l)The earnings decrease from higher Utility depreciation expense was due primarily to higher plant in service.

(m)The earnings decrease from lower Utility other income (deductions) was due largely to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral).

(n)The earnings decrease from lower EWC other income (deductions) was due largely to the absence of earnings from nuclear decommissioning trust funds that were transferred in the sale of Indian Point in May 2021 and the performance of Palisades decommissioning trust investments. The decrease was partially offset by lower non-service pension costs.

(o)The earnings decrease from higher Utility interest expense was due primarily to higher debt balances.

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C: Utility operating and financial measures

Appendix C provides comparative summaries of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
First quarter 2022 vs. 2021
			First quarter
			2022			2021			% Change			% Weather Adjusted (p)
GWh sold
Residential			8,454			8,663			(2.4)			(3.6)
Commercial			6,271			6,111			2.6			5.2
Governmental			584			581			0.5			0.5
Industrial			12,496			11,738			6.5			6.5
Total retail sales			27,805			27,093			2.6			2.9
Wholesale			3,641			4,299			(15.3)
Total sales			31,446			31,392			0.2
Number of electric retail customers
Residential			2,548,138			2,532,172			0.6
Commercial			368,951			360,323			2.4
Governmental			18,173			17,811			2.0
Industrial			46,477			44,622			4.2
Total retail customers			2,981,739			2,954,928			0.9
Other O&M and refueling outage expense per MWh			$21.00			$20.23			3.8

Calculations may differ due to rounding

(p)The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.

On a weather-adjusted basis retail sales increased 2.9 percent. Residential sales decreased (3.6) percent and commercial sales increased 5.2 percent, including the impact of the COVID-19 pandemic on first quarter 2021. Industrial sales volume increased 6.5 percent due to higher sales to cogeneration customers, higher sales to existing large industrial customers (primarily chemicals and pulp and paper industries, partially offset by lower petroleum refining), an increase in demand from expansion projects (primarily in the chemicals, transportation, and petroleum refining industries), and higher sales to mid-to-small industrial customers.

D: EWC operating and financial measures

Appendix D-1 provides a comparative summary of EWC operating and financial measures.

Appendix D-1: EWC operating and financial measures
First quarter 2022 vs. 2021
			First quarter
			2022			2021			% Change
Owned capacity (MW) (q)			1,205			2,246			(46.3)
GWh billed			2,225			4,413			(49.6)
EWC Nuclear Fleet
Capacity factor			100%			99%			1.0
GWh billed			1,766			3,988			(55.7)
Production cost per MWh			$25.47			$18.46			38.0
Average energy/capacity revenue per MWh			$59.21			$52.04			13.8

Calculations may differ due to rounding    

(q)2022 is lower due to the shutdown of IP3 (1,041MW) on April 30, 2021.

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See the appendix in the webcast presentation for EWC hedging and price disclosures.

Appendix D-2 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-2: EWC adjusted EBITDA - reconciliation of GAAP to non-GAAP measures
First quarter 2022 vs. 2021
($ in millions)			First quarter
			2022			2021			Change
Net income (loss)			8			38			(30)
Add back: interest expense			1			4			(3)
Add back: income taxes			3			16			(13)
Add back: depreciation and amortization			9			13			(4)
Subtract: interest and investment income			(17)			48			(65)
Add back: decommissioning expense			14			53			(39)
Adjusted EBITDA (non-GAAP)			51			76			(24)

Calculations may differ due to rounding

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E: Consolidated financial measures

Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix E: GAAP and non-GAAP financial measures
First quarter 2022 vs. 2021 (See appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 31			2022			2021			Change
GAAP measure
As-reported ROE			9.3%			15.1%			(5.7)%
Non-GAAP measure
Adjusted ROE			10.4%			11.3%			(0.8)%
As of March 31 ($ in millions, except where noted)			2022			2021			Change
GAAP measures
Cash and cash equivalents			702			1,743			(1,041)
Available revolver capacity			4,129			4,220			(92)
Commercial paper			1,343			1,028			315
Total debt			28,630			25,803			2,827
Securitization debt			55			147			(92)
Debt to capital			70.5%			69.6%			0.9%
Off-balance sheet liabilities:
Debt of joint ventures – Entergy’s share			5			15			(10)
Total off-balance sheet liabilities			5			15			(10)
Storm escrows			33			72			(39)
Non-GAAP measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt			70.4%			69.5%			0.9%
Net debt to net capital, excluding securitization debt			69.9%			68.0%			1.9%
Gross liquidity			4,830			5,963			(1,133)
Net liquidity			3,487			4,935			(1,448)
Net liquidity, including storm escrows			3,521			5,007			(1,487)
Parent debt to total debt, excluding securitization debt			21.5%			22.3%			(0.8)%
FFO to debt, excluding securitization debt			8.7%			8.2%			0.5%
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC			9.3%			8.7%			0.6%

