AES Reports Third Quarter Financial Results; Completes 1.2 GW of Construction and Adds 2.2 GW of Renewables PPAs and Data Center Load Growth at US Utilities

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Reaffirms 2024 Guidance and Long-Term Growth Rates Strategic Accomplishments Signed or awarded 2.2 GW of new contracts, including long-term renewables PPAs and data center load growth at US utilities...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2480647860","pubTimestamp":1730406780,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Signed or awarded 2.2 GW of new contracts, including long-term renewables PPAs and data center load growth at US utilities. Completed the construction of 1.2 GW; on track to add a total of 3.6 GW of new projects to operations in full year 2024. Announced or closed nearly three-quarters of $3.5 billion asset sale proceeds target through 2027. In September, announced a strategic partnership with CDPQ to support AES Ohio's robust growth plans; agreed to sell a 30% indirect interest for approximately $546 million. Diluted EPS of $0.72, compared to $0.32 in Q3 2023. Net Income of $210 million, compared to $291 million in Q3 2023. Net Income Attributable to The AES Corporation of $502 million, compared to $231 million in Q3 2023. Adjusted EPS1 of $0.71, compared to $0.60 in Q3 2023. Adjusted EBITDA with Tax Attributes2,3of $1,168 million, compared to $1,008 million in Q3 2023. Adjusted EBITDA3 of $692 million, compared to $990 million in Q3 2023. Reaffirming annualized growth target2 of 5% t","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4588":"碎股","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4590":"PTP","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","ET":"Energy Transfer LP","BK4105":"独立电力生产商与能源贸易商","BK4144":"石油与天然气的储存和运输","BK4519":"光伏太阳能","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4561":"索罗斯持仓","AES":"爱依斯电力","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","BK4581":"高盛持仓","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1"},"translate_title":"AES报告第三季度财务业绩；美国公用事业公司完成1.2 GW建设并增加2.2 GW可再生能源购电协议和数据中心负荷增长","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AES":1,"ET":1},"content_text":"Reaffirms 2024 Guidance and Long-Term Growth Rates\nStrategic Accomplishments\n\nSigned or awarded 2.2 GW of new contracts, including long-term renewables PPAs and data center load growth at US utilities\n   \n1.3 GW of renewables under long-term PPAs\n900 MW of new data center load growth at AES Ohio\n\nCompleted the construction of 1.2 GW; on track to add a total of 3.6 GW of new projects to operations in full year 2024\nAnnounced or closed nearly three-quarters of $3.5 billion asset sale proceeds target through 2027\n   \nIn September, announced a strategic partnership with CDPQ to support AES Ohio's robust growth plans; agreed to sell a 30% indirect interest for approximately $546 million\nOn October 31, 2024, closed the sale of 47.3% equity interest in AES Brasil for approximately $630 million, including sale and hedge proceeds\n\n\nQ3 2024 Financial Highlights\n\nGAAP Financial Metrics\n   \nDiluted EPS of $0.72, compared to $0.32 in Q3 2023\nNet Income of $210 million, compared to $291 million in Q3 2023\nNet Income Attributable to The AES Corporation of $502 million, compared to $231 million in Q3 2023\n\nNon-GAAP Adjusted Financial Metrics\n   \nAdjusted EPS1 of $0.71, compared to $0.60 in Q3 2023\nAdjusted EBITDA with Tax Attributes2,3 of $1,168 million, compared to $1,008 million in Q3 2023\nAdjusted EBITDA3 of $692 million, compared to $990 million in Q3 2023\n\n\nFinancial Position and Outlook\n\nReaffirming expectation of achieving upper half of 2024 Adjusted EPS1 guidance range of $1.87 to $1.97\n\nReaffirming annualized Adjusted EPS1 growth target of 7% to 9% through 2025, off a base of 2020 and 7% to 9% through 2027, off a base of 2023 guidance\n\nReaffirming 2024 guidance for Adjusted EBITDA2 of $2,600 to $2,900 million; now expecting to be towards the low end of the range due to extreme weather in Colombia and lower margins in the Energy Infrastructure SBU\n   \nReaffirming annualized growth target2 of 5% to 7% through 2027, off a base of 2023 guidance\nReaffirming expectation of achieving upper half of 2024 Adjusted EBITDA with Tax Attributes2,3 range of $3,550 to $3,950 million\n\n\nARLINGTON, Va., Oct. 31, 2024 /PRNewswire/ -- The AES Corporation (NYSE: AES) today reported financial results for the quarter ended September 30, 2024.\n\n  \n\n\"Our third quarter financial results and strategic accomplishments were very much in line with our expectations.  Since our last call, we have signed or been awarded 2.2 GW of long-term contracts for renewables or new data center load growth at our US utilities.  At the same time, we completed the construction of 1.2 GW of new projects,\" said Andrés Gluski, AES President and Chief Executive Officer.  \"Finally, we have announced or closed transactions for roughly three-quarters of our $3.5 billion asset sale proceeds target through 2027.  We remain on track to deliver on all of our financial and strategic objectives in 2024 and beyond.\"\n\"With our year-to-date performance and our outlook for the remainder of the year, I am pleased to reaffirm our 2024 guidance and long-term growth rates through 2027 for all metrics,\" said Stephen Coughlin, AES Executive Vice President and Chief Financial Officer.  \"We expect our 2024 Adjusted EBITDA with Tax Attributes and our Adjusted EPS to be in the upper half of our ranges, as we have had great success in securing the tax value of our growth investments.  2024 Adjusted EBITDA is expected to be towards the low end of our guidance range, primarily due to extreme weather this year in Colombia and lower margins in our Energy Infrastructure SBU.\"\nQ3 2024 Financial Results\nThird quarter 2024 Net Income was $210 million, a decrease of $81 million compared to third quarter 2023.  This decrease is the result of lower impairments and lower unrealized foreign currency losses in 2024, and higher contributions from renewables projects placed in service, partially offset by lower contributions from the Energy Infrastructure Strategic Business Unit (SBU).\nThird quarter 2024 Adjusted EBITDA4 (a non-GAAP financial measure) was $692 million, a decrease of $298 million compared to third quarter 2023, driven by lower margins at the Energy Infrastructure SBU primarily due to the end of commercial operations at Warrior Run and prior year margin at the hedged merchant Southland facilities that are contracted primarily for capacity in 2024, and severe drought conditions in South America at the Renewables SBU.  This was partially offset by higher contributions at the Utilities SBU and higher revenues from new projects at the Renewables SBU.\nThird quarter 2024 Adjusted EBITDA with Tax Attributes4,5 was $1,168 million, an increase of $160 million compared to third quarter 2023, primarily due to higher realized tax attributes driven by more renewables projects placed in service, partially offset by the drivers above.\nThird quarter 2024 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was $0.72, an increase of $0.40 compared to third quarter 2023, mainly driven by higher contributions from renewables projects placed in service in 2024, lower long-lived asset impairments in 2024, and prior year unrealized foreign currency losses at the Energy Infrastructure SBU.  This was partially offset by lower earnings at the Energy Infrastructure SBU due to the end of commercial operations at Warrior Run.\nThird quarter 2024 Adjusted Earnings Per Share6 (Adjusted EPS, a non-GAAP financial measure) was $0.71, an increase of $0.11, compared to third quarter 2023, mainly driven by a lower adjusted tax rate and higher contributions from renewables projects placed in service in 2024, partially offset by lower contributions from the Energy Infrastructure SBU.\nStrategic Accomplishments\n\nThe Company's PPA backlog, which consists of projects with signed contracts, but which are not yet operational, is 12.7 GW, including 4.0 GW under construction. Since the Company's second quarter 2024 earnings call in August 2024, the Company:\n   \nSigned or was awarded 1.3 GW of long-term PPAs for new renewables, for a total of 3.5 GW in year-to-date 2024; and\nCompleted the construction of 1.2 GW of solar, energy storage, wind and gas, and expects to add a total of 3.6 GW to its operating portfolio by year-end 2024.\n\nSince the Company's second quarter 2024 earnings call in August 2024, the Company signed agreements with data center customers for an additional 900 MW of new load growth at AES Ohio, for a total of 2.1 GW in year-to-date 2024.\nIn 2023 and year-to-date 2024, the Company has announced or closed nearly three-quarters of its $3.5 billion asset sale proceeds target through 2027.\n   \nIn September 2024, the Company agreed to sell a 30% indirect interest in AES Ohio to CDPQ for approximately $546 million.\nOn October 31, 2024, the Company closed the sale of its 47.3% equity interest in AES Brasil for approximately $630 million, including sale and hedge proceeds.\n\n\nGuidance and Expectations6,7\nThe Company is reaffirming its expectation that 2024 Adjusted EBITDA with Tax Attributes6,8 will come in the upper half of the range of $3,550 to $3,950 million, driven by new renewables.\nThe Company is reaffirming its 2024 guidance for Adjusted EBITDA6 of $2,600 to $2,900 million, but now expects to be towards the low end of the range, due to extreme weather in Colombia and lower margins in the Energy Infrastructure SBU.  Results for the year will also be driven by significant asset sales closed in 2023 and 2024, partially offset by contributions from new renewables projects, improved margins in Chile, and rate base growth at US utilities.\nThe Company is reaffirming its expectation for annualized growth in Adjusted EBITDA9 of 5% to 7% through 2027, from a base of its 2023 guidance of $2,600 to $2,900 million.\nThe Company is reaffirming its expectation that 2024 Adjusted EPS10 will come in the upper half of its guidance range of $1.87 to $1.97.  Growth in 2024 is expected to be primarily driven by new renewables commissionings, rate base growth at US utilities, and improved margins in Chile, but partially offset by asset sales and prior year margins on LNG transactions.\nThe Company is reaffirming its annualized growth target for Adjusted EPS10 of 7% to 9% through 2025, from a base year of 2020.  The Company is also reaffirming its annualized growth target for Adjusted EPS9 of 7% to 9% through 2027, from a base of its 2023 guidance of $1.65 to $1.75. \nThe Company's 2024 guidance is based on foreign currency and commodity forward curves as of September 30, 2024.