Income from discontinued operations, net of tax

3 | The AES CorporationCondensed Consolidated Statements of Operations(Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|  |  |  |  |  |  |  |  |
|  | (in millions, except share and per share amounts) |
| Revenue: |  |  |  |  |  |  |  |
| Regulated | $ | 976  |  |  | $ | 768  |  |  | $ | 2,613  |  |  | $ | 2,147  |  |
| Non-Regulated | 2,651  |  |  | 2,268  |  |  | 6,944  |  |  | 6,224  |  |
| Total revenue | 3,627  |  |  | 3,036  |  |  | 9,557  |  |  | 8,371  |  |
| Cost of Sales: |  |  |  |  |  |  |  |
| Regulated | (896) |  |  | (644) |  |  | (2,335) |  |  | (1,806) |  |
| Non-Regulated | (1,839) |  |  | (1,632) |  |  | (5,237) |  |  | (4,413) |  |
| Total cost of sales | (2,735) |  |  | (2,276) |  |  | (7,572) |  |  | (6,219) |  |
| Operating margin | 892  |  |  | 760  |  |  | 1,985  |  |  | 2,152  |  |
| General and administrative expenses | (51) |  |  | (39) |  |  | (149) |  |  | (130) |  |
| Interest expense | (276) |  |  | (242) |  |  | (813) |  |  | (669) |  |
| Interest income | 100  |  |  | 71  |  |  | 270  |  |  | 212  |  |
| Loss on extinguishment of debt | (1) |  |  | (22) |  |  | (8) |  |  | (41) |  |
| Other expense | (10) |  |  | (12) |  |  | (51) |  |  | (32) |  |
| Other income | 4  |  |  | 48  |  |  | 80  |  |  | 274  |  |
| Gain on disposal and sale of business interests | 1  |  |  | 22  |  |  | —  |  |  | 81  |  |
|  |  |  |  |  |  |  |  |
| Asset impairment expense | (50) |  |  | (29) |  |  | (533) |  |  | (1,374) |  |
| Foreign currency transaction gains (losses) | 8  |  |  | 29  |  |  | (60) |  |  | (8) |  |
|  |  |  |  |  |  |  |  |
| INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 617  |  |  | 586  |  |  | 721  |  |  | 465  |  |
| Income tax expense | (145) |  |  | (126) |  |  | (186) |  |  | (75) |  |
| Net equity in earnings (losses) of affiliates | (26) |  |  | 25  |  |  | (54) |  |  | (15) |  |
| INCOME FROM CONTINUING OPERATIONS | 446  |  |  | 485  |  |  | 481  |  |  | 375  |  |
|  |  |  |  |  |  |  |  |
| Gain from disposal of discontinued businesses | —  |  |  | —  |  |  | —  |  |  | 4  |  |
| NET INCOME | 446  |  |  | 485  |  |  | 481  |  |  | 379  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
| Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries | (25) |  |  | (142) |  |  | (124) |  |  | (156) |  |
| NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 421  |  |  | $ | 343  |  |  | $ | 357  |  |  | $ | 223  |  |
| AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |
| Income from continuing operations, net of tax | $ | 421  |  |  | $ | 343  |  |  | $ | 357  |  |  | $ | 219  |  |
| Income from discontinued operations, net of tax | —  |  |  | —  |  |  | —  |  |  | 4  |  |
| NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 421  |  |  | $ | 343  |  |  | $ | 357  |  |  | $ | 223  |  |
| BASIC EARNINGS PER SHARE: |  |  |  |  |  |  |  |
| Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | 0.63  |  |  | $ | 0.52  |  |  | $ | 0.53  |  |  | $ | 0.32  |  |
| Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | —  |  |  | —  |  |  | —  |  |  | 0.01  |  |
| NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.63  |  |  | $ | 0.52  |  |  | $ | 0.53  |  |  | $ | 0.33  |  |
| DILUTED EARNINGS PER SHARE: |  |  |  |  |  |  |  |
| Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | 0.59  |  |  | $ | 0.48  |  |  | $ | 0.50  |  |  | $ | 0.31  |  |
| Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | —  |  |  | —  |  |  | —  |  |  | 0.01  |  |
| NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.59  |  |  | $ | 0.48  |  |  | $ | 0.50  |  |  | $ | 0.32  |  |
| DILUTED SHARES OUTSTANDING | 711  |  |  | 711  |  |  | 711  |  |  | 701  |  |

 See Notes to Condensed Consolidated Financial Statements.  

