NRG Energy Reports 3rd Quarter Results
- Strong third quarter 2024 financial and operating results; reaffirming recently raised 2024 guidance
- Increasing 2024 share repurchase plan to $925 million, and on target to achieve investment grade credit metrics by the end of 2024
- Initiating 2025 financial guidance with long-term Adjusted Earnings per Share (Adjusted EPS) growth target of greater than 10% from raised 2024 guidance
- Announcing 2025 capital allocation with $1.355 billion of share repurchases; share repurchase authorization increased by $1 billion to $3.7 billion through 2025
- Partnering with Renew Home and Google Cloud to create and operationalize 1 GW of Virtual Power Plant platform capacity in Texas
- New build: 415 MW T.H. Wharton peaking generation facility near Houston, selected by the Texas Energy Fund to proceed to due diligence
HOUSTON–(BUSINESS WIRE)–NRG Energy, Inc. (NYSE: NRG) today reports strong third quarter 2024 financial results and reaffirms its raised guidance ranges.
“We had another excellent quarter, posting strong performance across the company,” said Larry Coben, NRG Chair, President and Chief Executive Officer. “NRG’s financial position has never been stronger as evidenced by our raised 2024 guidance and the 2025 guidance we initiated today. We continue to look to add new capacity to our portfolio, and our exciting new partnership with Renew Home provides further validation of our customer-focused strategy.”
Consolidated Financial Results
|
Table 1: |
||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
($ in millions, except per share amounts) |
|
9/30/2024 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
||||||
|
Net (Loss)/Income |
|
$ |
(767 |
) |
|
$ |
343 |
|
$ |
482 |
|
$ |
(684 |
) |
|
(Loss)/Income per Weighted Average Common Share — Basic |
|
$ |
(3.79 |
) |
|
$ |
1.42 |
|
$ |
2.08 |
|
$ |
(3.14 |
) |
|
Adjusted EBITDAa |
|
$ |
1,055 |
|
|
$ |
987 |
|
$ |
2,887 |
|
$ |
2,458 |
|
|
Adjusted Net Incomeb |
|
$ |
393 |
|
|
$ |
360 |
|
$ |
1,066 |
|
$ |
849 |
|
|
Adjusted EPSc |
|
$ |
1.90 |
|
|
$ |
1.57 |
|
$ |
5.15 |
|
$ |
3.69 |
|
|
Cash Provided/(Used) by Operating Activities |
|
$ |
31 |
|
|
$ |
566 |
|
$ |
1,354 |
|
$ |
(462 |
) |
|
Free Cash Flow Before Growth Investments (FCFbG) |
|
$ |
815 |
|
|
$ |
355 |
|
$ |
1,438 |
|
$ |
983 |
|
|
a Adjusted EBITDA recast to exclude all impacts of amortization of capitalized contract costs related to fulfillment, now reflected in depreciation and amortization referenced below |
|
b Not previously provided, Adjusted Net Income as shown here is ‘Adjusted Net Income available for common stockholders’; see appendix tables A-1-A-6 |
|
c Not previously provided, Adjusted EPS calculated based on Adjusted Net Income divided by weighted average number of common shares outstanding – basic |
For the third quarter of 2024, GAAP Net Loss was $(767) million as a result of the impact of unrealized non-cash mark-to-market losses on commodity hedges, and GAAP Cash Provided by Operating Activities was $31 million. NRG produced Adjusted EBITDA of $1,055 million and Free Cash Flow before Growth Investments of $815 million in the quarter, an increase of $68 million and $460 million, respectively, over the same period in the prior year. Year-over-year improved financial performance was driven primarily by margin expansion across all NRG reporting segments.
Introduction of Adjusted Net Income and Adjusted EPS Metrics
NRG is introducing new metrics to enhance its financial reporting. Adjusted Net Income and Adjusted EPS offer additional insight into the performance of the Company, and highlight the maturity and predictability of NRG’s integrated platform and robust capital return program. The Company will continue to report and provide guidance on Adjusted EBITDA and FCFbG alongside Adjusted Net Income and Adjusted EPS to ensure transparency and to allow for continuity of analysis.
