Business Context and Reporting Period
This Form 8-K is a combined current report filed on February 15, 2024, by The Southern Company and its five subsidiaries: Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. The filing announces the issuance of a press release and financial exhibits regarding earnings for the three-month and twelve-month periods ended December 31, 2023.
Key Financial Metrics
The filing text references the existence of financial data in attached exhibits (99.01 through 99.07) but does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity within the body of this document. The filing confirms the presentation of both GAAP and non-GAAP earnings and earnings per share (EPS) for the reported periods.
Material Changes and Non-GAAP Adjustments
The filing details specific exclusions used to calculate non-GAAP financial measures to evaluate ongoing business activities. These adjustments include:
- Charges and credits related to plants under construction, including legal expenses and tax impacts.
- Acquisition and disposition impacts.
- Costs related to the extinguishment of debt at Southern Company (for the twelve-month period ended December 31, 2023).
- Charges related to disallowances at Northern Illinois Gas Company (for the three-month and twelve-month periods ended December 31, 2023).
- Impairment charges associated with goodwill (for the three-month and twelve-month periods ended December 31, 2022).
Guidance, Outlook, and Risks
The filing does not provide specific forward-looking guidance, management commentary on future outlook, or a detailed discussion of risks and contingencies within the text provided. It notes that the information is furnished to satisfy reporting obligations and includes a standard disclaimer that the non-GAAP measures are not a substitute for GAAP financial measures.
Investor Verification Checklist
- Review Exhibit 99.01 (Press Release) and Exhibit 99.02 (Financial Highlights) for specific revenue and earnings figures.
- Examine Exhibit 99.03 and 99.04 to understand the magnitude of the non-GAAP adjustments, particularly regarding plant construction charges and debt extinguishment costs.
- Verify the reconciliation of non-GAAP EPS to GAAP EPS in the attached exhibits.
- Check Exhibit 99.06 for kilowatt-hour sales and customer count data.
- Confirm the specific impact of the Northern Illinois Gas Company disallowances on the 2023 results.