Calculations may differ due to rounding

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F: Definitions and abbreviations and acronyms

Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix F-1: Definitions
Utility operating and financial measures
GWh sold						Total number of GWh sold to retail and wholesale customers
Number of electric retail customers						Average number of electric customers over the period
Other O&M and refueling outage expense per MWh						Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales
EWC Operating and financial measures
Adjusted EBITDA (non-GAAP)						Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense
Average revenue per MWh on contracted volumes						Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades (revenue will fluctuate due to factors including positive or negative basis differentials and other risk management costs)
Capacity factor						Normalized percentage of the period that the nuclear plants generate power
Expected sold and market total revenue per MWh						Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including positive or negative basis differentials and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA
GWh billed						Total number of GWh billed to customers and financially-settled instruments
Owned capacity (MW)						Installed capacity owned by EWC
Percent of capacity sold forward						Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions
Percent of planned generation under contract (unit contingent)						Percent of planned generation output sold under unit-contingent contracts
Planned net MW in operation (average)						Average installed nuclear capacity to generate power and/or sell capacity, reflecting the shutdown of Palisades (May 31, 2022)
Planned TWh of generation						Amount of output expected to be generated by EWC nuclear resources considering plant operating characteristics, reflecting the shutdown of Palisades (May 31, 2022)
Production cost per MWh						Fuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation)
Unit contingent						Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee
Financial measures – GAAP
As-reported ROE			12-months rolling net income attributable to Entergy Corporation divided by avg. common equity
Debt of joint ventures – Entergy’s share			Entergy’s share of debt issued by business joint ventures at EWC
Debt to capital			Total debt divided by total capitalization
Available revolver capacity			Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Securitization debt			Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total debt			Sum of short-term and long-term debt, notes payable and commercial paper, and finance leases on the balance sheet

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Appendix F-1: Definitions (continued)
Financial measures – non-GAAP
Adjusted EPS			As-reported EPS excluding adjustments
Adjusted ROE			12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity
Adjustments			Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items
Debt to capital, excluding securitization debt			Total debt divided by total capitalization, excluding securitization debt
FFO			OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, and other working capital accounts), and securitization regulatory charges
FFO to debt, excluding securitization debt			12-months rolling FFO as a percentage of end of period total debt excluding securitization debt
FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC			12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with the exit of EWC as a percentage of end of period total debt excluding securitization debt
Gross liquidity			Sum of cash and available revolver capacity
Net debt to net capital, excl. securitization debt			Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
Net liquidity			Sum of cash and available revolver capacity less commercial paper borrowing
Net liquidity, including storm escrows			Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing
Parent debt to total debt, excl. securitization debt			Entergy Corp. debt, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt

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Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix F-2: Abbreviations and acronyms
ADIT AFUDC AFUDC – borrowed funds ALJ AMI APSC ARO ATM bps CCGT CCNO CFO COD DCRF DOE DSM E-AR E-LA E-MS E-NO E-TX EBITDA EPC EPS ETR EWC FERC FFO FIN 48 FRP GAAP GCRR Grand Gulf or GGNS HLBV			Accumulated deferred income taxes Allowance for funds used during construction Allowance for borrowed funds used during construction Administrative law judge Advanced metering infrastructure Arkansas Public Service Commission Asset retirement obligation At the market equity issuance program Basis points Combined cycle gas turbine Council of the City of New Orleans Cash from operations Commercial operation date Distribution cost recovery factor U.S. Department of Energy Demand side management Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings before interest, income taxes, and depreciation and amortization Engineering, procurement, and construction Earnings per share Entergy Corporation Entergy Wholesale Commodities Federal Energy Regulatory Commission Funds from operations FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes” Formula rate plan U.S. generally accepted accounting principles Generation Cost Recovery Rider Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI Hypothetical liquidation at book value			IIRR-G Indian Point 3 or IP3 IPEC or Indian Point ISES 2 LPSC LTM MISO Moody’s MPSC MTEP Nelson 6 NDT NRC NYSE OCAPS OCF OpCo OPEB Other O&M P&O Palisades PMR PPA PUCT RFP ROE RS Cogen RSP S&P SEC SERI TCRF UPSA WACC			Infrastructure investment recovery rider - gas Indian Point Energy Center Unit 3 (nuclear) (shut down April 30, 2021, sold May 28, 2021) Indian Point Energy Center (nuclear) (sold May 28, 2021) Unit 2 of Independence Steam Electric Station (coal) Louisiana Public Service Commission Last twelve months Midcontinent Independent System Operator, Inc. Moody’s Investor Service Mississippi Public Service Commission MISO Transmission Expansion Plan Unit 6 of Roy S. Nelson plant (coal) Nuclear decommissioning trust U.S. Nuclear Regulatory Commission New York Stock Exchange Orange County Advanced Power Station Net cash flow provided by operating activities Utility operating company Other post-employment benefits Other non-fuel operation and maintenance expense Parent & Other Palisades Power Plant (nuclear) Performance Management Rider Power purchase agreement or purchased power agreement Public Utility Commission of Texas Request for proposals Return on equity RS Cogen facility (CCGT cogeneration) Rate Stabilization Plan (E-LA Gas) Standard & Poor’s U.S. Securities and Exchange Commission System Energy Resources, Inc. Transmission cost recovery factor Unit Power Sales Agreement Weighted-average cost of capital

