AES Corp

NYSE:AESUnited States

May 2, 2024

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• AES Q1 Adjusted Earnings Rise, Revenue Decline; Outlook Reaffirmed, from 5:41PM ET on Thursday May 02, 2024 by MT Newswires

  5:41PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: AES
  05:41 PM EDT, 05/02/2024 (MT Newswires) -- AES (AES) reported Q1 adjusted earnings late Thursday of $0.50 per diluted share, up from $0.22 a year earlier. Analysts surveyed by Capital IQ expected $0.34. Revenue for the quarter ended March 31 was $3....

• -- Earnings Flash (AES) THE AES CORPORATION Posts Q1 Revenue $3.09B, from 5:23PM ET on Thursday May 02, 2024 by MT Newswires

  5:23PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: AES
  05:23 PM EDT, 05/02/2024 (MT Newswires) -- ...

• AES Reports Strong First Quarter Results; Reaffirms 2024 Guidance & Long-Term Growth Rates, from 5:18PM ET on Thursday May 02, 2024 by Dow Jones

  5:18PM ET on Thursday May 02, 2024 by Dow Jones
  Companies Mentioned: AES
  Total subsidiary distributions & returns of capital to Parent Actual Actual Actual Actual ----------------- -------------------- -------------------- -------------------- ------------------- Subsidiary distributions(1) to Parent & QHCs $ 1,438 $ 1,408 $ 1,625 $ 1,383 Returns of capital distributions to Parent & QHCs 139 194 116 56 -------------------- -------------------- -------------------- ------------------- Total subsidiary distributions & returns of capital to Parent $ 1,577 $ 1,602 $ 1,741 $ 1,439 ==================== ==================== ==================== =================== Parent only data: quarterly (in millions) Quarter Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 ----------------- Total subsidiary distributions & returns of capital to Parent Actual Actual Actual Actual ----------------- -------------------- -------------------- -------------------- ------------------- Subsidiary distributions(1) to Parent & QHCs $ 386 $ 536 $ 311 $ 205 Returns of capital distributions to Parent & QHCs 1 78 60 -- -------------------- -------------------- -------------------- ------------------- Total subsidiary distributions & returns of capital to Parent $ 387 $ 614 $ 371 $ 205 ==================== ==================== ==================== =================== (in millions) Balance at March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Parent Company Liquidity(2) Actual Actual Actual Actual ----------------- -------------------- -------------------- -------------------- ------------------- Cash at Parent & Cash at QHCs(3) $ 90 $ 33 $ 51 $ 35 Availability under credit facilities 642 1,376 857 883 -------------------- -------------------- -------------------- ------------------- Ending liquidity $ 732 $ 1,409 $ 908 $ 918 ==================== ==================== ==================== =================== ____________________________ (1) Subsidiary distributions received by Qualified Holding Companies ("QHCs") excluded from Schedule 1. Subsidiary Distributions should not be construed as an alternative to Consolidated Net Cash Provided by Operating Activities, which is determined in accordance with US GAAP. Subsidiary Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities but instead relies on its subsidiaries' business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The reconciliation of the difference between the Subsidiary Distributions and Consolidated Net Cash Provided by Operating Activities consists of cash generated from operating activities that is retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries, retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies. (2) Parent Company Liquidity is defined as cash available to the Parent Company, including cash at qualified holding companies (QHCs), plus available borrowings under our existing credit facility. AES believes that unconsolidated Parent Company liquidity is important to the liquidity position of AES as a Parent Company because of the non-recourse nature of most of AES' indebtedness. (3) The cash held at QHCs represents cash sent to subsidiaries of the company domiciled outside of the US. Such subsidiaries have no contractual restrictions on their ability to send cash to AES, the Parent Company. Cash at those subsidiaries was used for investment and related activities outside of the US. These investments included equity investments and loans to other foreign subsidiaries as well as development and general costs and expenses incurred outside the US. Since the cash held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs.