NRG Energy Files Q2 2024 10-Q

TL;DR

NRG Energy's Q2 10-Q is in - financials look steady, company continues operations.

AI Summary

NRG Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter and first half of the year. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the energy sector.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for NRG Energy, Inc., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational disclosures.

Key Numbers

• 41.11 — Share Price (Indicates market valuation at a specific point.)
• 41.32 — Share Price (Indicates market valuation at a different point.)

Key Players & Entities

• NRG ENERGY, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 NRG New York Stock Exchange Indicate
• $232 million — As of June 30, 2024, consists of NRG's $232 million unsecured 2.75% Convertible Senior Note
• $2.3 billion — ed indirect subsidiary of the Company's $2.3 billion accounts receivables securitization fac
• $150 million — rovider 6 Repurchase Facility NRG's $150 million uncommitted repurchase facility related
• $4.2 billion — Revolving Credit Facility The Company's $4.2 billion revolving credit facility due 2028, whi
• $3.9 billion — Senior Notes As of June 30, 2024, NRG's $3.9 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 5.750% senior notes due 2028, $733 m
• $733 million — illion of 5.750% senior notes due 2028, $733 million of the 5.250% senior notes due 2029, $5
• $500 million — on of the 5.250% 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
• $2.6 billion — t Lien Notes As of June 30, 2024, NRG's $2.6 billion outstanding Senior Secured First Lien N
• $900 million — nior Secured First Lien Notes due 2025, $900 million of the 2.450% Senior Secured First Lien
• $740 million — r Secured First Lien Notes due 2029 and $740 million of the 7.000% Senior Secured First Lien

Filing Documents

• nrg-20240630.htm (10-Q) — 3611KB
• ex103amendedandrestatedlon.htm (EX-10.3) — 139KB
• exhibit221guarantorsubsq22.htm (EX-22.1) — 90KB
• ex311nrgq22024.htm (EX-31.1) — 10KB
• ex312nrgq22024.htm (EX-31.2) — 10KB
• ex313nrgq22024.htm (EX-31.3) — 9KB
• ex32nrgq22024.htm (EX-32) — 14KB
• 0001013871-24-000015.txt ( ) — 15791KB
• nrg-20240630.xsd (EX-101.SCH) — 83KB
• nrg-20240630_cal.xml (EX-101.CAL) — 98KB
• nrg-20240630_def.xml (EX-101.DEF) — 479KB
• nrg-20240630_lab.xml (EX-101.LAB) — 908KB
• nrg-20240630_pre.xml (EX-101.PRE) — 701KB
• nrg-20240630_htm.xml (XML) — 3153KB

— 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 43

— QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 78

— CONTROLS AND PROCEDURES

ITEM 4 — CONTROLS AND PROCEDURES 80

— OTHER INFORMATION

PART II — OTHER INFORMATION 81

— LEGAL PROCEEDINGS

ITEM 1 — LEGAL PROCEEDINGS 81

— RISK FACTORS

ITEM 1A — RISK FACTORS 81

— UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 81

— DEFAULTS UPON SENIOR SECURITIES

ITEM 3 — DEFAULTS UPON SENIOR SECURITIES 81

— MINE SAFETY DISCLOSURES

ITEM 4 — MINE SAFETY DISCLOSURES 81

— OTHER INFORMATION

ITEM 5 — OTHER INFORMATION 81

— EXHIBITS

ITEM 6 — EXHIBITS 82

SIGNATURES

SIGNATURES 83 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 June 30, Six months ended June 30, (In millions, except for per share amounts) 2024 2023 2024 2023 Revenue Revenue $ 6,659 $ 6,348 $ 14,088 $ 14,070 Operating Costs and Expenses Cost of operations (excluding depreciation and amortization shown below) 4,356 4,962 10,041 13,740 Depreciation and amortization 285 315 553 505 Impairment losses 15 — 15 — Selling, general and administrative costs 592 522 1,183 948 Acquisition-related transaction and integration costs 6 22 15 93 Total operating costs and expenses 5,254 5,821 11,807 15,286 Gain on sale of assets 5 3 1 202 Operating Income/(Loss) 1,410 530 2,282 ( 1,014 ) Other Income/(Expense) Equity in earnings of unconsolidated affiliates 4 5 7 10 Other income, net 3 13 33 29 Loss on debt extinguishment ( 202 ) — ( 260 ) — Interest expense ( 163 ) ( 151 ) ( 315 ) ( 299 ) Total other expense ( 358 ) ( 133 ) ( 535 ) ( 260 ) Income/(Loss) Before Income Taxes 1,052 397 1,747 ( 1,274 ) Income tax expense/(benefit) 314 89 498 ( 247 ) Net Income/(Loss) $ 738 $ 308 $ 1,249 $ ( 1,027 ) Less: Cumulative dividends attributable to Series A Preferred Stock 17 17 34 21 Net Income/(Loss) Available for Common Stockholders $ 721 $ 291 $ 1,215 $ ( 1,048 ) Income/(Loss) per Share Weighted average number of common shares outstanding — basic 208 231 209 230 Income/(Loss) per Weighted Average Common Share — Basic $ 3.47 $ 1.26 $ 5.81 $ ( 4.56 ) Weighted average number of common shares outstanding — diluted 214 232 214 230 Income/(Loss) per Weighted Average Common Share —Diluted $ 3.37 $ 1.25 $ 5.68 $ ( 4.56 ) 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 June 30, Six m

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