Business Context and Reporting Period
This Form 8-K is a combined current report filed on July 30, 2020, by The Southern Company and five of its 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 and six-month periods ended June 30, 2020.
Key Financial Metrics
The filing text references the existence of financial results for the periods ended June 30, 2020, and 2019, including GAAP and non-GAAP earnings and earnings per share (EPS). However, the specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity are not contained within the text of this Form 8-K; they are referenced as being located in attached Exhibits 99.01 through 99.07.
Non-GAAP measures presented in the exhibits exclude the following items:
- Acquisition and disposition impacts.
- Charges, associated legal expenses, and tax impacts related to plants under construction.
- Earnings from the Wholesale Gas Services business.
- An impairment charge associated with a leveraged lease investment (for the periods ended June 30, 2020).
Material Changes
The filing text does not provide specific quantitative comparisons or material changes between the current period and the prior comparable period. It notes that the attached exhibits contain reconciliations of non-GAAP measures to GAAP measures and analysis of significant factors impacting EPS, but the specific data points are not included in this document.
Guidance, Outlook, and Risks
The filing includes a standard disclaimer stating that the information, including exhibits, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings unless expressly stated. Management commentary indicates that non-GAAP measures are used to evaluate ongoing business activities, though no specific forward-looking guidance or risk factors are detailed in the text of this report.
Investor Verification Checklist
- Review Exhibit 99.01 (Press Release) for the specific GAAP and non-GAAP earnings and EPS figures for the three and six months ended June 30, 2020.
- Examine Exhibit 99.03 and 99.04 to understand the specific dollar impact of the excluded items (e.g., plant construction charges, leveraged lease impairment) on reported earnings.
- Consult Exhibit 99.06 for data on kilowatt-hour sales and customer counts to assess operational volume changes.
- Verify the reconciliation of non-GAAP financial measures to GAAP measures in the attached exhibits to ensure accurate performance evaluation.