Business Context and Reporting Period
This Form 8-K is a combined current report filed on April 30, 2020, 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 serves to disseminate the press release and financial data regarding earnings for the three-month period ended March 31, 2020.
Key Financial Metrics
The filing references Exhibits 99.01 through 99.07 which contain detailed financial data, including GAAP and non-GAAP earnings, earnings per share (EPS), kilowatt-hour sales, and customer counts. However, the text of this Form 8-K does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It confirms the existence of these metrics in the attached exhibits but does not list them in the body of the report.
Material Changes and Non-GAAP Measures
The registrants present non-GAAP financial measures for the three months ended March 31, 2020, and 2019. These measures exclude:
- Acquisition and disposition impacts.
- Charges, associated legal expenses, and tax impacts related to plants under construction.
- Earnings from the Wholesale Gas Services business.
Management states these exclusions are used to evaluate ongoing business activities. The filing does not explicitly detail the magnitude of material changes between periods in the text provided.
Guidance, Outlook, and Risks
The filing includes a standard disclaimer that the information, including exhibits, is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings unless expressly stated. The text does not contain specific forward-looking guidance, management commentary on future outlook, or a detailed discussion of risks and contingencies beyond the standard legal disclaimers.
Investor Verification Checklist
- Verify specific revenue, net income, and EPS figures in Exhibit 99.01 (Press Release) and Exhibit 99.02 (Financial Highlights).
- Review Exhibit 99.03 and 99.04 to understand the specific dollar impact of excluded items on non-GAAP earnings.
- Examine Exhibit 99.06 for detailed kilowatt-hour sales and customer count changes.
- Confirm liquidity and debt positions in Exhibit 99.07 (Financial Overview) as these are not listed in the filing text.