Adjusted Net Income and Adjusted EPS are both non-GAAP measures. The Company defines Adjusted EPS as the Adjusted Net Income available to common shareholders, divided by the weighted average number of basic common shares outstanding. With the retirement of the callable and fully hedged Convertible Senior Notes scheduled to occur in 2025, the weighted average number of basic common shares outstanding will provide a more accurate view of recurring per-share earnings.
The Company calculates Adjusted Net Income and Adjusted EPS metrics using an adjusted effective tax rate. Actual cash taxes are materially lower than book income tax expense due to NRG’s tax attributes, primarily comprised of sizable gross Net Operating Losses (NOL), which are forecasted to be $7.2 billion as of December 31, 2024.
The Company has also recast all amortization of capitalized customer acquisition costs from selling general & administrative expenses and cost of operations into the depreciation and amortization line item of the Company’s financial statements. All reported figures have been updated to reflect this change, and historical periods have been recast to aid with comparison. This recast only affects Adjusted EBITDA and has no impact on Adjusted Net Income, Adjusted EPS, or FCFbG.
Raised 2024 Guidance
On September 25, 2024, NRG raised its 2024 Adjusted EBITDA guidance to $3,525 – $3,675 million from $3,300 – $3,550 million and FCFbG guidance to $1,975 – $2,125 million from $1,825 – $2,075 million. With the recasting of the amortization of capitalized customer acquisition costs described above, the 2024 Adjusted EBITDA guidance issued on September 25, 2024 is now $3,655 – $3,805 million, an increase of $130 million. 2024 FCFbG guidance is not changed by the recasting of capitalized contract costs which are non-cash items.
NRG is also providing 2024 ranges for Adjusted Net Income and Adjusted EPS of $1,235 – $1,385 and $5.95 – $6.75, respectively. In the third quarter 2024, the Company earned $393 million of Adjusted Net Income and $1.90 of Adjusted EPS.
|
Table 2: Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and FCFbG Guidance for 2024a |
||||
|
|
|
2024 |
|
2024 |
|
($ in millions, except per share amounts) |
|
Original Guidance |
|
Raised Guidance |
|
Adjusted EBITDAb |
|
$3,430 – $3,680 |
|
$3,655 – $3,805 |
|
Adjusted Net Incomec |
|
$1,040 – $1,290 |
|
$1,235 – $1,385 |
|
Adjusted EPSd |
|
$5.00 – $6.30 |
|
$5.95 – $6.75 |
|
FCFbG |
|
$1,825 – $2,075 |
|
$1,975 – $2,125 |
|
a Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and FCFbG are non-GAAP financial measures; see Appendix Tables A-10-A-12 for GAAP Reconciliation. Adjusted EBITDA, Adjusted Net Income and Adjusted EPS exclude fair value adjustments related to derivatives. The Company does not guide to GAAP Net Income due to the impact of such fair value adjustments related to derivatives in a given year |
|
b Adjusted EBITDA recast to exclude all impacts of amortization of capitalized contract costs related to fulfillment, now reflected in depreciation and amortization |
|
c Not previously provided, Adjusted Net Income as shown here is ‘Adjusted Net Income available for common stockholders’; see appendix table A-10 and A-11 for GAAP Reconciliations |
|
d Not previously provided, Adjusted EPS calculated based on Adjusted Net Income divided by forecasted weighted average number of common shares outstanding – basic |
2024 Capital Allocation
NRG reaffirms its capital allocation policy targeting approximately 80% of recurring cash available for allocation after debt reduction to return of capital, and approximately 20% to strategic growth. The Company is increasing its share repurchase allocation for 2024 from $825 million to $925 million. Through the third quarter of 2024, the Company continued to repurchase shares in the open market, with $544 million completed as of October 31, 2024. The Company expects to complete the entire $925 million of 2024 repurchases near the end of the fourth quarter.
As of September 30, 2024, NRG has executed approximately $1.6 billion of debt reduction since the closing of the Vivint acquisition in March 2023. The Company had set a goal of achieving investment grade credit metrics by the end of 2025, and as a result of its strategic liability management plan and financial out-performance, NRG is on track to achieve its target by the end of 2024, a full year earlier than the original target.