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G: Other GAAP to non-GAAP reconciliations

Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)						First quarter
						2022			2021
As-reported net income (loss) attributable to Entergy Corporation			(A)			1,060			1,604
Adjustments			(B)			(127)			399
Adjusted earnings (non-GAAP)			(A-B)			1,187			1,205
Average common equity (average of beginning and ending balances)			(C)			11,364			10,621
As-reported ROE			(A/C)			9.3%			15.1%
Adjusted ROE (non-GAAP)			[(A-B)/C]			10.4%			11.3%

Calculations may differ due to rounding

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Appendix G-2: Reconciliation of GAAP to non-GAAP financial measures – debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows
($ in millions except where noted)						First quarter
						2022			2021
Total debt			(A)			28,630			25,803
Less securitization debt			(B)			55			147
Total debt, excluding securitization debt			(C)			28,575			25,656
Less cash and cash equivalents			(D)			702			1,743
Net debt, excluding securitization debt			(E)			27,874			23,914
Commercial paper			(F)			1,343			1,028
Total capitalization			(G)			40,626			37,075
Less securitization debt			(B)			55			147
Total capitalization, excluding securitization debt			(H)			40,571			36,928
Less cash and cash equivalents			(D)			702			1,743
Net capital, excluding securitization debt			(I)			39,870			35,185
Debt to capital			(A/G)			70.5%			69.6%
Debt to capital, excluding securitization debt (non-GAAP)			(C/H)			70.4%			69.5%
Net debt to net capital, excluding securitization debt (non-GAAP)			(E/I)			69.9%			68.0%
Available revolver capacity			(J)			4,129			4,220
Storm escrows			(K)			33			72
Gross liquidity (non-GAAP)			(D+J)			4,830			5,963
Net liquidity (non-GAAP)			(D+J-F)			3,487			4,935
Net liquidity, including storm escrows (non-GAAP)			(D+J-F+K)			3,521			5,007
Entergy Corporation notes:
Due July 2022						650			650
Due September 2025						800			800
Due September 2026						750			750
Due June 2028						650			650
Due June 2030						600			600
Due June 2031						650			650
Due June 2050						600			600
Total Entergy Corporation notes			(L)			4,700			4,700
Revolver draw			(M)			150			55
Unamortized debt issuance costs and discounts			(N)			(47)			(54)
Total parent debt			(F+L+M+N)			6,145			5,728
Parent debt to total debt, excluding securitization debt (non-GAAP)			[(F+L+M+N)/C]			21.5%			22.3%

Calculations may differ due to rounding

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Appendix G-3: Reconciliation of GAAP to non-GAAP financial measures – FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC
($ in millions except where noted)						First quarter
						2022			2021
Total debt			(A)			28,630			25,803
Less securitization debt			(B)			55			147
Total debt, excluding securitization debt			(C)			28,575			25,656
Net cash flow provided by operating activities, LTM			(D)			2,888			1,981
AFUDC – borrowed funds, LTM			(E)			(29)			(43)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						91			(262)
Fuel inventory						6			15
Accounts payable						162			90
Taxes accrued						130			21
Interest accrued						26			9
Other working capital accounts						(105)			(165)
Securitization regulatory charges, LTM						71			124
Total			(F)			382			(170)
FFO, LTM (non-GAAP)			(G)=(D+E-F)			2,477			2,109
FFO to debt, excluding securitization debt (non-GAAP)			(G/C)			8.7%			8.2%
Estimated return of unprotected excess ADIT, LTM			(H)			66			80
Severance and retention payments associated with exit of EWC, LTM pre-tax			(I)			119			55
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC (non-GAAP)			[(G+H+I)/(C)]			9.3%			8.7%