\nNon-GAAP Financial Measures\nSee Non-GAAP Measures for definitions of Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, Tax Attributes, Adjusted Earnings Per Share, and Adjusted Pre-Tax Contribution, as well as reconciliations to the most comparable GAAP financial measures.\nAttachments\nCondensed Consolidated Statements of Operations, Segment Information, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Non-GAAP Financial Measures and Parent Financial Information.\nConference Call Information\nAES will host a conference call on Friday, November 1, 2024 at 9:00 a.m. Eastern Time (ET).  Interested parties may listen to the teleconference by dialing 1-833-470-1428 at least ten minutes before the start of the call. International callers should dial +1-404-975-4839.  The Participant Access Code for this call is 132288.  Internet access to the conference call and presentation materials will be available on the AES website at www.aes.com by selecting \"Investors\" and then \"Presentations and Webcasts.\"\nA webcast replay will be accessible at www.aes.com beginning shortly after the completion of the call.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1 \nAdjusted EPS is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. \n\n\n2 \nAdjusted EBITDA is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income (Loss) for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. \n\n\n3 \nPre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. \n\n\n4 \nAdjusted EBITDA is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. \n\n\n5 \nPre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. \n\n\n6 \nAdjusted EBITDA is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. \n\n\n7 \nAdjusted EPS is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. \n\n\n8 \nPre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. \n\n\n9 \nAdjusted EBITDA is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. \n\n\n10 \nAdjusted EPS is a non-GAAP financial measure.  See attached \"Non-GAAP Measures\" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended September 30, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. \n\n\n\n\nAbout AES\nThe AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy.  Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs.  Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.  For more information, visit www.aes.com.\nSafe Harbor Disclosure\nThis news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience.\nActual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the \"SEC\"), including, but not limited to, the risks discussed under Item 1A: \"Risk Factors\" and Item 7: \"Management's Discussion & Analysis\" in AES' 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.\nAny Stockholder who desires a copy of the Company's 2023 Annual Report on Form 10-K filed February 26, 2024 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company's website at www.aes.com.\nWebsite Disclosure\nAES uses its website, including its quarterly updates, as channels of distribution of Company information.  The information AES posts through these channels may be deemed material.  Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the \"Subscribe to Alerts\" page of AES' Investors website.  The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.\n\n\n\n\nTHE AES CORPORATION Condensed Consolidated Statements of Operations (Unaudited) \n\n\n\n\n\n\nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in millions, except per share amounts) \n\n\nRevenue: \n\n\n\n\n\n\n\n\n\nNon-Regulated \n$           2,352 \n\n$          2,571 \n\n$           6,654 \n\n$           7,051 \n\n\nRegulated \n937 \n\n863 \n\n2,662 \n\n2,649 \n\n\nTotal revenue \n3,289 \n\n3,434 \n\n9,316 \n\n9,700 \n\n\nCost of Sales: \n\n\n\n\n\n\n\n\n\nNon-Regulated \n(1,794) \n\n(1,813) \n\n(5,198) \n\n(5,392) \n\n\nRegulated \n(773) \n\n(703) \n\n(2,224) \n\n(2,298) \n\n\nTotal cost of sales \n(2,567) \n\n(2,516) \n\n(7,422) \n\n(7,690) \n\n\nOperating margin \n722 \n\n918 \n\n1,894 \n\n2,010 \n\n\nGeneral and administrative expenses \n(57) \n\n(64) \n\n(198) \n\n(191) \n\n\nInterest expense \n(379) \n\n(326) \n\n(1,125) \n\n(966) \n\n\nInterest income \n119 \n\n144 \n\n312 \n\n398 \n\n\nLoss on extinguishment of debt \n(1) \n\n— \n\n(11) \n\n(1) \n\n\nOther expense \n(31) \n\n(12) \n\n(153) \n\n(38) \n\n\nOther income \n64 \n\n12 \n\n120 \n\n36 \n\n\nGain (loss) on disposal and sale of business interests \n(1) \n\n— \n\n43 \n\n(4) \n\n\nAsset impairment expense \n(79) \n\n(158) \n\n(355) \n\n(352) \n\n\nForeign currency transaction gains (losses) \n(28) \n\n(100) \n\n2 \n\n(209) \n\n\nINCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES \n329 \n\n414 \n\n529 \n\n683 \n\n\nIncome tax expense \n(103) \n\n(109) \n\n(52) \n\n(179) \n\n\nNet equity in losses of affiliates \n(9) \n\n(14) \n\n(21) \n\n(43) \n\n\nINCOME FROM CONTINUING OPERATIONS \n217 \n\n291 \n\n456 \n\n461 \n\n\nLoss from disposal of discontinued businesses \n(7) \n\n— \n\n(7) \n\n— \n\n\nNET INCOME \n210 \n\n291 \n\n449 \n\n461 \n\n\nLess: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries \n292 \n\n(60) \n\n670 \n\n(118) \n\n\nNET INCOME ATTRIBUTABLE TO THE AES CORPORATION \n$              502 \n\n$             231 \n\n$           1,119 \n\n$              343 \n\n\nAMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: \n\n\n\n\n\n\n\n\n\nIncome from continuing operations, net of tax \n$              509 \n\n$             231 \n\n$           1,126 \n\n$              343 \n\n\nLoss from discontinued operations, net of tax \n(7) \n\n— \n\n(7) \n\n— \n\n\nNET INCOME ATTRIBUTABLE TO THE AES CORPORATION \n$              502 \n\n$             231 \n\n$           1,119 \n\n$              343 \n\n\nBASIC EARNINGS PER SHARE: \n\n\n\n\n\n\n\n\n\nIncome from continuing operations attributable to The AES Corporation common stockholders, net of tax \n$             0.72 \n\n$            0.34 \n\n$             1.60 \n\n$             0.51 \n\n\nLoss from discontinued operations attributable to The AES Corporation common stockholders, net of tax \n(0.01) \n\n— \n\n(0.01) \n\n— \n\n\nNET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS \n$             0.71 \n\n$            0.34 \n\n$             1.59 \n\n$             0.51 \n\n\nDILUTED EARNINGS PER SHARE: \n\n\n\n\n\n\n\n\n\nIncome from continuing operations attributable to The AES Corporation common stockholders, net of tax \n$             0.72 \n\n$            0.32 \n\n$             1.58 \n\n$             0.48 \n\n\nLoss from discontinued operations attributable to The AES Corporation common stockholders, net of tax \n(0.01) \n\n— \n\n(0.01) \n\n— \n\n\nNET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS \n$             0.71 \n\n$            0.32 \n\n$             1.57 \n\n$             0.48 \n\n\nDILUTED SHARES OUTSTANDING \n713 \n\n712 \n\n713 \n\n712 \n\n\n\n\n\n\n\n\nTHE AES CORPORATION \n\n\nStrategic Business Unit (SBU) Information \n\n\n(Unaudited) \n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\n(in millions) \n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nREVENUE \n\n\n\n\n\n\n\n\n\nRenewables SBU \n$                  726 \n\n$                  708 \n\n$               1,941 \n\n$               1,744 \n\n\nUtilities SBU \n961 \n\n880 \n\n2,730 \n\n2,703 \n\n\nEnergy Infrastructure SBU \n1,623 \n\n1,861 \n\n4,706 \n\n5,239 \n\n\nNew Energy Technologies SBU \n1 \n\n— \n\n1 \n\n75 \n\n\nCorporate and Other \n33 \n\n29 \n\n106 \n\n96 \n\n\nEliminations \n(55) \n\n(44) \n\n(168) \n\n(157) \n\n\nTotal Revenue \n$               3,289 \n\n$               3,434 \n\n$               9,316 \n\n$               9,700 \n\n\n\n\n\n\n\n\nTHE AES CORPORATION Condensed Consolidated Balance Sheets (Unaudited)   \n\n\n\n\n\n\nSeptember 30,2024 \n\nDecember 31,2023 \n\n\n\n(in millions, except share and per share data) \n\n\nASSETS \n\n\n\n\n\nCURRENT ASSETS \n\n\n\n\n\nCash and cash equivalents \n$                 1,919 \n\n$                 1,426 \n\n\nRestricted cash \n563 \n\n370 \n\n\nShort-term investments \n62 \n\n395 \n\n\nAccounts receivable, net of allowance of $32 and $15, respectively \n1,868 \n\n1,420 \n\n\nInventory \n646 \n\n712 \n\n\nPrepaid expenses \n134 \n\n177 \n\n\nOther current assets, net of allowance of $0 and $14, respectively \n1,460 \n\n1,387 \n\n\nCurrent held-for-sale assets \n3,874 \n\n762 \n\n\nTotal current assets \n10,526 \n\n6,649 \n\n\nNONCURRENT ASSETS \n\n\n\n\n\nProperty, plant and equipment, net of accumulated depreciation of $8,505 and $8,602, respectively \n32,354 \n\n29,958 \n\n\nInvestments in and advances to affiliates \n1,162 \n\n941 \n\n\nDebt service reserves and other deposits \n77 \n\n194 \n\n\nGoodwill \n348 \n\n348 \n\n\nOther intangible assets, net of accumulated amortization of $426 and $498, respectively \n1,928 \n\n2,243 \n\n\nDeferred income taxes \n421 \n\n396 \n\n\nOther noncurrent assets, net of allowance of $11 and $9, respectively \n2,593 \n\n3,259 \n\n\nNoncurrent held-for-sale assets \n670 \n\n811 \n\n\nTotal other assets \n7,199 \n\n8,192 \n\n\nTOTAL ASSETS \n$               50,079 \n\n$               44,799 \n\n\nLIABILITIES AND EQUITY \n\n\n\n\n\nCURRENT LIABILITIES \n\n\n\n\n\nAccounts payable \n$                 1,965 \n\n$                 2,199 \n\n\nAccrued interest \n328 \n\n315 \n\n\nAccrued non-income taxes \n257 \n\n278 \n\n\nSupplier financing arrangements \n698 \n\n974 \n\n\nAccrued and other liabilities \n1,182 \n\n1,334 \n\n\nRecourse debt \n1,709 \n\n200 \n\n\nNon-recourse debt, including $416 and $1,080, respectively, related to variable interest entities \n3,237 \n\n3,932 \n\n\nCurrent held-for-sale liabilities \n2,999 \n\n499 \n\n\nTotal current liabilities \n12,375 \n\n9,731 \n\n\nNONCURRENT LIABILITIES \n\n\n\n\n\nRecourse debt \n4,840 \n\n4,264 \n\n\nNon-recourse debt, including $1,947 and $1,715, respectively, related to variable interest entities \n19,666 \n\n18,482 \n\n\nDeferred income taxes \n1,696 \n\n1,245 \n\n\nOther noncurrent liabilities \n2,501 \n\n3,114 \n\n\nNoncurrent held-for-sale liabilities \n457 \n\n514 \n\n\nTotal noncurrent liabilities \n29,160 \n\n27,619 \n\n\nCommitments and Contingencies \n\n\n\n\n\nRedeemable stock of subsidiaries \n905 \n\n1,464 \n\n\nEQUITY \n\n\n\n\n\nTHE AES CORPORATION STOCKHOLDERS' EQUITY \n\n\n\n\n\nPreferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2023) \n— \n\n838 \n\n\nCommon stock ($0.01 par value, 1,200,000,000 shares authorized; 859,709,987 issued and 711,027,043  outstanding at September 30, 2024 and 819,051,591 issued and 669,693,234 outstanding at December 31, 2023) \n9 \n\n8 \n\n\nAdditional paid-in capital \n6,949 \n\n6,355 \n\n\nAccumulated deficit \n(267) \n\n(1,386) \n\n\nAccumulated other comprehensive loss \n(1,595) \n\n(1,514) \n\n\nTreasury stock, at cost (148,682,944 and 149,358,357 shares at September 30, 2024 and December 31, 2023,  