On October 11, 2024, the Board of Directors declared a quarterly dividend on the Company’s common stock of $0.4075 per share, or $1.63 per share on an annualized basis. The dividend is payable on November 15, 2024, to stockholders of record as of November 1, 2024.
Initiating 2025 Guidance and Capital Allocation Plan
NRG initiates 2025 guidance as follows:
|
Table 3: Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, and FCFbG Guidance for 2025a |
||||||
|
|
|
2024 |
|
2025 |
|
2025 |
|
($ in millions, except per share amounts) |
|
Raised Guidance |
|
Guidance |
|
Guidance Midpoint |
|
Adjusted EBITDAb |
|
$3,655 – $3,805 |
|
$3,725 – $3,975 |
|
$3,850 |
|
Adjusted Net Incomec |
|
$1,235 – $1,385 |
|
$1,330 – $1,530 |
|
$1,430 |
|
Adjusted EPSd |
|
$5.95 – $6.75 |
|
$6.75 – $7.75 |
|
$7.25 |
|
FCFbG |
|
$1,975 – $2,125 |
|
$1,975 – $2,225 |
|
$2,100 |
|
a Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and FCFbG are non-GAAP financial measures; see Appendix Tables A-10-A-12 for GAAP Reconciliation. Adjusted EBITDA, Adjusted Net Income and Adjusted EPS exclude fair value adjustments related to derivatives. The Company does not guide to GAAP Net Income due to the impact of such fair value adjustments related to derivatives in a given year |
|
b Adjusted EBITDA recast to exclude all impacts of amortization of capitalized contract costs related to fulfillment, now reflected in depreciation and amortization |
|
c Not previously provided, Adjusted Net Income as shown here is ‘Adjusted Net Income available for common stockholders’; see appendix table A-10 and A-11 for GAAP Reconciliation |
|
d Not previously provided, Adjusted EPS calculated based on Adjusted Net Income divided by forecasted weighted average number of common shares outstanding – basic |
The year-over-year increases in the guidance ranges reflect continued improved execution across all of NRG’s businesses, and the expected achievement of NRG’s previously announced revenue and cost synergy programs which more than offset the loss of Airtron’s financial contribution due to the sale of the business. The guidance ranges reflect a flat power price environment and are not dependent on tightening power markets or price speculation, and do not include any potential contributions from sites, or other similar opportunities.
The Company is also announcing its 2025 capital allocation plan which adheres to its previously announced policy. The plan includes $1.3 billion in share repurchases and an 8% increase of the annual common dividend to $1.76 per share. NRG’s Board of Directors has approved an increase of the Company’s share repurchase authorization through 2025 to $3.7 billion from $2.7 billion.
NRG’s share repurchase program and common stock dividend are subject to maintaining satisfactory credit metrics, available capital, market conditions, and compliance with associated laws and regulations. The timing and amount of any shares of NRG’s common stock repurchased under the share repurchase authorization will be determined by NRG’s management based on market conditions and other factors. NRG will only repurchase shares when management believes it would not jeopardize the Company’s ability to maintain satisfactory credit ratings.
Long-Term Adjusted EPS Growth
NRG plans to deliver a long-term cumulative annual growth rate (CAGR) for Adjusted EPS of greater than 10% measured from the midpoint of its raised 2024 guidance. The Company projects this long-term growth rate utilizing a flat power price environment and is not dependent on tightening markets or power price speculation. This projected growth rate also excludes potential earnings uplift from the 21 sites and ERCOT natural gas new build projects not selected by the Texas Energy Fund (TEF). Rather, the CAGR is derived from the Company’s organic growth plan comprised of identified initiatives resulting in an incremental $750 million of annual run-rate Adjusted EBITDA by 2029, and over $8 billion of cumulative return of capital from 2025 through 2029.