Calculations may differ due to rounding

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Financial Statements

Entergy Corporation
Consolidating Balance Sheet
March 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	65,251					$	3,312					$	7,583					$	76,146
Temporary cash investments						408,892						57,856						158,697						625,445
Total cash and cash equivalents						474,143						61,168						166,280						701,591
Notes receivable						—						(75,000)						75,000						—
Accounts receivable:
Customer						629,903						—						38,717						668,620
Allowance for doubtful accounts						(31,486)						—						—						(31,486)
Associated companies						10,560						(12,259)						1,699						—
Other						157,760						390						13,708						171,858
Accrued unbilled revenues						406,010						—						—						406,010
Total accounts receivable						1,172,747						(11,869)						54,124						1,215,002
Deferred fuel costs						375,670						—						—						375,670
Fuel inventory - at average cost						134,157						—						5,623						139,780
Materials and supplies - at average cost						1,047,217						—						19,318						1,066,535
Deferred nuclear refueling outage costs						117,851						—						7,341						125,192
Prepayments and other						220,194						(16,624)						11,661						215,231
TOTAL						3,541,979						(42,325)						339,347						3,839,001
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						3,009,118						(3,009,204)						22,114						22,028
Decommissioning trust funds						4,674,146						—						535,984						5,210,130
Non-utility property - at cost (less accumulated depreciation)						345,386						(15)						11,721						357,092
Other						81,789						46,910						9,001						137,700
TOTAL						8,110,439						(2,962,309)						578,820						5,726,950
PROPERTY, PLANT, AND EQUIPMENT
Electric						62,923,397						4,996						477,518						63,405,911
Natural gas						666,646						—						—						666,646
Construction work in progress						1,555,338						321						992						1,556,651
Nuclear fuel						543,449						—						4,257						547,706
TOTAL PROPERTY, PLANT, AND EQUIPMENT						65,688,830						5,317						482,767						66,176,914
Less - accumulated depreciation and amortization						24,561,188						200						421,379						24,982,767
PROPERTY, PLANT, AND EQUIPMENT - NET						41,127,642						5,117						61,388						41,194,147
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						8,037,526						—						—						8,037,526
Deferred fuel costs						241,002						—						—						241,002
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						51,844						58						6,486						58,388
Other						200,078						10,533						148,729						359,340
TOTAL						8,904,549						10,591						158,288						9,073,428
TOTAL ASSETS						$	61,684,609					$	(2,988,926)					$	1,137,843					$	59,833,526
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Balance Sheet
March 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	250,335					$	650,000					$	139,000					$	1,039,335
Notes payable and commercial paper:
Other						—						1,342,811						—						1,342,811
Account payable:
Associated companies						44,283						(43,377)						(906)						—
Other						1,676,612						55						64,385						1,741,052
Customer deposits						402,600						—						—						402,600
Taxes accrued						314,817						39,469						(14,399)						339,887
Interest accrued						195,856						27,640						517						224,013
Pension and other postretirement liabilities						47,302						—						12,947						60,249
Current portion of unprotected excess accumulated
deferred income taxes						35,241						—						—						35,241
Other						168,722						1,787						7,488						177,997
TOTAL						3,135,768						2,018,385						209,032						5,363,185
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,862,594						(528,240)						(538,146)						4,796,208
Accumulated deferred investment tax credits						209,921						—						—						209,921
Regulatory liability for income taxes - net						1,233,417						—						—						1,233,417
Other regulatory liabilities						2,433,906						—						—						2,433,906
Decommissioning and retirement cost liabilities						4,120,965						—						695,559						4,816,524
Accumulated provisions						165,029						—						299						165,328
Pension and other postretirement liabilities						1,539,986						—						315,785						1,855,771
Long-term debt						22,023,908						4,152,541						—						26,176,449
Other						1,167,374						(441,641)						60,848						786,581
TOTAL						38,757,100						3,182,660						534,345						42,474,105
Subsidiaries' preferred stock without sinking fund						195,161						—						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2022 - none						—						—						—						—
Common stock, $.01 par value, authorized 499,000,000 shares;
issued 271,965,510 shares in 2022						2,323,748						(2,522,131)						201,103						2,720
Paid-in capital						4,508,952						(1,377,329)						3,603,531						6,735,154
Retained earnings						12,865,133						596,326						(3,149,565)						10,311,894
Accumulated other comprehensive loss						(51,726)						—						(284,852)						(336,578)
Less - treasury stock, at cost (68,808,788 shares in 2022)						120,000						4,883,087						—						5,003,087
TOTAL COMMON SHAREHOLDERS' EQUITY						19,526,107						(8,186,221)						370,217						11,710,103
Subsidiaries' preferred stock without sinking fund
and noncontrolling interest						70,473						(3,750)						—						66,723
TOTAL						19,596,580						(8,189,971)						370,217						11,776,826
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	61,684,609					$	(2,988,926)					$	1,137,843					$	59,833,526
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Balance Sheet
December 31, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	40,303					$	3,144					$	1,497					$	44,944
Temporary cash investments						270,947						8,126						118,542						397,615
Total cash and cash equivalents						311,250						11,270						120,039						442,559
Notes receivable						—						(84,000)						84,000						—
Accounts receivable:
Customer						747,423						—						39,443						786,866
