NRG Energy, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NRG Energy, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

NRG ENERGY, INC. (NRG) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. NRG Energy, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. NRG Energy, Inc. is incorporated in Delaware. The company's principal business address is 910 Louisiana Street, Houston, TX 77002.

Why It Matters

For investors and stakeholders tracking NRG ENERGY, INC., this filing contains several important signals. This 10-Q filing provides the latest financial and operational details for NRG Energy, Inc. for the first quarter of 2024, crucial for investors assessing performance and future outlook. The report details the company's financial position as of March 31, 2024, and its performance during the preceding quarter, offering insights into revenue, assets, and liabilities.

Risk Assessment

Risk Level: medium — NRG ENERGY, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not usually include significant new strategic announcements or forward-looking guidance that would drastically alter risk perception.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the company's operational health and identify any emerging trends or risks.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• DE — State of Incorporation (State of incorporation)

Key Players & Entities

• NRG ENERGY, INC. (company) — Filer name
• 0001013871-24-000010 (filing_id) — Accession number for the filing
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 910 LOUISIANA STREET (address) — Business address street 1
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• 77002 (postal_code) — Business address zip

FAQ

Industry Context

NRG Energy, Inc. operates within the electric services industry, providing electricity and related services.

Regulatory Implications

As a publicly traded company, NRG Energy, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Examine any disclosures regarding operational performance or segment results.
3. Review the balance sheet for changes in assets, liabilities, and equity compared to the previous fiscal year-end.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, following the annual report (10-K) for fiscal year 2023.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 NRG New York Stock Exchange Indicate
• $483 million — As of March 31, 2024, consists of NRG's $483 million unsecured 2.75% Convertible Senior Note
• $1.4 billion — ed indirect subsidiary of the Company's $1.4 billion accounts receivables securitization fac
• $150 million — ric provider Repurchase Facility NRG's $150 million uncommitted repurchase facility related
• $4.3 billion — Revolving Credit Facility The Company's $4.3 billion revolving credit facility due 2028, whi
• $4.0 billion — enior Notes As of March 31, 2024, NRG's $4.0 billion outstanding unsecured senior notes cons
• $375 million — ng unsecured senior notes consisting of $375 million of the 6.625% senior notes due 2027, $8
• $821 million — on of the 6.625% senior notes due 2027, $821 million of 5.75% senior notes due 2028, $733 mi
• $733 million — million of 5.75% senior notes due 2028, $733 million of the 5.25% senior notes due 2029, $50
• $500 million — ion of the 5.25% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $1
• $1.0 billion — on of the 3.375% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031 and
• $480 million — of the 3.625% senior notes due 2031 and $480 million of the 3.875% senior notes due 2032 S
• $3.2 billion — Lien Notes As of March 31, 2024, NRG's $3.2 billion outstanding Senior Secured First Lien N
• $600 million — or Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien
• $900 million — nior Secured First Lien Notes due 2025, $900 million of the 2.45% Senior Secured First Lien

Filing Documents

• nrg-20240331.htm (10-Q) — 2544KB
• exhibit102nrg-ninthamendme.htm (EX-10.2) — 133KB
• a103vivint-secondamendment.htm (EX-10.3) — 70KB
• exhibit221guarantorsubsq12.htm (EX-22.1) — 92KB
• ex311nrgq12024.htm (EX-31.1) — 10KB
• ex312nrgq12024.htm (EX-31.2) — 10KB
• ex313nrgq12024.htm (EX-31.3) — 9KB
• ex32nrgq12024.htm (EX-32) — 14KB
• 0001013871-24-000010.txt (&nbsp;) — 12726KB
• nrg-20240331.xsd (EX-101.SCH) — 78KB
• nrg-20240331_cal.xml (EX-101.CAL) — 96KB
• nrg-20240331_def.xml (EX-101.DEF) — 443KB
• nrg-20240331_lab.xml (EX-101.LAB) — 851KB
• nrg-20240331_pre.xml (EX-101.PRE) — 649KB
• nrg-20240331_htm.xml (XML) — 2298KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 8

— CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 8

— MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38

— QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62

— CONTROLS AND PROCEDURES

ITEM 4 — CONTROLS AND PROCEDURES 64

— OTHER INFORMATION

PART II — OTHER INFORMATION 65

— LEGAL PROCEEDINGS

ITEM 1 — LEGAL PROCEEDINGS 65

— RISK FACTORS

ITEM 1A — RISK FACTORS 65

— UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 65

— DEFAULTS UPON SENIOR SECURITIES

ITEM 3 — DEFAULTS UPON SENIOR SECURITIES 65

— MINE SAFETY DISCLOSURES

ITEM 4 — MINE SAFETY DISCLOSURES 65

— OTHER INFORMATION

ITEM 5 — OTHER INFORMATION 65

— EXHIBITS

ITEM 6 — EXHIBITS 66

SIGNATURES

SIGNATURES 67 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates," "should," "forecasts," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond NRG's control, that may cause NRG's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future results. These factors, risks and uncertainties include the factors described under Risk Factors , in Part II, Item 1A of this Form 10-Q and the following: Business uncertainties related to NRG's ability to integrate the operations of Vivint Smart Home; NRG's ability to obtain and maintain retail market share; General economic conditions, changes in the wholesale power and gas markets and fluctuations in the cost of fuel; Volatile power and gas supply costs and demand for power and gas, including the impacts of weather; Hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions, catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended March 31, (In millions, except for per share amounts) 2024 2023 Revenue Revenue $ 7,429 $ 7,722 Operating Costs and Expenses Cost of operations (excluding depreciation and amortization shown below) 5,685 8,778 Depreciation and amortization 268 190 Selling, general and administrative costs 591 426 Acquisition-related transaction and integration costs 9 71 Total operating costs and expenses 6,553 9,465 (Loss)/gain on sale of assets ( 4 ) 199 Operating Income/(Loss) 872 ( 1,544 ) Other Income/(Expense) Equity in earnings of unconsolidated affiliates 3 5 Other income, net 30 16 Loss on debt extinguishment ( 58 ) — Interest expense ( 152 ) ( 148 ) Total other expense ( 177 ) ( 127 ) Income/(Loss) Before Income Taxes 695 ( 1,671 ) Income tax expense/(benefit) 184 ( 336 ) Net Income/(Loss) $ 511 $ ( 1,335 ) Less: Cumulative dividends attributable to Series A Preferred Stock 17 4 Net Income/(Loss) Available for Common Stockholders $ 494 $ ( 1,339 ) Income/(Loss) per Share Weighted average number of common shares outstanding — basic 209 230 Income/(Loss) per Weighted Average Common Share — Basic $ 2.36 $ ( 5.82 ) Weighted average number of common shares outstanding — diluted 214 230 Income/(Loss) per Weighted Average Common Share —Diluted $ 2.31 $ ( 5.82 ) See accompanying notes to condensed consolidated financial statements. 8 NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) Three months ended March 31, (In millions) 2024 2023 Net Income/(Loss) $ 511 $ ( 1,335 ) Other Comprehensive (Loss)/Income Foreign currency translation adjustments ( 8 ) 1 Defined benefit plans ( 1 ) — Other comprehensive (loss)/income ( 9 ) 1 Comprehensive Income/(Loss) $ 502 $ ( 1,334 ) See accompanying note

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View this 10-Q filing on SEC EDGAR