Strategic Developments
Partnering with Renew Home and Google Cloud to Develop Virtual Power Plant
NRG has entered into a definitive partnership agreement with Renew Home, a leading Virtual Power Plant platform (VPP) formed by the combination of Google’s Nest Renew and OhmConnect. This first-of-its-kind commercial partnership reinforces NRG’s customer focus and brings to market unique products and services which will help customers save money while enjoying the benefits of a seamless energy and smart home experience. Leveraging Google Cloud’s AI and cloud platforms, NRG and Renew Home plan to develop a VPP portfolio of up to 1 GW of load management capacity, with instantaneous dispatch value during peak events and tight supply conditions. Participating customers will enroll in an NRG branded energy plan and will be eligible for favorable rates on Vivint Smart Home services and additional products. The partnership will initially focus in Texas, with Renew Home supporting upfront customer acquisition costs and Google Nest integration.
Texas Energy Fund
The Public Utilities Commission of Texas (PUCT) selected NRG’s 415 MW new build of the T.H. Wharton peaking facility to move forward through its next phase of diligence.
Airtron HVAC Sale
On September 16, 2024, NRG closed the sale of its HVAC business unit Airtron for a purchase price of $500 million and net cash proceeds of $484 million, with approximately $425 million expected after taxes and fees. Airtron is a leading installer of HVAC systems for residential new construction homes and was acquired as part of the Direct Energy acquisition in 2021. The opportunistic divestiture was completed at an accretive 8.6x multiple on 2023 Adjusted EBITDA.
Segments Results
|
Table 4: Net (Loss)/Income |
||||||||||||||||
|
($ in millions) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
Segment |
|
9/30/2024 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
||||||||
|
Texas |
|
$ |
(1,056 |
) |
|
$ |
463 |
|
|
$ |
259 |
|
|
$ |
1,532 |
|
|
East |
|
|
88 |
|
|
|
316 |
|
|
|
1,116 |
|
|
|
(1,187 |
) |
|
West/Services/Othera |
|
|
230 |
|
|
|
(432 |
) |
|
|
(842 |
) |
|
|
(963 |
) |
|
Vivint Smart Homeb |
|
$ |
(29 |
) |
|
$ |
(4 |
) |
|
$ |
(51 |
) |
|
$ |
(66 |
) |
|
Net (Loss)/Income |
|
$ |
(767 |
) |
|
$ |
343 |
|
|
$ |
482 |
|
|
$ |
(684 |
) |
|
a Includes Corporate segment |
|
b Vivint Smart Home acquired in March 2023 |
Net Loss for the third quarter of 2024 was $(767) million, $1.1 billion lower than the third quarter of 2023. This was primarily driven by higher unrealized non-cash mark-to-market losses on economic hedges in Texas in 2024 impacted by a decrease in ERCOT forward power prices, partially offset by the gain on the sale of Airtron recorded in September of 2024. Certain hedge positions are required to be marked-to-market every period, while the customer contracts related to these items are not, resulting in temporary unrealized losses or gains on the economic hedges that are not reflective of the expected economics at future settlement.
|
Table 5: Adjusted EBITDA |
||||||||||||
|
($ in millions) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
Segment |
|
9/30/2024 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
||||
|
Texas |
|
$ |
584 |
|
$ |
552 |
|
$ |
1,255 |
|
$ |
1,310 |
|
East |
|
|
164 |
|
|
171 |
|
|
724 |
|
|
562 |
|
West/Services/Othera |
|
|
50 |
|
|
25 |
|
|
179 |
|
|
51 |
|
Vivint Smart Homeb |
|
$ |
257 |
|
$ |
239 |
|
$ |
729 |
|
$ |
535 |
|
Adjusted EBITDAc |
|
$ |
1,055 |
|
$ |
987 |
|
$ |
2,887 |
|
$ |
2,458 |
|
a Includes Corporate segment |
|
b Vivint Smart Home acquired in March 2023 |
|
c Adjusted EBITDA recast to exclude all impacts of amortization of capitalized contract costs related to fulfillment, now reflected in depreciation and amortization |
Texas: Third quarter Adjusted EBITDA was $584 million, $32 million higher than the third quarter of 2023. This increase was a result of higher gross margin including lower supply costs and higher revenue rates, partially offset by asset sales in 2023.