Allowance for doubtful accounts						(68,608)						—						—						(68,608)
Associated companies						12,448						(13,069)						621						—
Other						137,817						345						93,681						231,843
Accrued unbilled revenues						420,255						—						—						420,255
Total accounts receivable						1,249,335						(12,724)						133,745						1,370,356
Deferred fuel costs						324,394						—						—						324,394
Fuel inventory - at average cost						149,817						—						4,758						154,575
Materials and supplies - at average cost						1,022,137						—						19,378						1,041,515
Deferred nuclear refueling outage costs						115,024						—						18,398						133,422
Prepayments and other						162,559						(16,251)						10,466						156,774
TOTAL						3,334,516						(101,705)						390,784						3,623,595
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						1,482,963						(1,483,049)						22,090						22,004
Decommissioning trust funds						4,938,194						—						575,822						5,514,016
Non-utility property - at cost (less accumulated depreciation)						344,427						(14)						13,163						357,576
Other						82,118						46,339						8,994						137,451
TOTAL						6,847,702						(1,436,724)						620,069						6,031,047
PROPERTY, PLANT, AND EQUIPMENT
Electric						63,775,441						10,869						476,940						64,263,250
Natural gas						658,989						—						—						658,989
Construction work in progress						1,510,840						257						869						1,511,966
Nuclear fuel						562,910						—						14,096						577,006
TOTAL PROPERTY, PLANT, AND EQUIPMENT						66,508,180						11,126						491,905						67,011,211
Less - accumulated depreciation and amortization						24,346,483						5,968						414,600						24,767,051
PROPERTY, PLANT, AND EQUIPMENT - NET						42,161,697						5,158						77,305						42,244,160
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,613,256						—						—						6,613,256
Deferred fuel costs						240,953						—						—						240,953
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						47,641						59						6,486						54,186
Other						113,761						11,154						144,958						269,873
TOTAL						7,389,710						11,213						154,517						7,555,440
TOTAL ASSETS						$	59,733,625					$	(1,522,058)					$	1,242,675					$	59,454,242
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Balance Sheet
December 31, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	250,329					$	650,000					$	139,000					$	1,039,329
Notes payable and commercial paper:
Other						—						1,201,177						—						1,201,177
Account payable:
Associated companies						38,168						(41,588)						3,420						—
Other						2,544,419						77						65,636						2,610,132
Customer deposits						395,184						—						—						395,184
Taxes accrued						417,949						3,680						(1,801)						419,828
Interest accrued						166,149						24,506						496						191,151
Deferred fuel costs						7,607						—						—						7,607
Pension and other postretirement liabilities						55,528						—						12,808						68,336
Current portion of unprotected excess accumulated
deferred income taxes						53,385						—						—						53,385
Other						190,473						1,893						12,247						204,613
TOTAL						4,119,191						1,839,745						231,806						6,190,742
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,737,096						(477,484)						(552,815)						4,706,797
Accumulated deferred investment tax credits						211,975						—						—						211,975
Regulatory liability for income taxes - net						1,255,692						—						—						1,255,692
Other regulatory liabilities						2,643,845						—						—						2,643,845
Decommissioning and retirement cost liabilities						4,074,078						—						683,006						4,757,084
Accumulated provisions						156,823						—						299						157,122
Pension and other postretirement liabilities						1,601,648						—						347,677						1,949,325
Long-term debt						20,675,567						4,166,005						—						24,841,572
Other						1,207,314						(453,928)						61,898						815,284
TOTAL						37,564,038						3,234,593						540,065						41,338,696
Subsidiaries' preferred stock without sinking fund						195,161						—						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2021 - none						—						—						—						—
Common stock, $.01 par value, authorized 499,000,000 shares;
issued 271,965,510 shares in 2021						2,323,748						(2,522,131)						201,103						2,720
Paid-in capital						4,482,797						1,314,411						969,031						6,766,239
Retained earnings						11,149,232						(465,227)						(443,453)						10,240,552
Accumulated other comprehensive loss						(52,402)						—						(280,126)						(332,528)
Less - treasury stock, at cost (69,312,326 shares in 2021)						120,000						4,919,699						—						5,039,699
TOTAL COMMON SHAREHOLDERS' EQUITY						17,783,375						(6,592,646)						446,555						11,637,284
Subsidiaries' preferred stock without sinking fund
and noncontrolling interest						71,860						(3,750)						—						68,110
TOTAL						17,855,235						(6,596,396)						446,555						11,705,394
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	59,733,625					$	(1,522,058)					$	1,242,675					$	59,454,242
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	2,655,795					$	(19)					$	—					$	2,655,776
Natural gas						72,361						—						—						72,361
Competitive businesses						—						11						149,777						149,788
Total						2,728,156						(8)						149,777						2,877,925
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						640,770						(9)						26,177						666,938
Purchased power						255,944						9						13,673						269,626
Nuclear refueling outage expenses						31,944						—						11,058						43,002
Other operation and maintenance						628,516						9,075						41,221						678,812
Asset write-offs, impairments, and related charges						—						—						744						744
Decommissioning						48,064						—						13,984						62,048
Taxes other than income taxes						170,280						363						9,505						180,148
Depreciation and amortization						430,223						204						8,545						438,972
Other regulatory charges (credits) - net						(28,425)						—						—						(28,425)