respectively) \n(1,806) \n\n(1,813) \n\n\nTotal AES Corporation stockholders' equity \n3,290 \n\n2,488 \n\n\nNONCONTROLLING INTERESTS \n4,349 \n\n3,497 \n\n\nTotal equity \n7,639 \n\n5,985 \n\n\nTOTAL LIABILITIES AND EQUITY \n$               50,079 \n\n$               44,799 \n\n\n\n\n\n\n\n\nTHE AES CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) \n\n\n\n\n\n\nThree Months EndedSeptember 30, \n\nNine Months EndedSeptember 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\n\n(in millions) \n\n(in millions) \n\n\nOPERATING ACTIVITIES: \n\n\n\n\n\n\n\n\n\nNet income \n$                    210 \n\n$                    291 \n\n$             449 \n\n$             461 \n\n\nAdjustments to net income: \n\n\n\n\n\n\n\n\n\n Depreciation and amortization \n306 \n\n286 \n\n926 \n\n836 \n\n\n Emissions allowance expense \n73 \n\n72 \n\n144 \n\n211 \n\n\n Loss (gain) on realized/unrealized derivatives \n(57) \n\n41 \n\n(194) \n\n79 \n\n\n Loss (gain) on disposal and sale of business interests \n1 \n\n— \n\n(43) \n\n4 \n\n\n Impairment expense \n79 \n\n159 \n\n355 \n\n358 \n\n\n Loss on realized/unrealized foreign currency \n14 \n\n113 \n\n92 \n\n184 \n\n\n Deferred income tax expense (benefit), net of tax credit transfers \n242 \n\n17 \n\n423 \n\n(102) \n\n\n Other \n108 \n\n27 \n\n81 \n\n118 \n\n\nChanges in operating assets and liabilities: \n\n\n\n\n\n\n\n\n\n (Increase) decrease in accounts receivable \n(337) \n\n(44) \n\n(576) \n\n16 \n\n\n (Increase) decrease in inventory \n27 \n\n(23) \n\n58 \n\n253 \n\n\n (Increase) decrease in prepaid expenses and other current assets \n(13) \n\n5 \n\n120 \n\n76 \n\n\n (Increase) decrease in other assets \n130 \n\n(78) \n\n177 \n\n(4) \n\n\n Increase (decrease) in accounts payable and other current liabilities \n194 \n\n118 \n\n34 \n\n(187) \n\n\n Increase (decrease) in income tax payables, net and other tax payables \n(50) \n\n18 \n\n(514) \n\n(67) \n\n\n Increase (decrease) in other liabilities \n58 \n\n120 \n\n132 \n\n73 \n\n\nNet cash provided by operating activities \n985 \n\n1,122 \n\n1,664 \n\n2,309 \n\n\nINVESTING ACTIVITIES: \n\n\n\n\n\n\n\n\n\nCapital expenditures \n(1,832) \n\n(1,899) \n\n(5,665) \n\n(5,295) \n\n\nAcquisitions of business interests, net of cash and restricted cash acquired \n(6) \n\n(21) \n\n(79) \n\n(311) \n\n\nProceeds from the sale of business interests, net of cash and restricted cash sold \n— \n\n— \n\n11 \n\n98 \n\n\nSale of short-term investments \n197 \n\n296 \n\n731 \n\n1,002 \n\n\nPurchase of short-term investments \n(121) \n\n(144) \n\n(725) \n\n(764) \n\n\nContributions and loans to equity affiliates \n(21) \n\n(35) \n\n(71) \n\n(147) \n\n\nPurchase of emissions allowances \n(66) \n\n(46) \n\n(157) \n\n(161) \n\n\nOther investing \n(16) \n\n(74) \n\n(134) \n\n(95) \n\n\nNet cash used in investing activities \n(1,865) \n\n(1,923) \n\n(6,089) \n\n(5,673) \n\n\nFINANCING ACTIVITIES: \n\n\n\n\n\n\n\n\n\nBorrowings under the revolving credit facilities \n1,649 \n\n1,418 \n\n5,652 \n\n3,939 \n\n\nRepayments under the revolving credit facilities \n(1,469) \n\n(599) \n\n(4,051) \n\n(2,730) \n\n\nCommercial paper borrowings (repayments), net \n(79) \n\n87 \n\n611 \n\n604 \n\n\nIssuance of recourse debt \n— \n\n— \n\n950 \n\n1,400 \n\n\nIssuance of non-recourse debt \n1,401 \n\n327 \n\n5,199 \n\n1,784 \n\n\nRepayments of non-recourse debt \n(585) \n\n(318) \n\n(3,311) \n\n(1,262) \n\n\nPayments for financing fees \n(13) \n\n(9) \n\n(88) \n\n(76) \n\n\nPurchases under supplier financing arrangements \n503 \n\n489 \n\n1,211 \n\n1,307 \n\n\nRepayments of obligations under supplier financing arrangements \n(357) \n\n(237) \n\n(1,412) \n\n(1,099) \n\n\nDistributions to noncontrolling interests \n(37) \n\n(26) \n\n(165) \n\n(173) \n\n\nContributions from noncontrolling interests \n40 \n\n45 \n\n137 \n\n63 \n\n\nSales to noncontrolling interests \n546 \n\n182 \n\n869 \n\n371 \n\n\nDividends paid on AES common stock \n(123) \n\n(111) \n\n(361) \n\n(333) \n\n\nPayments for financed capital expenditures \n(10) \n\n(1) \n\n(29) \n\n(8) \n\n\nOther financing \n(38) \n\n(36) \n\n(25) \n\n(47) \n\n\nNet cash provided by financing activities \n1,428 \n\n1,211 \n\n5,187 \n\n3,740 \n\n\nEffect of exchange rate changes on cash, cash equivalents and restricted cash \n(4) \n\n(71) \n\n(47) \n\n(108) \n\n\nIncrease in cash, cash equivalents and restricted cash of held-for-sale businesses \n(133) \n\n(14) \n\n(146) \n\n(20) \n\n\nTotal increase in cash, cash equivalents and restricted cash \n411 \n\n325 \n\n569 \n\n248 \n\n\nCash, cash equivalents and restricted cash, beginning \n2,148 \n\n2,010 \n\n1,990 \n\n2,087 \n\n\nCash, cash equivalents and restricted cash, ending \n$                 2,559 \n\n$                 2,335 \n\n$          2,559 \n\n$          2,335 \n\n\nSUPPLEMENTAL DISCLOSURES: \n\n\n\n\n\n\n\n\n\nCash payments for interest, net of amounts capitalized \n$                    338 \n\n$                    223 \n\n$          1,103 \n\n$             735 \n\n\nCash payments for income taxes, net of refunds \n61 \n\n67 \n\n270 \n\n267 \n\n\nSCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: \n\n\n\n\n\n\n\n\n\nConversion of Corporate Units to shares of common stock \n$                      — \n\n$                      — \n\n$             838 \n\n$               — \n\n\nLiabilities derecognized due to sale of Warrior Run receivables \n— \n\n$                      — \n\n273 \n\n— \n\n\nNoncash recognition of new operating and financing leases \n60 \n\n$                    105 \n\n240 \n\n187 \n\n\nNoncash contributions from noncontrolling interests \n188 \n\n$                      30 \n\n213 \n\n60 \n\n\nInitial recognition of contingent consideration for acquisitions \n— \n\n(3) \n\n14 \n\n215 \n\n\n\n\nTHE AES CORPORATIONNON-GAAP FINANCIAL MEASURES (Unaudited)RECONCILIATION OF ADJUSTED EBITDA, ADJUSTED PTC AND ADJUSTED EPS\nWe define EBITDA as earnings before interest income and expense, taxes, depreciation, and amortization. We define Adjusted EBITDA as EBITDA adjusted for the impact of NCI and interest, taxes, depreciation, and amortization of our equity affiliates, adding back interest income recognized under service concession arrangements, and excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses pertaining to derivative transactions, equity securities, and financial assets and liabilities measured using the fair value option; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; and (e) gains, losses, and costs due to the early retirement of debt or troubled debt restructuring. We define Adjusted EBITDA with Tax Attributes as Adjusted EBITDA, adding back the pre-tax effect of Production Tax Credits (\"PTCs\"), Investment Tax Credits (\"ITCs\"), and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties.\nThe GAAP measure most comparable to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes is net income. We believe that EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes better reflect the underlying business performance of the Company. Adjusted EBITDA is the most relevant measure considered in the Company's internal evaluation of the financial performance of its segments. Factors in this determination include the variability due to unrealized gains or losses pertaining to derivative transactions, equity securities, or financial assets and liabilities remeasurement, unrealized foreign currency gains or losses, losses due to impairments, strategic decisions to dispose of or acquire business interests or retire debt, and the variability of allocations of earnings to tax equity investors, which affect results in a given period or periods. In addition, each of these metrics represent the business performance of the Company before the application of statutory income tax rates and tax adjustments, including the effects of tax planning, corresponding to the various jurisdictions in which the Company operates. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes should not be construed as alternatives to net income, which is determined in accordance with GAAP.\n\n\n\n\n\nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\nReconciliation of Adjusted EBITDA (in millions) \n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nNet income  \n$                 210 \n\n$                 291 \n\n$                 449 \n\n$                 461 \n\n\nIncome tax expense (benefit) \n103 \n\n109 \n\n52 \n\n179 \n\n\nInterest expense \n379 \n\n326 \n\n1,125 \n\n966 \n\n\nInterest income \n(119) \n\n(144) \n\n(312) \n\n(398) \n\n\nDepreciation and amortization \n306 \n\n286 \n\n926 \n\n836 \n\n\nEBITDA \n$                 879 \n\n$                 868 \n\n$              2,240 \n\n$              2,044 \n\n\nLess: Income from discontinued operations \n7 \n\n— \n\n7 \n\n— \n\n\nLess: Adjustment for noncontrolling interests and redeemable stock of subsidiaries (1) \n(229) \n\n(183) \n\n(471) \n\n(508) \n\n\nLess: Income tax expense (benefit), interest expense (income) and depreciation and amortization from equity affiliates \n30 \n\n27 \n\n91 \n\n93 \n\n\nInterest income recognized under service concession arrangements \n16 \n\n18 \n\n49 \n\n54 \n\n\nUnrealized derivatives, equity securities, and financial assets and liabilities losses (gains) \n(47) \n\n10 \n\n(185) \n\n3 \n\n\nUnrealized foreign currency losses \n7 \n\n97 \n\n10 \n\n161 \n\n\nDisposition/acquisition losses (gains) \n(11) \n\n8 \n\n8 \n\n21 \n\n\nImpairment losses \n39 \n\n145 \n\n179 \n\n318 \n\n\nLoss on extinguishment of debt and troubled debt restructuring \n1 \n\n— \n\n51 \n\n1 \n\n\nAdjusted EBITDA \n$                 692 \n\n$                 990 \n\n$              1,979 \n\n$              2,187 \n\n\nTax attributes \n476 \n\n18 \n\n895 \n\n69 \n\n\nAdjusted EBITDA with Tax Attributes (2) \n$              1,168 \n\n$              1,008 \n\n$              2,874 \n\n$              2,256 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nThe allocation of earnings and losses to tax equity investors from both consolidated entities and equity affiliates is removed from Adjusted EBITDA. \n\n\n(2) \nAdjusted EBITDA with Tax Attributes includes the impact of the share of the ITCs, PTCs, and depreciation deductions allocated to tax equity investors under the HLBV accounting method and recognized as Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries on the Condensed Consolidated Statements of Operations. It also includes the tax benefit recorded from tax credits retained or transferred to third parties. The tax attributes are related to the Renewables and Utilities SBUs. \n\n\n\n\nTHE AES CORPORATIONNON-GAAP FINANCIAL MEASURES (Unaudited)RECONCILIATION OF ADJUSTED EBITDA, ADJUSTED PTC AND ADJUSTED EPS\nWe define Adjusted PTC as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses pertaining to derivative transactions, equity securities, and financial assets and liabilities measured using the fair value option; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits, and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; and (e) gains, losses, and costs due to the early retirement of debt or troubled debt restructuring.  Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities.\nWe define Adjusted EPS as diluted earnings per share from continuing operations excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses pertaining to derivative transactions, equity securities, and financial assets and liabilities measured using the fair value option; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; and (e) gains, losses, and costs due to the early retirement of debt or troubled debt restructuring.\nThe GAAP measure most comparable to Adjusted PTC is income from continuing operations attributable to AES. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. We believe that Adjusted PTC and Adjusted EPS better reflect the underlying business performance of the Company and are considered in the Company's internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses pertaining to derivative transactions, equity securities, or financial assets and liabilities remeasurement, unrealized foreign currency gains or losses, losses due to impairments, and strategic decisions to dispose of or acquire business interests or retire debt, which affect results in a given period or periods. In addition, for Adjusted PTC, earnings before tax represents the business performance of the Company before the application of statutory income tax rates and tax adjustments, including the effects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC and Adjusted EPS should not be construed as alternatives to income from continuing operations attributable to AES and diluted earnings per share from continuing operations, which are determined in accordance with GAAP.\n\n\n\n\n\nThree Months EndedSeptember 30, 2024 \n\nThree Months EndedSeptember 30, 2023 \n\nNine Months EndedSeptember 30, 2024 \n\nNine Months EndedSeptember 30, 2023 \n\n\n\n\nNet of NCI(1) \n\nPer Share(Diluted)Net of NCI(1) \n\nNet of NCI(1) \n\nPer Share(Diluted)Net of NCI(1) \n\nNet of NCI(1) \n\nPer Share(Diluted)Net of NCI (1) \n\nNet of NCI(1) \n\nPer Share(Diluted)Net of NCI(1) \n\n\n\n\n(in millions, except per share amounts) \n\n\n\nIncome from continuing operations, net of tax, attributable to AES and Diluted EPS \n$      509 \n\n$     0.72 \n\n$      231 \n\n$     0.32 \n\n$  1,126 \n\n$     1.58 \n\n$      343 \n\n$     0.48 \n\n\n\nAdd: Income tax expense (benefit) from continuing operations attributable to AES \n82 \n\n\n\n101 \n\n\n\n(4) \n\n\n\n136 \n\n\n\n\n\nPre-tax contribution \n$      591 \n\n\n\n$      332 \n\n\n\n$  1,122 \n\n\n\n$      479 \n\n\n\n\n\nAdjustments \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUnrealized derivatives, equity securities, and financial assets and liabilities losses (gains) \n$       (47) \n\n$    (0.06) \n(2) \n$          9 \n\n$     0.01 \n\n$    (185) \n\n$    (0.26) \n(3) \n$          3 \n\n$         — \n(4) \n\n\nUnrealized foreign currency losses \n7 \n\n0.01 \n\n96 \n\n0.14 \n(5) \n10 \n\n0.02 \n\n160 \n\n0.22 \n(6) \n\n\nDisposition/acquisition losses (gains) \n(11) \n\n(0.02) \n\n8 \n\n0.01 \n\n8 \n\n0.01 \n(7) \n21 \n\n0.03 \n\n\n\nImpairment losses \n39 \n\n0.05 \n(8) \n145 \n\n0.21 \n(9) \n179 \n\n0.25 \n(10) \n318 \n\n0.45 \n(11) \n\n\nLoss on extinguishment of debt and troubled debt restructuring \n3 \n\n— \n\n3 \n\n— \n\n57 \n\n0.08 \n(12) \n7 \n\n0.01 \n\n\n\nLess: Net income tax expense (benefit) \n\n\n0.01 \n\n\n\n(0.09) \n(13) \n\n\n(0.08) \n(14) \n\n\n(0.16) \n(15) \n\n\nAdjusted PTC and Adjusted EPS \n$      582 \n\n$     0.71 \n\n$      593 \n\n$     0.60 \n\n$  1,191 \n\n$     1.60 \n\n$      988 \n\n$     1.03 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nNCI is defined as Noncontrolling Interests. \n\n\n(2) \nAmount primarily relates to net unrealized derivative gains at the Energy Infrastructure SBU of $50 million, or $0.07 per share, and unrealized gains on commodity derivatives at AES Clean Energy of $17 million, or $0.02 per share, partially offset by unrealized losses on foreign currency derivatives at Corporate of $17 million, or $0.02 per share. \n\n\n(3) \nAmount primarily relates to net unrealized derivative gains at the Energy Infrastructure SBU of $109 million, or $0.15 per share, unrealized gains on commodity derivatives at AES Clean Energy of $33 million, or $0.05 per share, unrealized gains on cross currency swaps in Brazil of $28 million, or $0.04 per share, and unrealized gains on foreign currency derivatives at Corporate of $20 million, or $0.03 per share. \n\n\n(4) \nAmount primarily relates to recognition of unrealized derivative losses due to the termination of a PPA of $72 million, or $0.10 per share and unrealized derivative losses at AES Clean Energy of $20 million, or $0.03 per share, offset by unrealized derivative gains at the Energy Infrastructure SBU of $108 million, or $0.15 per share. \n\n\n(5) \nAmount primarily relates to unrealized foreign currency losses mainly associated with the devaluation of long-term receivables denominated in Argentine pesos of $60 million, or $0.08 per share, unrealized foreign currency losses at AES Andes of $21 million, or $0.03 per share, and unrealized