East: Third quarter Adjusted EBITDA was $164 million, $7 million lower than the third quarter of 2023. This decrease was driven by higher operating expenses, partially offset by increased retail natural gas margins and increased customer counts.
West/Services/Other: Third quarter Adjusted EBITDA was $50 million, $25 million higher than the third quarter of 2023. This increase was primarily driven by lower retail power supply costs, partially offset by timing of outages at Cottonwood.
Vivint Smart Home: Third quarter Adjusted EBITDA was $257 million, $18 million higher than the third quarter of 2023. The 8% increase was attributable to growth in subscriber count, an increase in monthly recurring revenue per subscriber, and a decrease in monthly recurring net service cost per subscriber.
Liquidity and Capital Resources
|
Table 6: Corporate Liquidity |
||||||
|
($ in millions) |
|
9/30/24 |
|
12/31/23 |
||
|
Cash and Cash Equivalents |
|
$ |
1,104 |
|
$ |
541 |
|
Restricted Cash |
|
|
10 |
|
|
24 |
|
Total |
|
|
1,114 |
|
|
565 |
|
Total Revolving Credit Facility and collective collateral facilities |
|
|
5,330 |
|
|
4,278 |
|
Total Liquidity, excluding collateral deposited by counterparties |
|
$ |
6,444 |
|
$ |
4,843 |
As of September 30, 2024, NRG’s unrestricted cash was $1.1 billion and $5.3 billion was available under the Company’s credit facilities. Total liquidity increased $1.6 billion from the end of 2023 to $6.4 billion, primarily due to an increase in availability of $1.1 billion in the Receivables Facility and proceeds on hand from the Airtron sale, partly offset by $210 million in other facilities.
Earnings Conference Call
On November 8, 2024, NRG will host a conference call at 9:00 a.m. Eastern (8:00 a.m. Central) to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials through the investor relations website under “presentations and webcasts” on investors.nrg.com. The webcast will be archived on the site for those unable to listen in real-time.
About NRG
NRG Energy is a leading energy and home services company powered by people and our passion for a smarter, cleaner, and more connected future. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice. More information is available at www.nrg.com. Connect with NRG on Facebook and LinkedIn, and follow us on X (formerly known as Twitter), @nrgenergy.
Forward-Looking Statements
In addition to historical information, the information presented in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.
Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, general economic conditions, hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power, gas and smart home markets, the volatility of energy and fuel prices, failure of customers or counterparties to perform under contracts, changes in the wholesale power and gas markets, changes in government or market regulations, the condition of capital markets generally and NRG’s ability to access capital markets, NRG’s ability to execute its supply strategy, risks related to data privacy, cyberterrorism and inadequate cybersecurity, the loss of data, unanticipated outages at NRG’s generation facilities, NRG’s ability to achieve its net debt targets, adverse results in current and future litigation, complaints, product liability claims and/or adverse publicity, failure to identify, execute or successfully implement acquisitions or asset sales, risks of the smart home and security industry, including risks of and publicity surrounding the sales, subscriber origination and retention process, the impact of changes in consumer spending patterns, consumer preferences, geopolitical tensions, demographic trends, supply chain disruptions, NRG’s ability to implement value enhancing improvements to plant operations and company wide processes, NRG’s ability to achieve or maintain investment grade credit metrics, NRG’s ability to proceed with projects under development or the inability to complete the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, NRG’s ability to operate its business efficiently, NRG’s ability to retain customers, the ability to successfully integrate businesses of acquired companies, including Vivint Smart Home, NRG’s ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, NRG’s ability to execute its capital allocation plan. Achieving investment grade credit metrics is not an indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The Adjusted EBITDA, cash provided by operating activities and Free Cash Flow before Growth, Adjusted Net Income, and Adjusted EPS guidance are estimates as of November 8, 2024. These estimates are based on assumptions NRG believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this press release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at www.sec.gov. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in NRG’s most recent Annual Report on Form 10-K, and in subsequent SEC filings. NRG’s forward-looking statements speak only as of the date of this communication or as of the date they are made.