Total						2,177,316						9,642						124,907						2,311,865
OPERATING INCOME						550,840						(9,650)						24,870						566,060
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						15,871						—						—						15,871
Interest and investment income (loss)						27,707						(32,722)						(16,903)						(21,918)
Miscellaneous - net						7,328						(3,775)						4,050						7,603
Total						50,906						(36,497)						(12,853)						1,556
INTEREST EXPENSE
Interest expense						189,327						36,991						1,304						227,622
Allowance for borrowed funds used during construction						(6,096)						—						—						(6,096)
Total						183,231						36,991						1,304						221,526
INCOME BEFORE INCOME TAXES						418,515						(83,138)						10,713						346,090
Income taxes						75,359						(11,716)						2,854						66,497
CONSOLIDATED NET INCOME						343,156						(71,422)						7,859						279,593
Preferred dividend requirements of subsidiaries and noncontrolling interest						2,694						(48)						547						3,193
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	340,462					$	(71,374)					$	7,312					$	276,400
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.67						($0.35)						$0.04						$1.36
DILUTED						$1.67						($0.35)						$0.04						$1.36
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								202,943,628
DILUTED																								203,888,483
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	2,538,448					$	(28)					$	—					$	2,538,420
Natural gas						58,168						—						—						58,168
Competitive businesses						—						31						248,219						248,250
Total						2,596,616						3						248,219						2,844,838
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						479,846						(20)						21,341						501,167
Purchased power						361,881						20						17,833						379,734
Nuclear refueling outage expenses						32,647						—						11,092						43,739
Other operation and maintenance						602,309						5,535						98,942						706,786
Asset write-offs, impairments, and related charges						—						—						3,273						3,273
Decommissioning						45,663						—						52,979						98,642
Taxes other than income taxes						149,936						330						6,436						156,702
Depreciation and amortization						401,102						653						12,764						414,519
Other regulatory charges (credits) - net						32,279						—						—						32,279
Total						2,105,663						6,518						224,660						2,336,841
OPERATING INCOME						490,953						(6,515)						23,559						507,997
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						14,577						—						—						14,577
Interest and investment income						128,113						(32,732)						47,934						143,315
Miscellaneous - net						(45,520)						(1,931)						(13,478)						(60,929)
Total						97,170						(34,663)						34,456						96,963
INTEREST EXPENSE
Interest expense						173,802						27,753						4,331						205,886
Allowance for borrowed funds used during construction						(6,013)						—						—						(6,013)
Total						167,789						27,753						4,331						199,873
INCOME BEFORE INCOME TAXES						420,334						(68,931)						53,684						405,087
Income taxes						59,734						(9,352)						15,560						65,942
CONSOLIDATED NET INCOME						360,600						(59,579)						38,124						339,145
Preferred dividend requirements of subsidiaries						4,033						—						547						4,580
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	356,567					$	(59,579)					$	37,577					$	334,565
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.78						($0.30)						$0.19						$1.67
DILUTED						$1.77						($0.30)						$0.19						$1.66
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,525,549
DILUTED																								201,059,665
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	10,991,416					$	(60)					$	—					$	10,991,356
Natural gas						184,798						—						—						184,798
Competitive businesses						—						107						599,723						599,830
Total						11,176,214						47						599,723						11,775,984
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,536,381						(18)						87,505						2,623,868
Purchased power						1,092,816						18						68,733						1,161,567
Nuclear refueling outage expenses						127,055						—						44,844						171,899
Other operation and maintenance						2,683,232						28,609						228,807						2,940,648
Asset write-offs, impairments, and related charges						—						—						261,096						261,096
Decommissioning						188,639						—						81,178						269,817
Taxes other than income taxes						662,948						526						20,262						683,736
Depreciation and amortization						1,666,273						2,256						40,209						1,708,738
Other regulatory charges (credits) - net						50,925						—						—						50,925
Total						9,008,269						31,391						832,634						9,872,294
OPERATING INCOME						2,167,945						(31,344)						(232,911)						1,903,690
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						71,767						—						—						71,767
Interest and investment income						342,411						(130,938)						53,760						265,233
Miscellaneous - net						(123,802)						(9,864)						420						(133,246)
Total						290,376						(140,802)						54,180						203,754
INTEREST EXPENSE
Interest expense						736,547						138,593						10,308						885,448
Allowance for borrowed funds used during construction						(29,101)						—						—						(29,101)
Total						707,446						138,593						10,308						856,347
INCOME BEFORE INCOME TAXES						1,750,875						(310,739)						(189,039)						1,251,097
Income taxes						279,832						(49,817)						(38,086)						191,929
CONSOLIDATED NET INCOME						1,471,043						(260,922)						(150,953)						1,059,168
Preferred dividend requirements of subsidiaries and noncontrolling interest						(3,272)						(75)						2,188						(1,159)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,474,315					$	(260,847)					$	(153,141)					$	1,060,327
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$7.32						($1.30)						($0.76)						$5.26
DILUTED						$7.28						($1.29)						($0.76)						$5.23
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								201,537,750
DILUTED																								202,547,532
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	9,534,501					$	(77)					$	—					$	9,534,424
Natural gas						138,200						—						—						138,200
Competitive businesses						—						131						858,539						858,670
Total						9,672,701						54						858,539						10,531,294
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,599,763						(34)						68,406						1,668,135
Purchased power						992,658						34						74,696						1,067,388
Nuclear refueling outage expenses						133,277						—						44,400						177,677
Other operation and maintenance						2,514,610						25,067						467,652						3,007,329
Asset write-offs, impairments and related charges						—						—						24,800						24,800
Decommissioning						179,203						—						207,617						386,820
Taxes other than income taxes						598,299						1,276						39,673						639,248
Depreciation and amortization						1,545,249						2,740						79,906						1,627,895
Other regulatory charges (credits) - net						54,566						—						—						54,566
Total						7,617,625						29,083						1,007,150						8,653,858
OPERATING INCOME						2,055,076						(29,029)						(148,611)						1,877,436
OTHER INCOME
Allowance for equity funds used during construction						98,054						—						—						98,054
Interest and investment income						433,248						(134,237)						453,975						752,986
Miscellaneous - net						(240,203)						(7,537)						(47,211)						(294,951)
Total						291,099						(141,774)						406,764						556,089
INTEREST EXPENSE
Interest expense						705,585						111,367						21,326						838,278
Allowance for borrowed funds used during construction						(42,887)						—						—						(42,887)
Total						662,698						111,367						21,326						795,391
INCOME BEFORE INCOME TAXES						1,683,477						(282,170)						236,827						1,638,134
Income taxes						(169,628)						34,220						151,038						15,630
CONSOLIDATED NET INCOME						1,853,105						(316,390)						85,789						1,622,504
Preferred dividend requirements of subsidiaries						16,131						—						2,188						18,319
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,836,974					$	(316,390)					$	83,601					$	1,604,185
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$9.17						($1.58)						$0.42						$8.01
DILUTED						$9.13						($1.57)						$0.41						$7.97
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,289,178
DILUTED																								201,198,761
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended March 31, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	279,593					$	339,145					$	(59,552)
Adjustments to reconcile consolidated net income to net cash
flow provided by (used in) operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						561,731						580,571						(18,840)
Deferred income taxes, investment tax credits, and non-current taxes accrued						70,780						240,431						(169,651)
Asset write-offs, impairments and related charges						744						3,278						(2,534)
Changes in working capital:
Receivables						122,987						(52,690)						175,677
Fuel inventory						14,795						26,878						(12,083)
Accounts payable						(283,175)						(175,651)						(107,524)
Taxes accrued						(79,941)						(231,182)						151,241
Interest accrued						32,862						(3,778)						36,640
Deferred fuel costs						(58,932)						(353,099)						294,167
Other working capital accounts						(95,033)						(43,582)						(51,451)
Changes in provisions for estimated losses						8,206						(60,923)						69,129
Changes in other regulatory assets						(1,424,270)						89,910						(1,514,180)
Changes in other regulatory liabilities						(250,358)						(14,464)						(235,894)
Storm restoration costs approved for securitization recognized as regulatory asset						1,491,942						—						1,491,942
Changes in pension and other postretirement liabilities						(101,641)						(166,733)						65,092
Other						247,676						(227,676)						475,352
Net cash flow provided by operating activities						537,966						(49,565)						587,531
INVESTING ACTIVITIES
Construction/capital expenditures						(1,501,578)						(1,552,103)						50,525
Allowance for equity funds used during construction						15,871						14,577						1,294
Nuclear fuel purchases						(83,326)						(47,916)						(35,410)
Litigation proceeds from settlement agreement						9,829						—						9,829
Changes in securitization account						13,532						(1,304)						14,836
Payments to storm reserve escrow account						—						(10)						10
Receipts from storm reserve escrow account						—						44,205						(44,205)
Decrease (increase) in other investments						(11,862)						12,521						(24,383)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						32,367						15,735						16,632
Proceeds from nuclear decommissioning trust fund sales						479,937						3,225,510						(2,745,573)
Investment in nuclear decommissioning trust funds						(505,989)						(3,224,487)						2,718,498
Net cash flow used in investing activities						(1,551,219)						(1,513,272)						(37,947)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						2,553,369						3,676,242						(1,122,873)
Treasury stock						9,629						979						8,650
Retirement of long-term debt						(1,224,091)						(1,346,172)						122,081
Changes in credit borrowings and commercial paper - net						141,634						(599,860)						741,494
Other						1,382						10,380						(8,998)
Dividends paid:
Common stock						(205,058)						(190,595)						(14,463)
Preferred stock						(4,580)						(4,580)						—
Net cash flow provided by financing activities						1,272,285						1,546,394						(274,109)
Net increase (decrease) in cash and cash equivalents						259,032						(16,443)						275,475
Cash and cash equivalents at beginning of period						442,559						1,759,099						(1,316,540)
Cash and cash equivalents at end of period						$	701,591					$	1,742,656					$	(1,041,065)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$	186,269					$	202,451					$	(16,182)
Income taxes						$	(11,505)					$	9,015					$	(20,520)