foreign currency losses on debt in Brazil of $10 million, or $0.01 per share. \n\n\n(6) \nAmount primarily relates to unrealized foreign currency losses mainly associated with the devaluation of long-term receivables denominated in Argentine pesos of $109 million, or $0.15 per share, and unrealized foreign currency losses at AES Andes of $54 million, or $0.08 per share. \n\n\n(7) \nAmount primarily relates to day-one losses at commencement of sales-type leases at AES Renewable Holdings of $63 million, or $0.09 per share, and the loss on partial sale of our ownership interest in Amman East and IPP4 in Jordan of $10 million, or $0.01 per share, partially offset by a gain on dilution of ownership in Uplight due to its acquisition of AutoGrid of $52 million, or $0.07 per share. \n\n\n(8) \nAmount primarily relates to impairment at Brazil of $29 million, or $0.04 per share, and impairment at Mong Duong of $6 million, or $0.01 per share. \n\n\n(9) \nAmount primarily relates to asset impairments at TEG and TEP of $76 million and $58 million, respectively, or $0.19 per share. \n\n\n(10) \nAmount primarily relates to impairment at Brazil of $131 million, or $0.18 per share, and impairment at Mong Duong of $28 million, or $0.04 per share. \n\n\n(11) \nAmount primarily relates to asset impairments at the Norgener coal-fired plant in Chile of $136 million, or $0.19 per share, at TEG and TEP of $76 million and $58 million, respectively, or $0.19 per share, the GAF projects at AES Renewable Holdings of $18 million, or $0.03 per share, and at Jordan of $16 million, or $0.02 per share. \n\n\n(12) \nAmount primarily relates to losses incurred at AES Andes due to early retirement of debt $29 million, or $0.04 per share, and costs incurred due to troubled debt restructuring at Puerto Rico of $20 million, or $0.03 per share. \n\n\n(13) \nAmount primarily relates to income tax benefits associated with the asset impairments at TEG and TEP of $34 million, or $0.05 per share and income tax benefits associated with unrealized foreign currency losses at AES Andes of $6 million, or $0.01 per share. \n\n\n(14) \nAmount primarily relates to income tax benefits associated with the tax over book investment basis differences related to the AES Brasil held-for-sale classification of $59 million, or $0.08 per share. \n\n\n(15) \nAmount primarily relates to income tax benefits associated with the asset impairments at the Norgener coal-fired plant in Chile of $35 million, or $0.05 per share and at TEG and TEP of $34 million, or $0.05 per share, income tax benefits associated with the recognition of unrealized losses due to the termination of a PPA of $18 million, or $0.02 per share, and income tax benefits associated with unrealized foreign currency losses at AES Andes of $14 million, or $0.02 per share. \n\n\n\n\n\n\n\n\nThe AES Corporation \n\n\nParent Financial Information \n\n\nParent only data: last four quarters \n\n\n\n\n\n\n(in millions) \n4 Quarters Ended \n\n\nTotal subsidiary distributions & returns of capital to Parent \nSeptember30, 2024 \nJune 30, 2024 \nMarch 31,2024 \nDecember 31,2023 \n\n\nActual \nActual \nActual \nActual \n\n\nSubsidiary distributions1 to Parent & QHCs \n$             1,424 \n$             1,531 \n$             1,438 \n$            1,408 \n\n\nReturns of capital distributions to Parent & QHCs \n80 \n140 \n139 \n194 \n\n\nTotal subsidiary distributions & returns of capital to Parent \n$             1,504 \n$             1,671 \n$             1,577 \n$            1,602 \n\n\nParent only data: quarterly \n\n\n\n\n\n\n(in millions) \nQuarter Ended \n\n\nTotal subsidiary distributions & returns of capital to Parent \nSeptember30, 2024 \nJune 30, 2024 \nMarch 31,2024 \nDecember 31,2023 \n\n\nActual \nActual \nActual \nActual \n\n\nSubsidiary distributions1 to Parent & QHCs \n$                204 \n$                298 \n$                386 \n$               536 \n\n\nReturns of capital distributions to Parent & QHCs \n— \n1 \n1 \n78 \n\n\nTotal subsidiary distributions & returns of capital to Parent \n$                204 \n$                299 \n$                387 \n$               614 \n\n\n\n\n\n\n(in millions) \nBalance at \n\n\n\nSeptember30, 2024 \nJune 30, 2024 \nMarch 31,2024 \nDecember 31,2023 \n\n\nParent Company Liquidity2 \nActual \nActual \nActual \nActual \n\n\nCash at Parent & Cash at QHCs3 \n$                    6 \n$                  53 \n$                  90 \n$                 33 \n\n\nAvailability under credit facilities \n335 \n736 \n642 \n1,376 \n\n\nEnding liquidity \n$                341 \n$                789 \n$                732 \n$            1,409 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) \nSubsidiary 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. \n\n\n(2) \nParent 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. \n\n\n(3) \nThe 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. \n\n\n\n\nInvestor Contact: Susan Harcourt 703-682-1204, susan.harcourt@aes.comMedia Contact: Amy Ackerman 703-682-6399, amy.ackerman@aes.com\n View original content to download multimedia:https://www.prnewswire.com/news-releases/aes-reports-third-quarter-financial-results-completes-1-2-gw-of-construction-and-adds-2-2-gw-of-renewables-ppas-and-data-center-load-growth-at-us-utilities-302293427.html\nSOURCE The AES Corporation","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480647860"}