|
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
(In millions, except for per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
|
|
|
|
|
|
|
||||||||
|
Revenue |
$ |
7,223 |
|
|
$ |
7,946 |
|
|
$ |
21,311 |
|
|
$ |
22,016 |
|
|
Operating Costs and Expenses |
|
|
|
|
|
|
|
||||||||
|
Cost of operations (excluding depreciation and amortization shown below) |
|
7,239 |
|
|
|
6,406 |
|
|
|
17,229 |
|
|
|
20,137 |
|
|
Depreciation and amortization |
|
352 |
|
|
|
359 |
|
|
|
1,045 |
|
|
|
921 |
|
|
Impairment losses |
|
— |
|
|
|
— |
|
|
|
15 |
|
|
|
— |
|
|
Selling, general and administrative costs (excluding amortization of customer acquisition costs of $55, $36, $144 and $84, respectively, which are included in depreciation and amortization shown separately above) |
|
645 |
|
|
|
602 |
|
|
|
1,739 |
|
|
|
1,502 |
|
|
Acquisition-related transaction and integration costs |
|
7 |
|
|
|
18 |
|
|
|
22 |
|
|
|
111 |
|
|
Total operating costs and expenses |
|
8,243 |
|
|
|
7,385 |
|
|
|
20,050 |
|
|
|
22,671 |
|
|
Gain on sale of assets |
|
208 |
|
|
|
— |
|
|
|
209 |
|
|
|
202 |
|
|
Operating (Loss)/Income |
|
(812 |
) |
|
|
561 |
|
|
|
1,470 |
|
|
|
(453 |
) |
|
Other Income/(Expense) |
|
|
|
|
|
|
|
||||||||
|
Equity in earnings of unconsolidated affiliates |
|
6 |
|
|
|
6 |
|
|
|
13 |
|
|
|
16 |
|
|
Other income, net |
|
5 |
|
|
|
14 |
|
|
|
38 |
|
|
|
43 |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(260 |
) |
|
|
— |
|
|
Interest expense |
|
(213 |
) |
|
|
(173 |
) |
|
|
(528 |
) |
|
|
(472 |
) |
|
Total other expense |
|
(202 |
) |
|
|
(153 |
) |
|
|
(737 |
) |
|
|
(413 |
) |
|
(Loss)/Income Before Income Taxes |
|
(1,014 |
) |
|
|
408 |
|
|
|
733 |
|
|
|
(866 |
) |
|
Income tax (benefit)/expense |
|
(247 |
) |
|
|
65 |
|
|
|
251 |
|
|
|
(182 |
) |
|
Net (Loss)/Income |
$ |
(767 |
) |
|
$ |
343 |
|
|
$ |
482 |
|
|
$ |
(684 |
) |
|
Less: Cumulative dividends attributable to Series A Preferred Stock |
|
17 |
|
|
|
17 |
|
|
|
51 |
|
|
|
38 |
|
|
Net (Loss)/Income Available for Common Stockholders |
$ |
(784 |
) |
|
$ |
326 |
|
|
$ |
431 |
|
|
$ |
(722 |
) |
|
(Loss)/Income per Share |
|
|
|
|
|
|
|
||||||||
|
Weighted average number of common shares outstanding — basic |
|
207 |
|
|
|
230 |
|
|
|
207 |
|
|
|
230 |
|
|
(Loss)/Income per Weighted Average Common Share — Basic |
$ |
(3.79 |
) |
|
$ |
1.42 |
|
|
$ |
2.08 |
|
|
$ |
(3.14 |
) |
|
Weighted average number of common shares outstanding — diluted |
|
207 |
|
|
|
232 |
|
|
|
213 |
|
|
|
230 |
|
|
(Loss)/Income per Weighted Average Common Share —Diluted |
$ |
(3.79 |
) |
|
$ |
1.41 |
|
|
$ |
2.02 |
|
|
$ |
(3.14 |
) |
Contacts
Media
Chevalier Gray
832.763.3454
Investors
Brendan Mulhern
609.524.4767