---

Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended March 31, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	1,059,168					$	1,622,504					$	(563,336)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,224,104						2,269,725						(45,621)
Deferred income taxes, investment tax credits, and non-current taxes accrued						79,068						140,722						(61,654)
Asset write-offs, impairments and related charges						261,065						24,695						236,370
Changes in working capital:
Receivables						91,048						(262,343)						353,391
Fuel inventory						6,276						14,809						(8,533)
Accounts payable						162,273						89,533						72,740
Taxes accrued						130,058						20,615						109,443
Interest accrued						26,000						8,675						17,325
Deferred fuel costs						(171,883)						(433,143)						261,260
Other working capital accounts						(105,334)						(165,275)						59,941
Changes in provisions for estimated losses						(16,584)						(316,287)						299,703
Changes in other regulatory assets						(2,050,887)						(793,859)						(1,257,028)
Changes in other regulatory liabilities						(192,263)						675,110						(867,373)
Storm restoration costs approved for securitization recognized as regulatory asset						1,491,942						—						1,491,942
Changes in pension and other postretirement liabilities						(832,075)						(3,283)						(828,792)
Other						726,268						(910,957)						1,637,225
Net cash flow provided by operating activities						2,888,244						1,981,241						907,003
INVESTING ACTIVITIES
Construction/capital expenditures						(6,036,771)						(5,202,571)						(834,200)
Allowance for equity funds used during construction						71,767						98,054						(26,287)
Nuclear fuel purchases						(201,922)						(178,246)						(23,676)
Payment for purchase of plant						(168,304)						(222,488)						54,184
Net proceeds from sale of plant						17,421						—						17,421
Litigation proceeds from settlement agreement						9,829						—						9,829
Changes in securitization account						28,505						3,865						24,640
Payments to storm reserve escrow account						(15)						(726)						711
Receipts from storm reserve escrow account						38,900						301,204						(262,304)
Increase in other investments						(22,040)						(2,499)						(19,541)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						65,868						26,284						39,584
Proceeds from nuclear decommissioning trust fund sales						2,808,056						5,645,835						(2,837,779)
Investment in nuclear decommissioning trust funds						(2,828,517)						(5,708,803)						2,880,286
Net cash flow used in investing activities						(6,217,223)						(5,240,091)						(977,132)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						7,185,554						13,100,098						(5,914,544)
Treasury stock						14,627						3,615						11,012
Common stock						200,776						—						200,776
Retirement of long-term debt						(4,705,746)						(7,883,972)						3,178,226
Changes in credit borrowings and commercial paper - net						315,182						(914,187)						1,229,369
Capital contributions from noncontrolling interest						51,202						—						51,202
Other						34,223						3,612						30,611
Dividends paid:
Common stock						(789,585)						(753,174)						(36,411)
Preferred stock						(18,319)						(18,319)						—
Net cash flow provided by financing activities						2,287,914						3,537,673						(1,249,759)
Net increase (decrease) in cash and cash equivalents						(1,041,065)						278,823						(1,319,888)
Cash and cash equivalents at beginning of period						1,742,656						1,463,833						278,823
Cash and cash equivalents at end of period						$	701,591					$	1,742,656					$	(1,041,065)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	827,046					$	802,908					$	24,138
Income taxes						$	77,857					$	850					$	77,007